LITTLE FERRY, N.J., Feb. 28, 2023 /PRNewswire/ -- CCA Industries, Inc. (OTC: CAWW), announced today its results for the year ended November 30, 2022. The results can be found on the chart below.
Net loss was $54,017 for the year ended November 30, 2022 as compared to a net loss of $596,349 for the year ended November 30, 2021. Christopher Dominello, Chief Executive Officer commented, "Our main focus during the 2022 fiscal year was reducing expenses and the Company's operating costs. At the same time, as we previously disclosed, the Company had to reformulate the Porcelana product line, which resulted in halting sales of two items in the product line in April 2022, with one item partially resuming in August 2022. The second item just resumed shipping at the end of January 2023. Now that operating expenses have been reduced, the focus in fiscal 2023 is to rebuild the Company's product sales. We are excited to bring Neutein to the retail marketplace, and signed the NFL Hall of Fame football star Mike Singletary to be the spokesman for the product. We also have a number of initiatives with our other existing products. We anticipate the first quarter of fiscal 2023 will not show positive earnings but remain optimistic that the Company is on the right path to resume profitability for future quarters." Audited Financial Statements for the year ended November 30, 2022 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, "Bikini Zone" medicated topical and shave gels, "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.
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| For the Years Ended
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| November 30, 2022
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| November 30, 2021
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Revenues
| $ 12,837,910
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| $ 13,834,596
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Net Income
| $ (54,017)
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| $ (596,349)
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Earnings Per Share:
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Basic
| $ (0.01)
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| $ (0.08)
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Diluted
| $ (0.01)
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| $ (0.08)
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Weighted Average Common Shares Outstanding:
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Basic
| 7,561,684
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| 7,547,835
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Diluted
| 7,561,684
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| 7,547,835
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ADJUSTED EBITDA *
| $ 42,210
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| $ (1,014,169)
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* Earnings before interest, taxes, depreciation, amortization and gain on debt extinguishment
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Reconciliation of Net Income to EBITDA:
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Net Income
| $ (54,017)
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| $ (596,349)
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Provision for income taxes
| 9,169
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| (228,767)
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Interest expense
| 76,577
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| 105,245
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Depreciation and Amortization
| 10,480
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| 22,102
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EBITDA
| $ 42,210
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| $ (697,769)
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Gain on extinguishment of debt
| -
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| (316,400)
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ADJUSTED EBITDA
| $ 42,210
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| $ (1,014,169)
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SOURCE CCA Industries, Inc.
