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Crediting ongoing growth in its U.S. and Asian operations, CirTran Corporation (OTCBB:CIRT) said today that it expects to report its sixth consecutive quarter of record sales -- and projects its second straight profitable quarter -- when it files its 10-Q with the SEC for the third financial quarter ended September 30, 2005.
A full-service contract manufacturer of IT, consumer and consumer electronics products, CirTran has manufacturing facilities in the U.S. and in China, where CirTran-Asia subsidiary is based.
Iehab J. Hawatmeh, founder, president and CEO of CirTran, said his company projects sales of approximately $4,300,000 for the third quarter of fiscal 2005, an increase of more than $1.7 million, or approximately 64% over the $2,626,770 for the same period in fiscal 2004.
For the nine months ended September 30, he said CirTran expects to report revenues of approximately $11,500,000, an increase of approximately $6,300,000, or some 120%, over the same period a year ago.
"This is the sixth straight quarter in which revenues have grown and the second quarter in a row where we are projecting profitability," he said. "CirTran has worked very hard, in the U.S. and China, to maximize results while keeping a close watch on overhead costs, and our strategic plan is working."
Mr. Hawatmeh said that during the first nine months of 2005, "CirTran generated more than $80 million in new business and is about to close more, becoming recognized as a significant new player in the manufacturing of products for the sold-on-TV/direct response marketplace. Soon," he said, "CirTran will open its first satellite office and showroom in Los Angeles, in Century City where the direct response industry is headquartered.
"As stated in a shareholder update a month ago," Mr. Hawatmeh said, "all corporate managers continue to hold their shares in CirTran, looking forward to a brighter tomorrow when the company's share price and market value is more reflective of the financial and business renaissance we've realized over the past year and a half."
About CirTran Corporation
Founded in 1993, CirTran Corporation (OTCBB:CIRT)(www.CirTran.com) is a premier international full-service contract manufacturer of low to mid size volume contracts for printed circuit board assemblies, cables and harnesses to the most exacting specifications. Headquartered in Salt Lake City, CirTran's modern 40,000-square foot non-captive manufacturing facility -- the largest in the Intermountain Region -- provides "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 Corporation in 1997.
About CirTran-Asia
CirTran-Asia (www.CirTran-Asia.com) was formed in 2004 as a high-volume manufacturing arm and wholly-owned subsidiary of CirTran Corporation 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 being a leading manufacturer for the multi-billion dollar Direct Response Industry, which sells through infomercials, print and internet advertisements.
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.
