USLG Posts Net Profit Despite Industry Downturn!

USLG, Inc. (OTC:USLG) (“USLG” or the “Company”), an innovative composite technology manufacturer, today announced its financial results for the first quarter of fiscal 2023, the three months ended March 31, 2023. The Company posted record revenue, beating all of 2022, reflecting the highest-ever shipments of Cortes Campers molded fiberglass RV travel trailers. The Company’s performance underscores the fact that USLG has executed its strategic growth plan to rapidly expand operations and retains a positive outlook for 2023, including the introduction of new products into its portfolio.

Recent Highlights

• Net sales for the three months ended March 31, 2023 were approximately $1.2 million, more than for fiscal 2022 in total
• Gross profit was $0.5 million, representing a gross margin of approximately 42%
• The Company posted positive net income for the quarter – the first time since its transformation into a diversified provider of outdoor composite products and solutions
• The company launched its Futuro Houses at the Cleveland Home & Remodeling Expo, signed its first Futuro Houses dealers, and sold its first Futuro House UFO home
• During the quarter the Company shipped record numbers of its Cortes Campers and remains on track for continued double-digit top line growth in 2023

“I’m very pleased to announce that USLG had an incredible quarter – with strong top line growth, record shipments, and profitable underlying results,” said Anthony Corpora, Chief Executive Officer. “Our innovative engineers and savvy marketing staff – combined with a production team focused on operating execution – achieved results that defied even our expectations. We’re becoming more efficient and agile at meeting robust demand for our Cortes Campers, while the launch of our Futuro House will accelerate our already-strong growth trajectory.

“The Company remains on track for its best year ever, and we are investing in additional products and concepts while keeping an eye on cost as we work towards positive cash flow and generating higher returns for our shareholders. I’d like to thank our investors, employees, and customers for their passion in our company and its future; the best is yet to come.”

First Quarter 2023 Results

Net sales for the three months ended March 31, 2023 were $1.2 million compared with $76,000 in the prior-year period, reflecting increased orders and overall higher demand for the Company’s products. Gross profit was $0.5 million, representing a gross margin of approximately 42% of sales. Selling, general, and administrative expenses (“SG&A”) were $0.5 million in the first quarter of 2023 versus $0.3 million in 2022 – primarily due to investments in marketing, sales, and staffing – and the Company posted net income of approximately $25,000 during the quarter versus a loss of $0.4 million in the prior-year period.

About USLG

US Lighting Group (OTC:USLG) has three subsidiaries which design and market various products made from the exact same raw materials: Cortes Campers, LLC, for molded fiberglass travel trailers and campers; Fusion X Marine, LLC, for high-performance boats; Futuro Houses, LLC, for fiberglass houses; and one subsidiary, Mig Marine Corp., which manufacturers composite products. The Company and its subsidiaries have manufacturing and R&D facilities in Cleveland, Ohio. For additional information: uslightinggroup.com

Forward-Looking Statements

Certain statements in this news release, including, but not limited to, reference to distribution, demand, orders, sales goals, design effects, growth of the production and industries, may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. Statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.

Investor Relations Contact:

Chris Witty

646-438-9385

cwitty@darrowir.com

Tables to Follow

 

US LIGHTING GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) / (Combined)

		For the Three Months ended March 31,
		2023				2022
Sales		$	1,205,235			$	76,000
Cost of goods sold			701,319				68,000
Gross profit			503,916				8,000
Operating expenses:
Selling, general and administrative expenses			472,349				266,000
Product development costs			—				—
Total operating expenses			472,349				266,000
Income (loss) from operations			31,567				(258,000	)
Other income (expense):
Other income, net			—				15,000
Unrealized loss			—				(157,000	)
Realized gain			—				31,000
Interest income			249				2,000
Interest expense			(7,046	)			(5,000	)
Interest expense, related party			—				(4,000	)
Total other expense			(6,797	)			(118,000	)
Net income (loss) from operations			24,769				(376,000	)
Net income (loss)		$	24,769			$	(376,000	)
Basic income (loss) per share		$	0.00			$	(0.00	)
Diluted income (loss) per share		$	0.00			$	(0.00	)
Weighted average common shares outstanding, basic			98,947,384				97,848,735
Weighted average common shares outstanding, diluted			98,947,384				97,848,735

US LIGHTING GROUP, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

		March 31, 2023				December 31, 2022
		(Unaudited)
ASSETS
Current Assets:
Cash		$	45,843			$	124,529
Accounts receivable			162,657				5,950
Prepaid expenses and other current assets			80,920				87,174
Inventory		$	188,666			$	200,162
Total Current Assets			478,086				417,815
Property and equipment, net			2,443,506				2,298,107
Total Assets		$	2,921,592			$	2,715,922
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current Liabilities:
Accounts payable		$	662,405			$	607,647
Accrued expenses			61,735				111,223
Accrued payroll to a former officer			125,167				125,167
Convertible notes payable			—				—
Loan payable– current portion			104,499				140,905
Loans payable, related party			442,126				176,000
Total Current Liabilities			1,395,932				1,160,942
Loans payable, net of current portion			295,984				300,351
Loans Payable, related party			6,788,503				7,004,629
Total Liabilities		$	8,480,419			$	8,465,922
Commitments and Contingencies
Shareholders’ Equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding			—				—
Common stock, $0.0001 par value, 500,000,000 shares authorized; 101,609,825 shares issued and outstanding			10,376				10,209
Additional paid-in-capital			19,937,348				19,771,111
Accumulated deficit			(25,506,551	)			(25,531,320	)
Total Shareholders’ Equity			(5,558,827	)			(5,750,000	)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	2,921,592			$	2,715,922

SOURCE: USLG, Inc.

Media Contact
Company Name: US Lighting Group, Inc.
Contact Person: Patricia Salaciak
Email: Send Email
City: Euclid
State: OH
Country: United States
Website: https://uslightinggroup.com/