CirTran Swings to Q2 Profit
SALT LAKE CITY -- CirTran Corp. said it swung to a net profit despite a 27% drop in sales for its June quarter.
Net sales decreased to $3.1 million for the second quarter ended June 30, but earnings rose to $865,848 from a loss of $655,394 in 2008. The increase was driven by a gain in derivative valuation of 105%, from $822,975 in the second quarter of 2008 to $1,693,764 in the same quarter this year.
The company recorded revenue of $369,562 for its contract electronics assembly operations. That's a drop of 24% sequentially and a rise of 1% year-over-year. Gross margin improved to 29.9%, up from 23.9% a year ago.
For the quarter, CirTran reported the loss from operations improved 15% to $842,981.
CirTran is an electronics contract manufacturer and beverage distributor.
