CirTran Reports Jump in Sales and Improvement in Operating Results in First Quarter
SALT LAKE CITY--(BUSINESS WIRE)-- CirTran Corporation (OTCBB: CIRC) has filed its Quarterly Report on Form 10-Q for the period ended March 31, 2013, showing a jump in sales and a marked improvement in profits.
CirTran reported that the manufacture and global distribution of its Playboy Energy Drink line continued to drive the company in the quarter, representing 96% of sales.
For the quarter, CirTran reported sales of $868,152, a 40% jump over $618,700 reported for the same period a year ago. That increase, along with a reduction in cost of sales and better overall margins in distribution, resulted in a gross profit of $596,143 for the company as compared with a loss of $140,454 in the first quarter of 2012.
CirTran also showed a significant improvement in operating results, reporting a net loss of $432,480, an improvement of 66% over the loss of $1,288,096 reported for the first quarter of fiscal 2012.
"CirTran and our lawyers have won every court and out-of-court battle over the past six months ... all involving our Playboy Energy Drink," said Iehab J. Hawatmeh, CirTran's founder, chairman and president. "Now, as we continue to resolve other disputes regarding distribution of Playboy Energy Drink in litigation we brought late last year against Playboy, CirTran is also working to normalize business operations by focusing on expanding distribution and sales of Playboy Energy Drink line in the U.S. and more than 20 countries around the world."
About CirTran Corporation
Marking its 20th year in business, CirTran Corporation (www.CirTran.com) has evolved from its roots as an international, full-service contract manufacturer. From its headquarters in Salt Lake City, where it operates, along with its Racore Technology (www.racore.com) electronics manufacturing subsidiary, from an ISO 9001:2000-certified facility, CirTran has grown in scope and geography. CirTran's operations include: CirTran-Asia, a subsidiary with principal offices in ShenZhen, China, which manufactures high-volume electronics, fitness equipment, and household products for the multi-billion-dollar direct response industry; CirTran Online, which offers products directly to consumers through major retail web sites; and CirTran Beverage, which has partnered with Play Beverages, LLC, to introduce and distribute the Playboy Energy Drink.
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement. CirTran disclaims any obligation or intention to update any forward-looking statement.
Iehab J. Hawatmeh, +(801) 963-5112
KEYWORDS: United States North America Utah
The article CirTran Reports Jump in Sales and Improvement in Operating Results in First Quarter originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.