Pacific Safety Reports Fiscal 2015 First Quarter

ARNPRIOR, ONTARIO--(Marketwired - Nov. 27, 2014) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or the "Company"), a leading North American manufacturer of advanced armour and personal protection solutions, today reported financial results for the three-month period ended September 30, 2014.

Highlights:

• Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") was $0.2 million compared to the Adjusted EBITDA of $0.2 million during the first quarter of the prior year.
  
  
• The Company reported net income for the first quarter of $0.04 million compared to a net income of $0.2 million during the first quarter of the prior year.
  
  
• Revenues for the first quarter were $3.7 million, a decrease of 2.4% compared to revenues of $3.8 million during the first quarter of fiscal 2014.
  
  
• Gross margin as a percentage of revenues for the first quarter was 28.7% compared to 28.4% for the first quarter of the prior year.
  
  
• Expenses for the first quarter were $0.9 million unchanged compared to the first quarter of the prior year.
  
  
• PSP has a backlog of business now that exceeds $9.5 million.

"We are achieving our goal of delivering positive earnings in consecutive quarters while protecting the bottom line", says CEO, Terry Vaudry. "Our backlog of business will assist the Company in growing its topline sales results and expanding our gross margin. Our announced contract wins will begin to be capitalized in the third quarter and will drive results higher. We continue to work on new tenders and we have identified significant opportunities for the Company in calendar year 2015".

About PSP: The mission statement of Pacific Safety Products Inc. is ...we bring everyday heroes home safely®. PSP is an established industry leader in the production, distribution and sale of high-performance and high-quality safety products for the defence and security market. These products include body armour to protect against ballistic, stab and fragmentation threats, ballistic blankets to reduce blast effects, tactical clothing, and protective products against chemical and biological hazards. PSP is the largest body armour manufacturer in Canada, directly supplying the Canadian Department of National Defence, Federal Government Agencies and major Canadian law enforcement organizations. The Company, through its U.S. subsidiary Sentry Armor Systems Inc., provides body armour products under the GH Armor Systems® brand to U.S. based law enforcement and private security firms. The Company also produces tactical clothing. Pacific Safety Products is a reporting issuer in British Columbia, Alberta and Ontario, Canada and publicly trades under the symbol PSP on the TSX Venture Exchange.