FORT WASHINGTON, PA — CCA Industries, Inc. (OTC: CAWW), a notable manufacturer and marketer of health and beauty aids, recently disclosed its financial results for the year ending November 30, 2023, reporting a net loss of $422,866. This contrasts with the previous year’s net loss of $54,017, indicating a challenging period for the company.
However, CEO Christopher Dominello remains optimistic about the future. He stated, “Our Company is now well positioned for growth and profitability in 2024.” Dominello explained that several non-cash adjustments were made to the year-end results, totaling $1,290,542. These included a write-down of the Solar Sense trademark by $543,990, which the company plans to sell in fiscal 2024. An additional write-down of manufacturing overhead by $393,388 was made to reflect the current inventory value.
These financial maneuvers are part of CCA’s strategy to prepare for anticipated growth in 2024. “All of this was done to make sure we were prepared for growth in 2024,” Dominello added.
In terms of specific products, Dominello highlighted the potential of Neutein, the company’s brain health supplement. It is expected to begin shipping into retail in the second quarter of fiscal 2024.
Moreover, CCA’s online sales showed promising growth, with the company’s Amazon business and other sites racking up nearly $6 million in sales in fiscal 2023. This represents a significant 36% increase over the prior year.
On the operational side, the company implemented new accounting software that offers management improved visibility into costs and financial results. “We also enter 2024 with a stronger Balance Sheet than in previous years,” Dominello noted, indicating a more robust financial standing for the company.
After several years of losses, CCA Industries is poised for a turnaround, according to Dominello. He stated, “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.”
CCA Industries’ portfolio includes popular brands such as “Plus White” brand of 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, “Hair Off” depilatory products, “Solar Sense” sun care products, and “Neutein” brain health supplements. The company’s financial statements and other disclosures can be found on the OTC marketplace website.
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