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CirTran Reports Growth in Sales and Gross Profit in 10-Q Filing
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
CirTran Corporation (CIRX) reported its Q1 2022 results with net sales of $691,768, an increase of 11.7% from $619,399 in Q1 2021. Gross profit rose to $459,389, marking a significant 46.9% jump compared to $312,751 in the prior year. Iehab J. Hawatmeh, the company’s president, expressed optimism for recovery in the adult lifestyle market post-pandemic, indicating consumer readiness to return to normalcy despite current inflationary pressures. CirTran is approaching its 30th anniversary, transitioning from electronics to adult lifestyle product distribution.
Positive
Net sales increased by 11.7% to $691,768 for Q1 2022.
Gross profit improved significantly by 46.9% to $459,389 compared to Q1 2021.
Negative
None.
LAS VEGAS--(BUSINESS WIRE)--
CirTran Corporation (OTC BB: CIRX) said today that its Form 10-Q Filing with the Securities and Exchange Commission for quarter ended March 31, 2022 showed what it called “continued improvements in both in sales and gross margins.”
In the filing, CirTran reported net sales of $691,768 for the first quarter of fiscal 2022, an improvement of 11.7 per cent as compared with sales of $619,399 for the same quarter a year ago, ended March 31, 2021.
The company’s 10-Q filing showed even stronger growth in gross profit with $459,389 reported for the quarter ended March 31, 2022, an improvement of 46.9 per cent over gross profit of $312,751 reported for the same quarter a year ago, ended March 31, 2021.
Iehab J. Hawatmeh, CirTran’s founder and president, said that he saw “an important combination of steadiness and stability as our improved in sales and gross profit and as we continued plan and perform in a time of both pandemic and inflation.
“The adult lifestyle and entertainment markets we serve through an exclusive agreement with HUSTLER® are showing signs of coming out of the pall we have all lived under during the two and a half years that Covid-19 weighed heavily on all of us,” he said. “People are very anxious to get out of their homes and go back to the lives they previously lived,” Mr. Hawatmeh said. “And even in times of inflation, people who have been so very homebound may well lead lifestyle and business resurgence in a return to happier times.
“That said,” Mr. Hawatmeh added, “CirTran’s products will be there for the taking.”
About CirTran Corporation Nearing its 30th anniversary in 2023, CirTran has evolved from its roots as an electronics contract manufacturing company to become a manufacturer and worldwide distributor of products for the adult lifestyle and entertainment marketplace.
