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09.04.2018 22:53:00

CCA Industries, Inc. Announces Earnings Call and Loss for First Quarter 2018

CCA Industries, Inc. Announces Earnings Call and Loss for First Quarter 2018PR NewswireLYNDHURST, N.J., April 9, 2018LYNDHURST, N.J., April 9, 2018 /PRNewswire/ -- CCA Industries, Inc. (NYSE AMERICAN: "CAW") announced today that it will be posting a loss for the first quarter of fiscal 2018.  The Company will be issuing its first quarter 2018 results on Monday, April 16, 2018.  The loss was due to the following events:Changes in the tax law that were enacted effective January 1, 2018 lowered the Company's effective tax rate from approximately 36% to 24% resulting in the Company revaluing its deferred tax assets. The change in the effective tax rate resulted in the Company recording an additional tax expense of approximately $3,150,000 in the first quarter of fiscal 2018. This tax expense is a non-cash item and will not have any effect on the Company's current cash flow. The Company moved its master broker sales representation to Advantage Sales and Marketing ("Advantage"), effective January 15, 2018. In conjunction with that, the Company also moved its warehousing operations to Casestack, Inc., effective January 15, 2018. The warehouse was formerly located in a GEODIS facility in Plainfield, Indiana. The Casestack, Inc. warehouse is located outside of Scranton, Pennsylvania. The Company believes that this change allows the Company to ...Full story available on Benzinga.com
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