SALT LAKE CITY -- CirTran Corp. reported record sales and narrowed its net loss by 20% for its fiscal year ended Dec. 31.

The contract manufacturer reported a net loss of $527,708 on net sales of $12.99 million, up 46.6% from fiscal 2004. Gross profit rose 243% to $6.3 million.



As reported by CIRCUITS ASSEMBLY last week,CirTran settled two litigations in February. The company also took at non-cash charge of $826,124 for accretion expense, and a derivative expense of $235,015.

Iehab J. Hawatmeh, the company's founder and president, said, "If not for reporting the legal settlements against 2005 and the December new interpretation by the SEC, CirTran would have been on-target for its first profitable year ever."

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