SALT LAKE CITY--(BUSINESS WIRE)--CirTran Corporation (OTCBB: CIRC) has filed its Quarterly Report on Form 10-Q for the period ended June 30, 2013, showing continued growth in sales and a dramatic improvement in profits.
“CirTran’s quarter was much improved by all measures”
CirTran’s sales were again driven by its Playboy Energy Drink line, which has grown to represent nearly 98% of revenues.
For the quarter, CirTran reported sales of $1,096,691, a 247% increase over the $315,755 reported for the same period a year ago. For the six months ended June 30, 2013, CirTran reported sales of 1,964,843, a 110% improvement over the $934,455 reported for the first half of 2012.
CirTran reported net income of $1,695,346 for the quarter, after a loss of $705,487 in the same period a year ago, and income of $1,262,866 for the six months ended June 30, 2013, as compared with a loss of $1,993,583 for the same period a year ago.
The jump in sales, better margins, the single-quarter (and fiscal year) significance of an April settlement relieving CirTran of approximately $1.4 million in accrued royalties and other debt obligations claimed by former Play Beverages’ partners, were all factors impacting CirTran’s bottom line improvements.
In addition, shareholder deficit has decreased by some $2.5 million since the beginning of the current fiscal year, said Iehab J. Hawatmeh, the company’s chairman and president.
“CirTran’s quarter was much improved by all measures,” Mr. Hawatmeh said. “Our hard work marketing and distributing Playboy Energy Drink products in a burgeoning global marketplace have shown promise, and we in turn promise to continue our efforts in setting in place new distribution agreements.”
Mr. Hawatmeh said that in addition to CirTran’s business progress, “the past six months, fighting and winning legal battles, has been very satisfying for management and shareholders alike.”
About CirTran Corporation
Marking its 20th year in business, CirTran Corporation (www.cirtran.com) has evolved from its roots in the electronics industry 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.