FORT WASHINGTON, Pa., Feb. 28, 2025 /PRNewswire/ -- CCA Industries, Inc. (OTC: "CAWW"), announced today its results for the year ended November 30, 2024. The results can be found on the chart below.
Net loss was $6,119,738 for the year ended November 30, 2024, as compared to a net loss of $422,866 for the year ended November 30, 2023. Christopher Dominello, Chief Executive Officer, commented "I will start with the most important part first. As we wrap up the first quarter of 2025, we expect EBITDA to be profitable for the quarter. This is a substantial jump from the first quarter of 2024 where we lost close to $300K, and we expect that trend to continue in the quarters to come. As we said throughout 2024, it was a year of transition from a 100% brick-and-mortar retail company to a hybrid company through the growth of our online channels." Dominello continued, "We made many moves in 2024 that were hard decisions to make and others that were a bit easier, but we felt that all of them were the right ones for the future of CCA. The Company has made some significant restructuring changes to the business, including consolidating the three warehouses we were using into one new warehouse, which lowers our operating costs. We have already seen the results of that change in the first two months of fiscal 2025, with much lower warehouse and shipping costs, and cost of goods that decreased by approximately 5%. As I always say, we still face challenges, but we are still clear-eyed on what we need to do and where we are going. I look forward to sharing Q1 results in the very near future."
The Company had non-cash adjustments to our year-end results due to the write-down of the Solar Sense trademark of $222,500, which we originally anticipated selling in fiscal 2024. The most significant amount was a write down of our deferred tax asset, which resulted in recording an additional tax expense of approximately $4.6 million. The write down was due to applying a valuation allowance of $21.9 million against the carry forward tax loss. Audited Financial Statements for the year ended November 30, 2023 and the Annual Disclosure Statement filed with the OTC, may be found on the OTC marketplace web site: https://www.otcmarkets.com
CCA Industries, Inc. manufactures and markets health and beauty aids, each under its individual brand name. The products include, principally, "Plus White" toothpastes 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, "Solar Sense" sun care 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. | |||
For the years ended | |||
November 30, 2024 | November 30, 2023 | ||
Revenues | $ 7,737,598 | $ 10,486,620 | |
Net Loss | $ (6,119,738) | $ (422,866) | |
Losses Per Share: | |||
Basic | $ (0.81) | $ (0.06) | |
Diluted | $ (0.81) | $ (0.06) | |
Weighted Average Common Shares Outstanding: | |||
Basic | 7,561,684 | 7,561,684 | |
Diluted | 7,561,684 | 7,561,684 | |
EBITDA * | $ (1,698,043) | $ (260,442) | |
* Earnings before interest, taxes, depreciation and amortization | |||
Reconciliation of net loss to EBITDA: | |||
Net Income | $ (6,119,738) | $ (422,866) | |
Provision for income taxes | 4,302,626 | (35,976) | |
Interest expense | 112,999 | 194,497 | |
Depreciation and Amortization | 6,070 | 3,903 | |
EBITDA | $ (1,698,043) | $ (260,442) | |
SOURCE CCA Industries, Inc.
