CirTran Files Form 10-K for 2013 Showing $1.1 Million Bottom Line Improvement
May 28 2014 - 9:05AM
Business Wire
CirTran Corporation (OTCBB:CIRC) today filed its Form 10-K for
the fiscal year ended December 31, 2013, showing a bottom line
improvement of $1.1 million.
The filing reported a net gain attributable to operations of
CirTran Corporation and its subsidiaries of $855,905, an
improvement of 446 percent over a loss of $247,625 for the fiscal
year ended December 31, 2012. CirTran also reported a significant
gain in net income, $1,224,243 as compared with a loss of
$1,787,643 in fiscal 2012, mainly driven by a gain on settlement of
debt and liabilities.
The bottom line gain was achieved even as net sales were down,
with CirTran reporting $3,469,006 as compared with $4,260,417 for
fiscal 2012. Revenues from beverage distribution, which accounted
for 97 percent of sales, grew mainly in the United States and
Canada.
Iehab J. Hawatmeh, CirTran’s founder and CEO, called 2013 “a
year of time-consuming and costly litigation in which the company
was dominant, and in showing we can run leaner and more
efficiently, with a better bottom line outcome. Now we can put our
energies and resources to work growing our business, driven by the
Playboy Energy Drink line of products.”
Mr. Hawatmeh said CirTran will file Form 10-Q for the first
quarter of fiscal 2014 in the next few days.
About CirTran Corporation
Founded in 1993, CirTran Corporation 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 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.
CirTran CorporationIehab J. Hawatmeh,
801-963-5112iehab@cirtran.com
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