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CirTran Projects First Profitable Year for Fiscal 2005, with Worldwide Sales Growing Nearly 1,000% in Two Years
By BusinessWire Last Update: 2/28/2006 8:00:05 AM Data provided by
SALT LAKE CITY, Feb 28, 2006 (BUSINESS WIRE) -- CirTran Corp. (CIRT), an international full-service contract manufacturer of IT, consumer and consumer electronics products, said today that it projects that it will report its first-ever annual profit when it files Form 10-KSB for fiscal 2005 with the Securities and Exchanges Commission next month.
Iehab J. Hawatmeh, CirTran's founder and president, said the fourth quarter of fiscal 2005 "marked the seventh straight quarter of improvement or growth for the company, capping off the best year for CirTran since it became a public company in 2000."
He said that with "auditors still finalizing results," CirTran expects to show a profit for the fiscal year as compared to a loss of $658,322 for fiscal 2004. Hawatmeh also said that CirTran expects to report revenues of approximately $13 million, more than 45% better than the $8,862,715 reported for fiscal 2004."
Sales Up Nearly 1,000% in Two Years
"Two years ago at this time," he said, "CirTran was just starting its recovery from the domestic and worldwide slump in the IT industry. We had revenues of only $1.2 million for fiscal 2003, and were determined to adjust, reposition and retool so that we could be a viable, profitable company.
"In 2004," Hawatmeh said, "our plan began to take hold as CirTran started manufacturing operations in China, developing and building products for the direct response/sold-on-TV marketplace, to complement our core IT and specialty manufacturing business in the U.S. And in 2005, we continued to move forward, retaining existing business and winning new manufacturing contracts at a record pace, with our sales up nearly 1,000% in just two years!
"It is clear," he said, "that CirTran has engineered and experienced a dramatic and substantial turnaround. CirTran has gone from not having any profitable quarters to where we anticipate reporting our third consecutive profitable quarter for the period ended December 31, 2005.
"CirTran entered 2006 with new business and our strongest-ever backlog," said CirTran's president. "Absolutely everyone at the company, in the U.S. and Asia, is dedicated to continuing and extending our growth and profitability."
About CirTran Corp.
Founded in 1993, CirTran Corp. (www.CirTran.com) is a premier international full-service contract manufacturer. Headquartered in Salt Lake City, its ISO 9001:2000-certified, non-captive 40,000-square-foot manufacturing facility is the largest in the Intermountain Region, providing "just-in-time" inventory management techniques designed to minimize an OEM's investment in component inventories, personnel and related facilities while reducing costs and ensuring speedy time-to-market. In 1998, CirTran acquired Racore Technology (www.racore.com), founded in 1983 and reorganized as Racore Technology Corp. in 1997. In 2004, it formed CirTran-Asia as a high-volume manufacturing arm and wholly owned subsidiary with its principal office in ShenZhen, China. CirTran-Asia operates in three primary business segments: high-volume electronics, fitness equipment and household products manufacturing, focusing on the multibillion-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.
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