CirTran Shows Reduction in Losses in Third Quarter Filing
SALT LAKE CITY, Nov. 20, 2014 -- CirTran Corporation (OTCBB: CIRC) has filed its Quarterly Report on Form 10-Q for the period ended September 30, 2014, with the company’s trimming of selling, general and administrative (SG&A) expense helping achieve a significant reduction in losses.
For the three months ended September 30, 2014, CirTran reported a loss of $102,845, or 47% less than the $192,526 loss for the same period in 2013, as SG&A expense was cut by 64% to $325,146 as compared with $892,245 a year ago. For the nine months ended September 30, 2014, CirTran reported a loss of $1,083,876 compared with a net income of $1,070,340 in 2013, when the company had benefitted from a gain on debt settlement.
Sales for the three months ended September 30, 2014, were $200,871, down from the $658,361 for the same period a year ago. Sales for the nine months ended September 30 were $1,100,484 as compared with $2,623,204 for the same period a year ago.
Iehab J. Hawatmeh, CirTran’s founder, chairman and CEO, said that “sales were impacted by uncertainty caused by Playboy in litigations brought in 2013 and into 2014. The global distribution network we built for Playboy Energy Drink reacted with considerable concern and reduced orders. Despite these setbacks caused by Playboy, CirTran Beverage Corporation and Play Beverages continue to work hard to regain market share and momentum,” he said.
Mr. Hawatmeh also said that the resignation of Board member Fadi Nora, announced in an 8-K filing a week ago, will allow Mr. Nora to focus on his other roles with CirTran businesses. “Mr. Nora had no disagreement with CirTran and his service to the company is highly valued,” he said, noting that a replacement is now being sought.
About CirTran Corporation
Founded in 1994, CirTran Corporation (www.cirtran.com) 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 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.