CCA Industries, Inc. Reports Financial Results for Year Ended November 30, 2022

Rhea-AI Summary

CCA Industries, Inc. (OTC: CAWW) reported a net loss of $54,017 for the year ending November 30, 2022, down from a net loss of $596,349 in the previous year. Revenues decreased to $12,837,910 from $13,834,596. The company's CEO, Christopher Dominello, highlighted cost reductions and the resumption of shipping for the Porcelana product line, which had faced disruptions. Looking ahead, the focus is on rebuilding product sales and launching new products, including Neutein, with NFL Hall of Famer Mike Singletary as the spokesman. The company anticipates first quarter earnings will remain negative but is optimistic about future profitability.

Positive

• Net loss reduced from $596,349 to $54,017, indicating improved financial performance.
• Cost reductions leading to lower operating expenses.
• Resumption of shipping for Porcelana products, enhancing product availability.
• Introduction of Neutein with an NFL Hall of Famer as spokesman could boost sales.

Negative

• Revenues decreased from $13,834,596 to $12,837,910.
• First quarter earnings expected to remain negative, indicating ongoing challenges.

LITTLE FERRY, N.J., Feb. 28, 2023 /PRNewswire/ -- CCA Industries, Inc. (OTC: CAWW), announced today its results for the year ended November 30, 2022.  The results can be found on the chart below.

Net loss was $54,017 for the year ended November 30, 2022 as compared to a net loss of $596,349 for the year ended November 30, 2021.  Christopher Dominello, Chief Executive Officer commented, "Our main focus during the 2022 fiscal year was reducing expenses and the Company's operating costs.  At the same time, as we previously disclosed, the Company had to reformulate the Porcelana product line, which resulted in halting sales of two items in the product line in April 2022, with one item partially resuming in August 2022.  The second item just resumed shipping at the end of January 2023.  Now that operating expenses have been reduced, the focus in fiscal 2023 is to rebuild the Company's product sales.  We are excited to bring Neutein to the retail marketplace, and signed the NFL Hall of Fame football star Mike Singletary to be the spokesman for the product.  We also have a number of initiatives with our other existing products.  We anticipate the first quarter of fiscal 2023 will not show positive earnings but remain optimistic that the Company is on the right path to resume profitability for future quarters."  Audited Financial Statements for the year ended November 30, 2022 and the Annual Disclosure Statement filed with the OTC, may be found on the OTC marketplace web site:  https://www.otcmarkets.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.

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.
	For the Years Ended
	November 30, 2022		November 30, 2021
Revenues	$               12,837,910		$               13,834,596
Net Income	$                     (54,017)		$                   (596,349)
Earnings Per Share:
Basic	$                         (0.01)		$                         (0.08)
Diluted	$                         (0.01)		$                         (0.08)
Weighted Average Common Shares Outstanding:
Basic	7,561,684		7,547,835
Diluted	7,561,684		7,547,835
ADJUSTED EBITDA *	$                       42,210		$                    (1,014,169)
* Earnings before interest, taxes, depreciation, amortization and gain on debt extinguishment
Reconciliation of Net Income to EBITDA:
Net Income	$                     (54,017)		$                  (596,349)
Provision for income taxes	9,169		(228,767)
Interest expense	76,577		105,245
Depreciation and Amortization	10,480		22,102
EBITDA	$                       42,210		$                  (697,769)
Gain on extinguishment of debt	-		(316,400)
ADJUSTED EBITDA	$                       42,210		$               (1,014,169)

 

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SOURCE CCA Industries, Inc.

FAQ

What were CCA Industries' financial results for 2022?

CCA Industries reported a net loss of $54,017 for the year ending November 30, 2022, with revenues of $12,837,910.

What is the revenue trend for CCA Industries?

Revenues for CCA Industries decreased from $13,834,596 in 2021 to $12,837,910 in 2022.

Who is the spokesman for CCA Industries' Neutein product?

The spokesman for Neutein is NFL Hall of Fame football star Mike Singletary.

What is the outlook for CCA Industries in the first quarter of 2023?

CCA Industries anticipates that the first quarter of fiscal 2023 will not show positive earnings.

How has CCA Industries reduced its net loss?

CCA Industries reduced its net loss from $596,349 in 2021 to $54,017 in 2022 by focusing on reducing operating costs.