CirTran�s First Quarter Results Show a Reduction in Losses from Operations
SALT LAKE CITY, July 29, 2014 -- CirTran Corporation (OTCBB: CIRC) has filed its Quarterly Report on Form 10-Q for the period ended March 31, 2014.
The late filing, said Chairman and CEO Iehab Hawatmeh, resulted from dealing with the issues related to litigation between CirTran’s Play Beverages partner and Playboy Enterprises (see “Illinois Court Again Rules for CirTran/PlayBev over Playboy; 8th Straight Legal Victory as Claims are Dismissed with Prejudice,” BusinessWire, June 3, 2014).
Mr. Hawatmeh said the manufacture and global distribution of Playboy Energy Drink, CirTran’s flagship product line, “suffered as time, attention and resources were spent on litigation.”
For the quarter, CirTran reported sales of $351,743, down from $868,152 reported for the same period a year ago. Cost of sales was reduced by more than 90%, resulting in a gross profit of $331,186 or 94.15% as compared with $596,143 or 68.67% for the first quarter of 2013.
CirTran showed significant improvement in operating results, reporting a net loss of $258,395, 59% better than the loss of $432,480 in the first quarter of fiscal 2013.
“With eight legal victories achieved, CirTran is working to regain the momentum we had in and growing our Playboy Energy Drink business in a world market we see as thirsty for our products,” said Mr. Hawatmeh
About CirTran Corporation
Founded in 1993, CirTran Corporation has evolved from its roots in electronics to focus on manufacturing and marketing Playboy Energy Drink worldwide. In 2007, CirTran created its CirTran Beverage subsidiary, which partnered with Play Beverages LLC, to introduce and distribute Playboy Energy Drink a year later. CirTran also continues to maintain the capabilities of its previous core business in off-shore manufacturing of high-volume electronics, fitness equipment and household products for the multi-billion-dollar direct response industry. .
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.