Mace Security Int’l, a manufacturer of electronic surveillance security and personal defense products with a market cap of $15.8 million, has announced its total revenues for the first quarter dropped to $8.6 million, as compared to $12.3 million for the same period in 2008.

Loss from continuing operations for the first quarter of 2009 was approximately $1.7 million, compared to $2.2 million this time last year. The decrease in overall revenues during the first quarter of 2009 was primarily due to a decrease in revenues from Mace’s Digital Media Marketing segment after the company discontinues the marketing efforts of its online marketing division, PromoPath, in June 2008.

Even with lower 2009 first quarter sales results, the company was successful in achieving its cost-cutting goals and reducing Mace’s quarter over quarter losses by improving gross margin and reducing overhead, says Mace President and CEO Dennis Raefield.

Mace also expanded on its Security Division by purchasing wholesale monitoring station, CSSS Inc. in late April for $3.6 million. SSI‘s “Monitoring Matters” columnist Peter P. Giacalone was appointed to serve as president of the new division.

The company’s net book value was $41.6 million, or $2.55 per share, on March 31.  In addition, Mace had $53.1 million in total assets, including $8.5 million of cash and short-term investments.

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