CCA Industries, Inc. Reports Net Income for Quarter ended February 28,2022

PENN VALLEY, Pa., April 15, 2022 /PRNewswire/ -- CCA Industries, Inc. (OTC: CAWW), announced today its results for the three months ended February 28,2022.  The results can be found on the chart below.

Net income was $24,577 for the three months ended February 28, 2022 as compared to net income of $73,520 for the three months ended February 29, 2021.  However, the net income for the quarter ended February 28, 2021 included a $316,400 gain on extinguishment of debt as a result of the forgiveness of the loan granted under the Paycheck Protection Program by the United States Small Business Administration.  This was a non-cash transaction as the funds were received in fiscal 2020.  As shown in the chart below, the EBITDA for the first quarter of fiscal 2022 was $68,493 as compared to an EBITDA loss of $247,093 for the first quarter of fiscal 2021 after adjusting for the Paycheck Protection Loan forgiven. 

Christopher Dominello, Chief Executive Officer commented, "Since becoming CEO on December 15, 2021, the Company has worked to reduce expenses as evident on our income statement for the first quarter of fiscal 2022.  At the same time, we are working to increase revenue which had been affected by the COVID pandemic.  Our Amazon sales have grown tremendously, and we expect further expansion during fiscal 2022. Revenue initiatives include launching products into new classes of trade, re-claiming lost domestic retail distribution and increasing international sales.  We have had a very good response to our digital advertising, including celebrity endorsers, but it will take time to see the results of our efforts." 

Further information, including the Unaudited Financial Statement for the first quarter ended February 28, 2022, the Audited Financial Statements for the year ended November 30, 2021 and the Quarterly Disclosure Statement filed with the OTC, may be found on the Company's investor web site:  www.ccainvestor.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 which the Company licensed in January 2022. 

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.

View original content:https://www.prnewswire.com/news-releases/cca-industries-inc-reports-net-income-for-quarter-ended-february-28-2022--301526745.html

SOURCE CCA Industries, Inc.