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CirTran Substantially Increased Net Income, Trimmed Operating Losses in 2nd Quarter CirTran Substantially Increased Net Income, Trimmed Operating Losses in 2nd Quarter
Aug. 19, 2009 (Business Wire) -- CirTran Corporation (OTCBB: CIRC), a diversified international contract manufacturer of consumer, consumer electronics and IT products, said today it reported a substantial improvement in net income and a reduction in losses from operations in its Form 10-Q for the quarter ended June 30, 2009.
CirTran reported net income of $865,848 for the quarter as compared with a loss of $655,394 for the same period in 2008, an improvement of 232%. The increase was driven by a gain in derivative valuation of 105%, from $822,975 in the second quarter of 2008 to $1,693,764 in the same quarter this year.
CirTran also reported an improvement in loss from operations, reporting $842,981, 15% better than the loss of $991,052 in the second quarter of 2008. Operating expenses were also trimmed, falling to $1,033,077 during the quarter as compared with $1,661,073 in 2008, a 38% improvement.
Iehab J. Hawatmeh, CirTran’s chairman and president, called the improvement in net income “very substantial” and the reduction in loss from operations “very satisfying. I believe CirTran is on plan on both sides of the ledger,” he said, noting that “today’s difficult and challenging economic conditions call for control and balance in order to keep a company moving forward and being viable.”
Earlier this week, CirTran announced a Forbearance Agreement and loan repayment schedule with YA Global Investments. “Projected positive cash flow and increased worldwide sales of the Playboy-branded energy drinks manufactured and distributed by CirTran will allow us to proactively manage our debt and eliminate the possibility of additional shares being sold in the market under the existing convertible debentures if all payments are made as scheduled,” Mr. Hawatmeh said in making that announcement.
About CirTran Corporation
Founded in 1993, CirTran Corporation (www.cirtran.com) has evolved from its roots as a premier international, full-service contract manufacturer. From its headquarters in Salt Lake City, 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.
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.
All trademarks are properties of their respective owners.
Source: Business Wire (August 19, 2009 - 1:15 PM EDT)
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CIRC...could be a play today...coming of bottom and started its first day of up movement yesterday...there is onne left on ask at .0079 and then we go to .009...very thin on the ask side
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Charbel...lately there hasent been much in penny land...one i am watching is MHTX
came out with news about 15 min ago and not really moving waititng to see if it gets some volume and up movement into close if its up about 10% or more into close i might buy that one. BUt really there is not to much happening in pennyland lately
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any suggestions. thanks oh and morning
