CirTran’s Third Quarter Filing Reports Disruption and Drop in Beverage Sales
SALT LAKE CITY, Dec. 3, 2012 -- CirTran Corporation (OTCBB: CIRC), a diversified international contract manufacturer of consumer products, has filed its Quarterly Report on Form 10-Q for the period ended September 30, 2012.
While apologizing to shareholders for the late filing, CirTran said its primary business – manufacturing and distributing the non-alcoholic Playboy Energy Drink – continued to be significantly impacted by legal issues during the quarter and the first nine months of the current fiscal year.
Iehab J. Hawatmeh, CirTran’s president, said that despite difficulties, the company’s CirTran Beverage Corporation (CBC) subsidiary continued to add distributors as per its marketing plan. CBC has partnered with Play Beverages, LLC, to distribute Playboy Energy Drink worldwide under a 2006 license from Playboy Enterprises, which is now in dispute.
For the quarter, CirTran reported a loss of $546,879, as compared with a loss of $925,920 for the same period in 2011. For the nine months ended September 30, 2011, CirTran had a loss of $2,540,462 as compared with a loss of $4,831,703 for the same period in 2011.
CirTran’s sales for the three-month period ended September 30, 2012 dropped to $653,127 from the $832,772 for the same period in 2011, while sales for the nine months ended September 30, 2012, were $1,587,582, down from the $2,913,597 reported for the same period in 2011.
Mr. Hawatmeh said that CirTran is currently working to develop new product lines, reenergize its marketing and sales efforts in its core license manufacturing business, and carefully monitor and improve margins in all aspects of the company’s operations.
About CirTran Corporation
Set to mark its 20th year in business in 2013, CirTran Corporation (www.cirtran.com) has evolved from its roots as an international, full-service contract manufacturer. From its headquarters in Salt Lake City, Utah, where it operates, along with its Racore Technology (www.racore.com) electronics manufacturing subsidiary, from an ISO 9001:2000-certified facility, CirTran has grown in scope and geography. Today, CirTran’s operations include: CirTran-Asia, a subsidiary with principal offices in ShenZhen, China, which manufactures high-volume electronics, fitness equipment, and household products for the multi-billion-dollar direct response industry; CirTran Online, which offers products directly to consumers through major retail web sites; and CirTran Beverage, which has partnered with Play Beverages, LLC, to introduce and distribute the Playboy Energy Drink.
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