Business Wire
CirTran Corp. (OTCBB: CIRT), an international full-service contract manufacturer of IT, consumer and consumer electronics products, today reported record profits for the second consecutive quarter and its sixth straight quarter of growth in its 10-Q filing with the SEC for the period ended Sept. 30, 2005.
For the third quarter, CirTran reported a profit of $575,042, a 204% increase over a loss of $552,086 for the same period in fiscal 2004, and an increase of $108,813, or 23%, over the profit of $474,042 for the previous quarter.
For the nine months ended Sept. 30, CirTran reported a net profit of $839,543, a 278% improvement over the loss of $1,497,673 reported for the same period in fiscal 2004.
Net sales for the quarter were $4,291,762, a 63% jump over the $2,626,770 for the third quarter of 2004. Sales for the nine months ended Sept. 30 were $11,521,411, a 120% improvement over the $5,230,374 for the same period in 2004.
CirTran's total assets also continued to grow. The company reported total assets of $10,652,661, an increase of $1,139,505 or 12% over the previous quarter, and an increase of $6,359,232, or 148%, over the $4,293,429 reported through nine months of fiscal 2004.
The company also had a dramatic improvement in total stockholders' equity, reporting $2,868,679, an increase of $5,110,712, or 178%, over the $2,242,033 deficit reported through nine months of fiscal 2004.
'Moving Closer to the AMEX'
"With the overall and overwhelming financial progress in our 10-Q filing, CirTran is moving closer to meeting the minimum listing requirements for The American Stock(R) Exchange (Amex(R))," said Iehab J. Hawatmeh, the company's founder and CEO.
Just back from visiting operations at CirTran-Asia in ShenZhen, China, Hawatmeh called this "by far the most exciting time in CirTran's history.
"Achieving profitability for the first time as a public company in the second quarter was satisfying for the company, its employees, and most of all, for our shareholders," he said. "Now, our significant increases in profits, sales and assets are clear indication that the company's strategic plan is working and that CirTran is a viable and growing entity in the U.S. and in Asia.
"We have set our targets high, and we are meeting them," Hawatmeh said. "We expect our growth to continue through the rest of the year, into 2006 and then for the foreseeable future as we manufacture and ship against the backlog of more than $80 million in new business closed thus far this year."
CirTran's first satellite office and showroom in the Century City section of Los Angeles, where the target market of the direct response industry is headquartered, will open soon, he said, noting that the company is moving ahead with plans to open offices in New York and London next year.
About CirTran Corp.
Founded in 1993, CirTran Corp. (www.CirTran.com) is a premier international full-service contract manufacturer of low- to midsize-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.
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 Corp. 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 multibillion-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.
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