CirTran Sales Slip in Second Quarter Filing
SALT LAKE CITY, August 29, 2014 -- CirTran Corporation (OTCBB: CIRC) has filed its Quarterly Report on Form 10-Q for the period ended June 30, 2014.
During the quarter and in the six months ended June 30, CirTran was driven by sales of its Playboy Energy Drink products, while working to overcome uncertainty in the marketplace over the outcome of numerous legal battles – all won to date -- with Playboy Enterprises.
For the quarter, CirTran reported sales of $547,870 as compared with $1,096,691 for the same period a year ago. For the six months ended June 30, 2014, CirTran showed sales of $899,613, down from the $1,964,843 reported for the first half of 2013.
CirTran reported a net loss of $722,546 for the quarter, while reporting a net income of $1,695,346 for the same period in 2013. For the six months ended June 30, 2013, CirTran reported a net loss of $980,941 as compared with a net income of $1,262,866 for the first half of 2013. A loss in derivative valuations, a non-cash item, contributed $475,945 to the net loss in the first six months of 2014.
Iehab J. Hawatmeh, CirTran’s founder and CEO, said that, “while impacted by momentum lost while battling in court, CirTran has emerged unbeaten, our David triumphant over their Goliath, with retained rights to Playboy Energy Drink. Today, we remain hopeful that our hard work and the growing awareness of our successes in the legal process will lead us back to profitability.”
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.
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.