CirTran Corporation (CIRX)

[Leolinges]

PR out.


CirTran Files Form 10-K for 2013 Showing $1.1 Million Bottom Line Improvement


Last update: 28/05/2014 9:05:00 am


SALT LAKE CITY--(BUSINESS WIRE)--May 28, 2014--

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.