CirTran Shows Reduction in Losses in Third Quarter Filing
November 20 2014 - 09:15AM
Business Wire
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
benefited 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.
CirTran CorporationIehab J. Hawatmeh, +(801)
963-5112iehab@CirTran.com
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