CCA Industries, Inc. Reports Financial Results for Year Ended November 30, 2023
February 28, 2024 at 06:53 pm EST
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FORT WASHINGTON, Pa., Feb. 28, 2024 /PRNewswire/ -- CCA Industries, Inc. (OTC: "CAWW"), announced today its results for the year ended November 30, 2023. The results can be found on the chart below.
Net loss was $422,866 for the year ended November 30, 2023, as compared to a net loss of $54,017 for the year ended November 30, 2022. Christopher Dominello, Chief Executive Officer commented "Our Company is now well positioned for growth and profitability in 2024. We had several non-cash adjustments to our year-end results totaling $1,290,542 including the write-down of the Solar Sense trademark by $543,990, which we anticipate selling in fiscal 2024. We also wrote down the manufacturing overhead by $393,388 to reflect current inventory value. All of this was done to make that we were prepared for growth in 2024." Dominello also commented, "We expect that Neutein, our brain health supplement, will begin shipping into retail in the second quarter of fiscal 2024. Our Amazon business, and other sites, continue to grow, with sales of nearly $6 million in fiscal 2023, an increase of 36% over the prior year. The Company installed new accounting software that gives management better visibility to our costs and financial results. We also enter 2024 with a stronger Balance Sheet than in previous years. The Company has been going through a series of years with losses, but we believe the shareholders will finally see the results of our turnaround efforts." 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.
Year Ended
November 30, 2023
November 30, 2022
Revenues
$ 10,486,620
$ 12,837,910
Net Income
$ (422,866)
$ (54,017)
Earnings Per Share:
Basic
$ (0.06)
$ (0.01)
Diluted
$ (0.06)
$ (0.01)
Weighted Average Common Shares Outstanding:
Basic
7,561,684
7,561,684
Diluted
7,561,684
7,561,684
EBITDA *
$ (259,140)
$ 42,209
* Earnings before interest, taxes, depreciation and amortization
Reconciliation of Net Income to EBITDA:
Net Income
$ (422,866)
$ (54,017)
Provision for income taxes
(35,976)
9,169
Interest expense
194,497
76,577
Depreciation and Amortization
5,204
10,480
EBITDA
$ (259,140)
$ 42,209
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CCA Industries, Inc. manufactures and distributes health and beauty aid products. The Company conducts business as Core Care America. The Company offers skin care, oral care, brain health supplements, and beauty products sold in mass markets, chain drug, food and online through amazon.com and walmart.com. The Companyâs products include 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, Hair Off depilatory products, Solar Sense sun care products and Neutein brain health supplements. Its other products include Bikini Zone Creme Hair Remover, Bikini Zone Exfoliating Gel, Hair Off Hair Removal Mitten, Hair Off Facial Wax Strips, Lobe Miracle Ear Lobe Support Patches, Nutra Nail Bullet-Proof Strength, Nutra Nail Speed Dry Topcoat, Sudden Change Green Tea Facial Mask, and Sudden Change Beauty Box, among others.