CCA Industries, Inc. Reports Results of Operations for Quarter ended February 28,2023

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CCA Industries, Inc. (OTC: CAWW) reported net loss of $282,788 for the three months ended February 28, 2023, compared to net income of $24,577 in the same quarter of 2022. EBITDA shows a loss of $298,497, a decline from an EBITDA income of $68,493 a year earlier. The company noted challenges in sales stemming from delayed product shipments and expected orders. However, there was a significant increase in Amazon and online sales, rising by 72.4% compared to the previous year. The CCA CEO expressed cautious optimism for future sales growth, aiming for a return to profitability.

Positive

• Amazon and online sales increased by 72.4% year-over-year.
• CEO expresses cautious optimism about future sales growth.

Negative

• Net loss of $282,788 compared to a net income of $24,577 in the prior year.
• EBITDA loss of $298,497, a significant decline from previous year's EBITDA income.

PENN VALLEY, Pa., April 17, 2023 /PRNewswire/ -- CCA Industries, Inc. (OTC: CAWW), announced today its results for the three months ended February 28, 2023.  The results can be found on the chart below.

Net loss was $282,788 for the three months ended February 28, 2023, as compared to net income of $24,577 for the three months ended February 28, 2022.  As shown in the chart below, the EBITDA for the first quarter of fiscal 2023 was a loss of $298,497 as compared to EBITDA income of 68,493 for the first quarter of fiscal 2022.

Christopher Dominello, Chief Executive Officer commented, "As noted in our last press release, our focus this year is to increase the Company's sales.  It was clear that this would be a challenge in the face of years of declining sales.  While we were disappointed with the first quarter of 2023 results, we are beginning to see an improvement in sales.  As we have previously disclosed, the Porcelana brand did not resume shipping one item until the end of January 2023 which impacted first quarter sales.  The Company also expected that the sales of its Plus White whitening kit to Walmart would resume in the first quarter, however the orders did not resume until March 2023, which further impacted first quarter sales.  We have good news to report as our Amazon and online sales have increased 72.4% in the first quarter of 2023 as compared to the first quarter of 2022.  We remain cautiously optimistic that our sales will continue to increase putting the Company on the path back to profitability." 

Further information, including the Unaudited Financial Statement for the first quarter ended February 28, 2023, the Audited Financial Statements for the year ended November 30, 2022 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, 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.
Financial Results (Unaudited)
	Three Months Ended
	February 28, 2023		February 28, 2022
Revenues	$                 2,467,726		$                 3,046,254
Net Income	$                  (282,788)		$                       24,577
Earnings Per Share:
Basic	$                         (0.04)		$                                -
Diluted	$                         (0.04)		$                                -
Weighted Average Common Shares Outstanding:
Basic	7,561,684		7,561,684
Diluted	7,561,684		7,659,749
EBITDA *	$                  (298,497)		$                       68,493
* Earnings before interest, taxes, depreciation and amortization
Reconciliation of Net Income to EBITDA:
Net Income	$                  (282,788)		$                       24,577
Provision for income taxes	(65,962)		22,403
Interest expense	48,954		17,390
Depreciation and Amortization	1,299		4,123
EBITDA	$                  (298,497)		$                       68,493

 

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SOURCE CCA Industries, Inc.

FAQ

What were CCA Industries' net income results for the first quarter of 2023?

CCA Industries reported a net loss of $282,788 for the first quarter ended February 28, 2023.

How did CCA Industries' EBITDA perform in the first quarter of 2023?

CCA Industries had an EBITDA loss of $298,497 for the first quarter of 2023.

What is the sales performance of CCA Industries in the first quarter of 2023?

CCA Industries experienced a 72.4% increase in Amazon and online sales compared to the first quarter of 2022.

What challenges did CCA Industries face in the first quarter of 2023?

Delays in product shipments impacted sales, including the Porcelana brand and Plus White whitening kit orders.

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

The CEO expressed cautious optimism about continued sales growth and a path back to profitability.