Let's see the ballance to $80MM coming in the next several Q's. If the company maintains the 11% net income like for the last Q, CIRT will well compensate the patient folks. Let's see what it does today, after the strong 10-Q results.
Mike
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CirTran Reports 123% Increase in Sales and 11% Net Profit in 10Q Filing
Business Wire - August 15, 2005 07:30
SALT LAKE CITY, Aug 15, 2005 (BUSINESS WIRE) -- CirTran Corporation (OTCBB:CIRT), an international full-service contract manufacturer of IT, consumer and consumer electronics products, has reported its first profitable quarter and the fifth consecutive quarter of growth and record sales in its 10-Q filing with the SEC for the period ended June 30, 2005.
Iehab J. Hawatmeh, founder and president of CirTran, said continued growth in domestic and off-shore business helped the company achieve an 11% net profit of $466,229, its first profitable quarter since becoming a public company in 2000. The 10-Q, he said, reported an $828,193 improvement over the loss of $361,964 for the same period in 2004.
CirTran was also profitable for the six months ended June 30, reporting $264,501, an improvement of $1,210,087 over the loss of $945,586 for the same period a year ago.
CirTran also achieved record sales for the fifth straight quarter, reporting revenues of $4,309,184, an increase of 123% over the $1,924,242 for the same period a year ago. Net sales for the six months was also a company-best with $7,229,649 reported, an increase of 277% over $2,603,604 for the first half of 2004.
In addition, CirTran's total assets more than doubled to $9,513,156 from $4,293,429 for the same period in 2004, with Total Shareholder Equity growing dramatically to $2,151,136 from ($2,242033) a year ago.
"On or Ahead of Strategic Plan"
Mr. Hawatmeh said that CirTran was "on or ahead of our strategic plan. This is the most exciting period of growth in the company's history, with our core business in Salt Lake City continuing to grow, attracting more and bigger customers, while our CirTran-Asia subsidiary in China has emerged as a player in manufacturing goods for the consumers and the sold-on-TV marketplace."
Mr. Hawatmeh said CirTran's record first half of 2005 followed a strong quarter for the company and an "overall fiscal revival in 2004."
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.
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.
SOURCE: CirTran Corporation
CirTran Corporation
Iehab J. Hawatmeh, 801-963-5112
iehab@cirtran.com
or
The Kaminer Group
David A. Kaminer, 914-684-1934 (Press)
dkaminer@kamgrp.com
AI
