CirTran Files Form 10-K for 2013 Showing $1.1 Million Bottom Line Improvement
SALT LAKE CITY, May 28, 2014 – CirTran Corporation (OTC BB: CIRC) today filed its Form 10-K for the fiscal year ended December 31, 2013, showing a bottom line improvement of $1.1 million.
The filing reported a net gain attributable to operations of CirTran Corporation and its subsidiaries of $855,905, an improvement of 446 per cent over a loss of $247,625 for the fiscal year ended December 31, 2012. CirTran also reported a significant gain in net income, $1,224,243 as compared with a loss of $1,787,643 in fiscal 2012, mainly driven by a gain on settlement of debt and liabilities.
The bottom line gain was achieved even as net sales were down, with CirTran reporting $3,469,006 as compared with $4,260,417 for fiscal 2012. Revenues from beverage distribution, which accounted for 97 per cent of sales, grew mainly in the United States and Canada.
Iehab J. Hawatmeh, CirTran’s founder and CEO, called 2013 “a year of time-consuming and costly litigation in which the company was dominant, and in showing we can run leaner and more efficiently, with a better bottom line outcome. Now we can put our energies and resources to work growing our business, driven by the Playboy Energy Drink line of products.”
Mr. Hawatmeh said CirTran will file Form 10-Q for the first quarter of fiscal 2014 in the next few days.
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.