CCA Industries, Inc. Reports Net Income for Quarter ended February 28, 2021

Rhea-AI Summary

CCA Industries, Inc. (OTC: CAWW) reported a net income of $73,520 for the quarter ending February 28, 2021, reversing a net loss of $143,582 from the previous year. Revenues decreased by 16.5% year-over-year to $3,225,991. CEO Lance Funston noted a recovery in sales, suggesting a return to pre-COVID levels in March 2021, with ongoing growth in digital sales contributing to recovery. Despite challenges posed by the pandemic, the outlook remains cautiously optimistic.

Positive

• Net income increased to $73,520 from a net loss of $143,582 year-over-year.
• Sales have returned to pre-COVID levels by March 2021.
• Digital online sales are increasing, contributing to sales recovery.

Negative

• Revenues decreased by 16.5% compared to the same quarter last year.

PENN VALLEY, Pa., April 15, 2021 /PRNewswire/ -- CCA Industries, Inc. (OTC: CAWW), announced today its results for the three months ended February 28,2021.  The results can be found on the chart below.

Net income was $73,520 for the three months ended February 28, 2021 as compared to a net loss of $143,582 for the three months ended February 29, 2020.  Lance Funston, Chief Executive Officer commented, "We have still been facing a difficult retail environment due to the COVID pandemic as previously disclosed.  However, I can report that sales returned to pre-COVID levels in March 2021 and we see that trend continuing so far in April 2021.  Our digital on-line sales continue to increase which has contributed to our sales recovery." 

Further information, including the Unaudited Financial Statement for the first quarter ended February 28, 2021, the Audited Financial Statements for the year ended November 30, 2020 and the Quarterly 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.
Financial Results (Unaudited)
	Three Months Ended
	February 28, 2021		February 29, 2020
Revenues	$                 3,225,991		$                 3,861,084
Net Income (Loss)	$                      73,520		$                   (143,582)
Net Earnings (Loss) Per Share:
Basic	$                         0.01		$                          (0.02)
Diluted	$                         0.01		$                          (0.02)
Weighted Average Shares Outstanding:
Basic	7,536,017		7,531,684
Diluted	7,551,538		7,531,684
EBITDA *	$                     69,307		$                     (91,285)
* Earnings before interest, taxes, depreciation and amortization
Reconciliation of Net (Loss) Income to EBITDA:
NET INCOME	$                     73,520		$                   (143,582)
TAX	(54,777)		(25,114)
INTEREST	44,002		67,703
DEPRECIATION/AMORITIZATION	6,562		9,708
EBITDA	$                     69,307		$                     (91,285)

 

View original content:http://www.prnewswire.com/news-releases/cca-industries-inc-reports-net-income-for-quarter-ended-february-28-2021-301270227.html

SOURCE CCA Industries, Inc.

FAQ

What were CCA Industries' financial results for the quarter ended February 28, 2021?

CCA Industries reported a net income of $73,520 and revenues of $3,225,991.

How did CCA Industries perform compared to the previous year?

The company reversed a net loss of $143,582 from the previous year to a net income this quarter.

What does CCA Industries attribute its sales recovery to?

Sales recovery is attributed to returning to pre-COVID levels and increased digital online sales.

What is the revenue decline percentage for CCA Industries for the quarter?

Revenues decreased by 16.5% year-over-year.

What is the stock symbol for CCA Industries?

The stock symbol for CCA Industries is CAWW.