FORT WASHINGTON, Pa., April 10, 2024 /PRNewswire/ -- CCA Industries, Inc. (OTC: CAWW), announced today its results for the three months ended February 29, 2024. The results can be found in the chart below.
The net loss was $245,410 for the three months ended February 29, 2024, compared to a loss of $282,788 for the three months ended February 28, 2023. As shown in the chart below, EBITDA for the first quarter of fiscal 2024 was a loss of $288,499. As a note, the brand Bikini Zone accounted for 25% of Q1 2023 sales and those sales are not included in Q1 2024 as the brand was sold in September 2023. Christopher Dominello, Chief Executive Officer, commented, "We anticipated the loss for the first quarter of fiscal 2024 as we continued our turnaround efforts and 'set the table' for our latest news. We are pleased to announce that our brand, Neutein, will be in 3,420 CVS stores across the country beginning May 2024. We will begin an exciting marketing campaign for the brand featuring the NFL Hall of Fame football player Mike Singletary and other celebrities. We have also had interest from other retailers who want to consider carrying the brand. As we mentioned in previous press releases, this is the start of the Company's turnaround."
Further information, including the Unaudited Financial Statement for the first quarter ended February 29, 2024, the Audited Financial Statements for the year ended November 30, 2023, 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" toothpaste and teeth whiteners, " 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, "Lobe Miracle" earlobe protection 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 29, 2024 | February 28, 2023 | ||
Revenues | $ 2,134,581 | $ 2,467,726 | |
Net Income | $ (245,410) | $ (282,788) | |
Earnings Per Share: | |||
Basic | $ (0.03) | $ (0.04) | |
Diluted | $ (0.03) | $ (0.04) | |
Weighted Average Common Shares Outstanding: | |||
Basic | 7,561,684 | 7,561,684 | |
Diluted | 7,561,684 | 7,561,684 | |
EBITDA * | $ (288,499) | $ (298,497) | |
* Earnings before interest, taxes, depreciation and amortization | |||
Reconciliation of Net Income to EBITDA: | |||
Net Income | $ (245,410) | $ (282,788) | |
Provision for income taxes | (73,520) | (65,962) | |
Interest expense | 28,951 | 48,954 | |
Depreciation and Amortization | 1,480 | 1,299 | |
EBITDA | $ (288,499) | $ (298,497) | |
SOURCE CCA Industries, Inc.
