CCA Industries, Inc. Reports Financial Results for Year Ended November 30, 2020

Rhea-AI Summary

CCA Industries, Inc. (OTC: CAWW) reported a net loss of $127,477 for the year ended November 30, 2020, contrasting with a net income of $554,462 in 2019. Revenue declined 17.6% to $14,124,251 from $17,137,382. Despite the challenges from the COVID pandemic impacting retail sales, internet-based sales rose significantly. The company aims to continue focusing on online sales and reducing overhead costs. Future outlook hinges on the recovery of the retail environment, as management expects sales growth in fiscal 2021.

Positive

• Shift towards internet-based sales helped mitigate losses.
• Management expects sales growth as retail recovers in fiscal 2021.

Negative

• Net loss of $127,477 compared to prior net income.
• Revenue decreased by 17.6% year-over-year.

LYNDHURST, N.J., March 1, 2021 /PRNewswire/ -- CCA Industries, Inc. (OTC: CAWW), announced today its results for the year ended November 30, 2020.  The results can be found on the chart below.

Net loss was $127,477 for the year ended November 30, 2020 as compared to net income of $554,462 for the year ended November 30, 2019.  Lance Funston, Chief Executive Officer commented, "The past year has been a difficult environment due to the COVID pandemic which had a negative effect on foot traffic and sales at major retailers.  Internet based sales increased dramatically in fiscal 2020 which helped blunt some of the impact.  We are continuing our focus on internet-based sales while also reducing our overhead to meet the challenge presented to us.  The Company expects that as the retail environment recovers from the pandemic in fiscal 2021, our sales will increase." 

Further information, including the Audited Financial Statements for the year ended November 30, 2020 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 and two newly acquired brands, "Hair Off" and "Solar Sense". 

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.
	Twelve Months Ended
	November 30, 2020		November 30, 2019
Revenues	$               14,124,251		$               17,137,382
Net Income (Loss)	$                  (127,477)		$                    554,462
Net Earnings Per Share:
Basic	$                        (0.02)		$                          0.07
Diluted	$                        (0.02)		$                          0.07
Weighted Average Shares Outstanding:
Basic	7,531,684		7,464,492
Diluted	7,531,684		7,599,355
EBITDA *	$                    322,483		$                 1,048,697
* Earnings before interest, taxes, depreciation and amortization

 

View original content:http://www.prnewswire.com/news-releases/cca-industries-inc-reports-financial-results-for-year-ended-november-30-2020-301237939.html

SOURCE CCA Industries, Inc.

FAQ

What were the financial results for CCA Industries (CAWW) for the year ended November 30, 2020?

CCA Industries reported a net loss of $127,477 and revenues of $14,124,251.

How did COVID-19 impact CCA Industries (CAWW) sales?

COVID-19 negatively affected foot traffic and sales at major retailers, leading to a decline in revenue.

What is the outlook for CCA Industries (CAWW) in fiscal 2021?

Management expects sales to increase as the retail environment recovers.

What was the net income for CCA Industries (CAWW) last year?

The company had a net income of $554,462 for the year ended November 30, 2019.