FORT WASHINGTON, PA — CCA Industries, Inc. (OTC: CAWW) has reported improved financial results for the three and six months ended May 31, 2024. The company saw a net loss of $24,421 for the quarter, a significant improvement from the $133,069 loss reported for the same period last year.
- Net Loss Reduction: CCA Industries reported a net loss of $24,421 for Q2 2024, significantly lower than the $133,069 loss in Q2 2023.
- EBITDA Turnaround: The company achieved an EBITDA profit of $1,832 in Q2 2024, compared to an EBITDA loss of $117,970 in Q2 2023.
- Brand Performance: Lobe Miracle’s gross sales increased by 31.6% year-over-year, Sudden Change skincare brand’s gross sales rose by 20.3%, and Neutein, a new brain health supplement, was launched at CVS in Q2 2024.
EBITDA for the second quarter reflected a profit of $1,832, a turnaround from the $117,970 EBITDA loss in the second quarter of fiscal 2023. “The EBITDA profit for the second quarter of fiscal 2024, though small, shows the beginning of our turn-around,” said Christopher Dominello, Chief Executive Officer.
The company’s financial performance had been impacted by the sale of the Bikini Zone brand in late 2023, which had generated $3.2 million in sales during the first half of fiscal 2023. Despite this, other brands have shown robust growth. Lobe Miracle, the ear protection brand, saw a 31.6% increase in gross sales year-over-year, while the Sudden Change skincare brand reported a 20.3% rise. Additionally, Neutein, a brain health supplement, was launched at CVS in Q2 2024, contributing to pipeline orders for Q3.
“We are encouraged with our achievements to date, but we are still a work in progress,” Dominello stated. He added that the company is focused on executing plans to grow both top and bottom lines, with further changes expected to boost profitability by Q4.
For more detailed financial information, including the Unaudited Financial Statement for the first quarter ended May 31, 2024, and the Audited Financial Statements for the year ended November 30, 2023, investors can visit the company’s website.
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