US Lighting Group Reports Fiscal 2022 First Quarter Results
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US Lighting Group, Inc. (OTC:USLG) announced its financial results for the first quarter of fiscal 2022, the three months ended March 31, 2022.
“We are pleased to announce our first quarter results, where we focused on building a distribution network, putting us on track for a productive and growth-oriented remainder of 2022,” said Anthony Corpora, Chief Executive Officer of US Lighting Group. “We have been focused on winning new orders for our Cortes Campers unit, since December 2021, and have successfully received over $5.2 million worth of purchase orders for delivery this year and next. Our plan is to ramp up production in the coming quarters, leveraging these orders to put the Company on pace for profitability as well as further investment across our other lines of business. We anticipate releasing second quarter results in the middle of August. I appreciate our investors’ patience and passion as we gear up for very exciting times ahead.”
First Quarter 2022 Results
Net sales for the three months ended March 31, 2022, were $76,000 compared with $2,000 in the prior-year period, reflecting increased orders and overall higher demand for the Company’s products. Gross profit for the first quarter of 2022 was $8,000 versus $2,000 in 2021.
Selling, general, and administrative expenses (“SG&A”) were $266,000 in the first quarter of 2022 versus $217,000 in 2021, and the Company posted a net loss from continuing operations of $376,000 in 2022 versus $295,000 in the prior-year period.
Balance Sheet Highlights
As of March 31, 2022, the Company had approximately $404,000 of cash compared with $286,000 of cash as of December 31, 2021. Total current liabilities as of the end of the first quarter were $0.8 million compared with $1.1 million as of December 31, 2021.
About US Lighting Group, Inc.
US Lighting Group, Inc. (OTC:USLG) has three subsidiaries, Cortes Campers, LLC, a manufacturer of molded fiberglass travel trailers and campers, Fusion X Marine, LLC, a boat manufacturer, and Futuro Houses, LLC, a fiberglass house manufacturer. The Company, its subsidiaries and affiliate, have manufacturing and R&D facilities in Cleveland, Ohio.
