CirTran’s Third Quarter Filing Reports Disruption And Drop In Beverage Sales
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 20 th 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. 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. All statements other than statements of historical facts included on this website and in such reports regarding the prospects of our industry and our prospects, plans, financial position and business strategy, may constitute forward-looking statements. These statements are based on the beliefs and assumptions of our management and on the information currently available to our management at the time of such statements. Forward-looking statements generally can be identified by the words "believes," "expects," "anticipates," "intends," "plans," "estimates" or similar expressions that indicate future events and trends. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the risks and uncertainties listed under "Forward-looking Information" in CirTran’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. CirTran disclaims any obligation or intention to update any forward-looking statement. All trademarks are properties of their respective owners.
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