CirTran Reports Profitable Third Quarter and 'Broad Significant Growth'.SALT LAKE CITY -- CirTran Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CIRC), an international full-service contract manufacturer of IT, consumer and consumer electronics products, has filed its 10-QSB, reporting a profitable quarter for the period ending September 30, 2007, and what its president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. called "broad significant growth" for the multi-national company. CirTran reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $3,533,555 for the quarter, an improvement of 22% over the $2,878,156 reported for the period ended June 30, 2007, and a 16% gain over sales of $3,044,853 for the third quarter of fiscal 2006. For the nine months ended September 30, CirTran reported sales of $8,700,004, a 24% improvement over sales of $7,007,118 reported for the first nine months of fiscal 2006. CirTran reported a net profit of $82,898 for the quarter, a gain of $3,063,186, representing a major turnaround over a loss of $2,980,288 for the same period in 2006. The net profit included interest expense of $584,328 and a gain on derivative valuation of $198,648. CirTran's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become also turned positive in the quarter at $674,650. For the nine months ended September 30, CirTran reported a loss of $3,463,510, an improvement of $449,094, or 11%, over a loss of $3,912,607 reported for the same period in fiscal 2006. Iehab J. Hawatmeh, CirTran's founder, president and CEO, said that "the strong quarter for the company showed broad significant growth. Earlier in 2007, we believed our growing marketing expenses would bear fruit in increased revenues in the third and fourth quarters," he said, "and we are currently on-track to meet that expectation." During the quarter, Mr. Hawatmeh said, the company successfully launched the Real Deal Grill[TM], endorsed by former heavyweight champion Evander Holyfield Evander "The Real Deal" Holyfield (born October 19, 1962 in Atmore, Alabama) is a professional boxer from the United States and a multiple world champion in both the cruiserweight and heavyweight divisions. and manufactured by CirTran-Asia, through a nation-wide test-blitz of a new 30-minute infomercial featuring Holyfield. Mr. Hawatmeh said that the initial delivery of the Real Deal Grill sold out, and that the second shipment - "ten-fold the first order" - is expected in time to meet holiday sales demand. He also said that CirTran continued to be successful with the True Ceramic Pro[TM] flat iron - one of the most popular products sold on TV. Mr. Hawatmeh said early in 2008 CirTran plans to introduce two new products it manufactures -- the Hot Lashes[TM] beauty product and the Ball Blaster[TM] exercise product - via TV infomercials. About CirTran Corporation Founded in 1993, CirTran Corporation (OTCBB: CIRT CIRT Computer Incident Response Team CIRT Critical Incident Response Team CIRT Camara Nacional de La Industria de Radio y Television (Mexican Association of Broadcasters) CIRT Central Institute of Road Transport , www.CirTran.com) is a premier international full-service contract manufacturer. Headquartered in Salt Lake City, its ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001:2000-certified, non-captive 40,000-square-foot manufacturing facility is the largest in the Intermountain in·ter·moun·tain adj. Located between mountains or mountain systems, especially lying between the Rocky Mountains and the Sierra Nevada or Cascade Range in the western United States. Region, providing "just-in-time" inventory management techniques designed to minimize an OEM's investment in component inventories, personnel and related facilities while reducing costs and ensuring speedy time-to-market. In 1998, CirTran acquired Racore Technology (www.racore.com), founded in 1983 and reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. as Racore Technology Corporation in 1997. Continuing to grow, in 2004 CirTran formed CirTran-Asia as a high-volume manufacturing arm and wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. with its principal office in ShenZhen, China. Today, CirTran-Asia operates in three primary business segments: high-volume electronics, fitness equipment, and household products manufacturing, focusing on the multi-billion-dollar direct response industry. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. The Company disclaims any obligation or intention to update any forward-looking statements. All trademarks are properties of their respective owners. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion