CCA Industries, Inc. Reports Financial Results for Year Ended November 30, 2021

Rhea-AI Summary

CCA Industries, Inc. (OTC: CAWW) reported a net loss of $596,349 for the year ending November 30, 2021, compared to a loss of $127,477 in 2020. The loss was partly due to a $480,899 charge for the impairment of the Solar Sense trademark and a $670,304 inventory reserve. Despite this, cash from operations increased to $988,120, up from $499,657 in 2020. Revenue fell to $13,834,596 from $14,124,251 the previous year. Amazon now accounts for 18.5% of total sales, with a 168.9% growth compared to fiscal 2020.

Positive

• Cash from operations increased to $988,120, up from $499,657 in fiscal 2020.
• Amazon sales grew by 168.9% year-over-year, making up 18.5% of total sales.

Negative

• Net loss increased to $596,349 from $127,477 the previous year.
• Revenue declined to $13,834,596 from $14,124,251 in fiscal 2020.
• Impairment charge of $480,899 and additional inventory reserve of $670,304 impacted financials.

LYNDHURST, N.J., Feb. 25, 2022 /PRNewswire/ -- CCA Industries, Inc. (OTC: "CAWW"), announced today its results for the year ended November 30, 2021.  The results can be found on the chart below.

Net loss was $596,349 for the year ended November 30, 2021 as compared to a net loss of $127,477 for the year ended November 30, 2020.  The net loss in fiscal 2021 was caused in part by the Company recording a charge of $480,899 against earnings for impairment of the Solar Sense trademark which are included in selling, general and administrative expenses on the statement of operations for the year ended November 30, 2021.  In addition, the Company recorded an additional inventory reserve of $670,304 during fiscal 2021 which was charged against cost of sales.  Christopher Dominello, Chief Executive Officer commented "Both the trademark impairment and the additional inventory reserve were non-cash expenses.  The Company generated cash from operations of $988,120 for fiscal 2021 as compared to $499,657 for fiscal 2020.  Since becoming CEO two months ago, we have been working diligently to reduce expenses while at the same time focusing on our topline.  Our fiscal 2021 sales were impacted by the pandemic and at the same time we saw manufacturing costs increase.  Now that the pandemic has eased, we are working to expand sales both at retail and online.  Amazon has become a major outlet growing to 18.5% of the Company's net sales, with a growth of 168.9% over fiscal 2020.  The Company also entered into a license agreement in January 2022 for the Neutein brand of brain health supplements."  Further information, including the Audited Financial Statements for the year ended November 30, 2021 and the Annual Disclosure Statement filed with the OTC, may be found on the Company's investor web site:  www.ccainvestor.com  

CCA Industries, Inc. manufactures and markets health and beauty aids, each under its individual brand name. The products include, principally, "Plus White" toothpastes and teeth whiteners, "Bikini Zone" medicated topical and shave gels, "Nutra Nail" nail care treatments, "Porcelana" skin care products, "Scar Zone" scar treatment products, "Sudden Change" anti-aging skin care products, brands, "Hair Off" depilatory products, "Solar Sense" sun care products and "Neutein" brain health supplements which the Company licensed in January 2022. 

Statements contained in the news release that are not historical facts are forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which would cause actual results to differ materially, from estimated results. No assurance can be given that the results in any forward-looking statement will be achieved and actual results could be affected by one or more factors, which could cause them to differ materially. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act.

CCA INDUSTRIES, INC.
	Years Ended
	November 30, 2021		November 30, 2020
Revenues	$               13,834,596		$               14,124,251
Net (Loss)	$                   (596,349)		$                   (127,477)
(Loss) Per Share:
Basic	$                         (0.08)		$                         (0.02)
Diluted	$                         (0.08)		$                         (0.02)
Weighted Average Common Shares Outstanding:
Basic	7,547,835		7,531,684
Diluted	7,547,835		7,531,684
EBITDA *	$                   (697,768)		$                     136,638
* Earnings before interest, taxes, depreciation and amortization
Reconciliation of Net (Loss) to EBITDA:
Net loss	$                   (596,349)		$                   (127,477)
Tax	(228,767)		156,613
Interest	105,245		261,840
Depreciation and Amortization	22,102		31,507
EBITDA	$                  (697,768)		$                     322,483

 

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SOURCE CCA Industries, Inc.

FAQ

What were CCA Industries' financial results for the year ending November 30, 2021?

CCA Industries reported a net loss of $596,349 and revenue of $13,834,596 for the fiscal year 2021.

How did CCA Industries' cash flow change in fiscal 2021?

The company generated cash from operations of $988,120, an increase from $499,657 in fiscal year 2020.

What impact did Amazon have on CCA Industries' sales in fiscal 2021?

Amazon accounted for 18.5% of CCA Industries' net sales, with a remarkable growth of 168.9% over fiscal 2020.