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Written by Mike Buetow
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Thursday, 15 May 2008 |
SALT LAKE CITY -- CirTran Corp. reported sales of $2.9 million for the three months ended March 31, up 25% over a year ago. The net loss improved 93% to $67,619. Gross profit fell 30.5% to to $758,032, the result of higher costs of sales at the company, which performs EMS services but also sells OEM products and consumables.
During the quarter, CirTran’s interest expense reduced due to last year’s sale and leaseback of its US facility and the elimination of the related mortgage, a gain on the settlement of litigation, and a $548,337 increase in the gain on derivative valuation.
President and CEO Iehab J. Hawatmeh said CirTran “was starting to see progress from its two newest business ventures – online sales associated with our affiliate, Global Marketing Alliance LLC, and the beginning of 'major inroads' into the energy drink market through our CirTran Beverage subsidiary and its partnership with Play Beverages LLC.
Expenses related to those markets increased the company's cost of sales to $2.1 million, up $900,000.
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