FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended May 31, 1997
Commission File Number 2-85538
CCA INDUSTRIES, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 04-2795439
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification Number)
200 Murray Hill Parkway
East Rutherford, NJ 07073
(Address of principal executive offices) (Zip Code)
(201) 330-1400
Registrant's telephone number, including area code
Not applicable
Former name, former address and former fiscal year, if changed since
last report.
Indicate by check mark whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practical date.
Common Stock, $.01 Par Value - 6,058,621 shares as of May 31, 1997
Class A Common Stock, $.01 Par Value - 1,154,930 shares as of
May 31, 1997
CCA INDUSTRIES, INC. AND SUBSIDIARIES
INDEX
Page
Number
PART I FINANCIAL INFORMATION:
Consolidated Balance Sheets as of
May 31, 1997 and November 30, 1996 . . . . . . . . . . . . . 1-2
Consolidated Statements of Operations
for the three months and six months ended
May 31, 1997 and 1996. . . . . . . . . . . . . . . . . . . . . 3
Consolidated Statements of Cash Flows for
the six months ended May 31, 1997
and 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . 4-5
Notes to Consolidated Financial Statements . . . . . . . . . .6-12
Management Discussion and Analysis of
Results of Operations and Financial
Condition. . . . . . . . . . . . . . . . . . . . . . . . . 13-14
PART II OTHER INFORMATION. . . . . . . . . . . . . . . . . . . 15-16
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
CCA INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
A S S E T S
May 31,
1997 November 30,
(Unaudited) 1996
Current Assets
Cash and cash equivalents $ 2,595,264 $ 1,422,783
Short-term investments and marketable
securities (Note 6) 1,325,613 1,546,289
Accounts receivable, net of allowances of
$1,167,517 and $1,066,549, respectively 5,106,984 4,017,500
Inventories (Note 3) 6,102,375 5,875,742
Prepaid expenses and sundry receivables 572,054 603,952
Due from officers - Current 3,500 3,900
Prepaid income taxes - 87,552
Deferred income taxes 487,717 496,267
Deferred advertising 697,391 -
Total Current Assets 16,890,898 14,053,985
Property and Equipment, net of accumulated
depreciation and amortization 617,671 729,706
Intangible Assets, net of accumulated
amortization of $41,965 at May 31, 1997
and $36,111 at November 30, 1996 164,923 155,037
Other Assets
Marketable securities (Note 6) 1,771,214 1,540,596
Treasury bonds (Note 6) 97,227 93,996
Due from officers - Non-current 25,250 25,250
Deferred income taxes 64,450 55,292
Other 53,842 54,217
Total Other Assets 2,011,983 1,769,351
Total Assets $19,685,475 $16,708,079
See Notes Consolidated to Financial Statements.
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CCA INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
May 31,
1997 November 30,
(Unaudited) 1996
Current Liabilities
Notes payable - Current portion $ 27,250 $ 163,500
Accounts payable and accrued liabilities
(Note 4) 6,437,732 4,794,865
Income taxes payable 511,893 25,505
Total Current Liabilities 6,976,875 4,983,870
Shareholders' Equity
Common stock, $.01 par; authorized
15,000,000 shares; issued and
outstanding 6,058,621 and 6,012,621
shares, respectively 60,586 60,126
Class A common stock, $.01 par; authorized
5,000,000 shares; issued and outstanding
1,154,930 shares, respectively 11,549 11,549
Additional paid-in capital 4,454,764 4,455,224
Retained earnings 8,232,876 7,216,163
Unrealized (losses) on marketable
securities ( 33,206) ( 6,353)
12,726,569 11,736,709
Less: Treasury stock (7,500 and 5,000
shares, respectively) 17,969 12,500
Total Shareholders' Equity 12,708,600 11,724,209
Total Liabilities and Shareholders' Equity $19,685,475 $16,708,079
See Notes to Consolidated Financial Statements.
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CCA INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
May 31, May 31,
1997 1996 1997 1996
Revenues
Sales of Health and
Beauty Aid
Products - Net $10,552,412$10,498,104 $19,169,701$20,623,222
Other income 72,935 53,500 154,163 114,091
10,625,347 10,551,604 19,323,864 20,737,313
Costs and Expenses
Costs of sales 3,940,006 4,002,443 7,016,633 7,858,020
Selling, general and
administrative expenses 2,895,449 2,936,979 5,659,790 5,781,447
Advertising, cooperative
and promotions 2,341,726 2,571,230 4,511,451 5,180,524
Research and development 201,316 130,405 335,180 266,691
Provision for doubtful
accounts 31,562 37,226 66,396 97,994
Interest expense 2,077 20,621 4,906 34,062
9,412,136 9,698,904 17,594,356 19,218,738
Income before
Income Taxes 1,213,211 852,700 1,729,508 1,518,575
Provision for Income
Taxes 506,499 388,115 712,795 685,830
Net Income $ 706,712 $ 464,585 $ 1,016,713 $ 832,745
Net Income per Common
Share (Note 2) $.09 $.06 $.13 $.10
See Notes to Consolidated Financial Statements.
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CCA INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Six Months
Ended Ended
May 31, May 31,
1997 1996
Cash Flows from Operating Activities:
Net income $1,016,713 $ 832,745
Adjustments to reconcile net income to net
cash (used in) provided by operating activities:
Depreciation and amortization 183,059 185,855
Amortization of bond premium 1,994 1,326
Gain on sale of investments ( 5,693) -
Loss on sale of machinery 6,701 -
(Increase) decrease in deferred income
taxes ( 608) 43,597
(Increase) in accounts receivable ( 1,089,484) ( 1,887,139)
(Increase) in inventory ( 226,633) ( 303,948)
(Increase) in deferred expenses and
miscellaneous receivables ( 577,941) ( 2,306,691)
Increase in accounts payable 1,642,867 2,186,712
Increase in taxes payable 486,388 639,918
Decrease in security deposits 375 9,475
Net Cash Provided by (Used in)
Operating Activities 1,437,738 ( 598,150)
Cash Flows from Investing Activities:
Acquisition of property, plant and equipment( 128,571) ( 223,953)
Proceeds from sale of equipment 40,960 -
Proceeds of money due from officers 400 52,573
Advances of money to officers - ( 57,490)
Purchase of short-term investments ( 1,867,252) -
Proceeds from sale of investments 1,830,925 700,045
Purchase of treasury stock ( 5,469) -
Net Cash (Used in) Provided by Investing
Activities ( 129,007) 471,175
Cash Flows from Financing Activities:
Proceeds from borrowings - 400,000
Payment on debt ( 136,250) ( 554,078)
Proceeds from stock option exercises - 176,940
Net Cash (Used in) Provided by
Financing Activities ( 136,250) 22,862
Net Increase (Decrease) in Cash 1,172,481 ( 104,113)
Cash at Beginning of Period 1,422,783 312,150
Cash at End of Period $2,595,264 $ 208,037
See Notes to Consolidated Financial Statements.
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CCA INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(UNAUDITED)
Six Months Six Months
Ended Ended
May 31, May 31,
1997 1996
Supplemental Disclosures of Cash Flow
Information:
Cash paid during the period for:
Interest $ 6,217 $ 33,872
Income taxes 127,850 2,315
Supplemental Schedule of Noncash Investing
and Financing Activities:
The Company issued common stock in
exchange for exercise of options and
surrender of options and surrender of
outstanding shares of stock:
Common stock retired $ 30,000 $ -
Common stock issued ( 30,000) -
$ - $ -
See Notes to Consolidated Financial Statements.
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CCA INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1: BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to
Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operat
ing results for the six month period ended May 31, 1997 are not necessar
ily indicative of the results that may be expected for the year ended
November 30, 1996. For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company's
annual report on Form 10-K for the year ended November 30, 1996.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation:
The consolidated financial statements include the accounts of the Com
pany and its wholly-owned subsidiaries. All significant inter-company
accounts and transactions have been eliminated.
Advertising and Related Costs
In accordance with APB 28 Interim Financial Reporting the Company
expenses its advertising and related costs proportionately over the interim
periods based on its total expected costs per its various advertising
programs. Any necessary accrual or deferral is accordingly reflected in the
balance sheet for the interim period. However, for annual reporting
purposes, no advertising or related costs are capitalized and all are
expensed in the fiscal year in which they are incurred.
Cash Equivalents
For purposes of the statement of cash flows, the Company considers all
highly liquid instruments purchased with an original maturity of less than
three months to be cash equivalents.
Inventories
Inventories are stated at the lower of cost (first-in, first-out) or market.
Product returns are recorded in inventory when they are received at the
lower of their original cost or market, as appropriate. Obsolete inventory
is written off and its value is removed from inventory at the time its
obsolescence is determined.
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CCA INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Property and Equipment and Depreciation and Amortization:
Property and equipment are stated at cost. The Company charges to
expense repairs and maintenance items, while major improvements and
betterments are capitalized. When the Company sells or otherwise dis
poses of property and equipment items, the cost and related accumulated
depreciation are removed from the respective accounts and any gain or
loss is included in earnings.
Depreciation and amortization are provided on the straight-line method
over the following estimated useful lives or lease terms of the assets:
Machinery and equipment 7-10 years
Furniture and fixtures 5-7 years
Tools, dies and masters 2-7 years
Transportation equipment 7 years
Leasehold improvements 7-10 years or life of lease which ever
is shorter
Intangible Assets:
Intangible assets are stated at cost. Patents and trademarks are amortized
on the straight-line method over a period of 17 years; organization ex
penses are amortized on the straight-line method over five (5) years.
Tax Credits:
Tax credits, when present, are accounted for using the flow-through
method as a reduction of income taxes in the years utilized.
Earnings Per Share
Earnings per share have been computed based on the weighted average of
outstanding common shares and common stock equivalents during the
periods, based on the treasury stock method using average market price.
Fully diluted earnings per share are not presented because they result in
dilution of less than 3%.
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CCA INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial Instruments
The carrying value of assets and liabilities considered financial instruments
under SFAS No.107 approximate their respective fair value.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities
and disclosures of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those esti
mates.
NOTE 3: INVENTORIES
The components of inventory consist of the following:
May 31, November 30,
1997 1996
Raw materials $3,876,313 $4,065,961
Finished goods 2,226,062 1,809,781
$6,102,375 $5,875,742
NOTE 4: ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
The following items which exceeded 5% of total current liabilities are
included in accounts payable and accrued liabilities as of:
May 31, November 30,
1997 1996
(In Thousands)
a) Media advertising $1,881 $ *
b) Coop advertising 487 321
c) Accrued returns 576 505
d) Wages and commissions 475 *
$3,419 $ 826
All other liabilities were for trade payables or individually did not exceed
5% of total current liabilities.
* Under 5%.
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CCA INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 5: OTHER INCOME
Other income consists of the following at May 31,1997 and May 31,
1996:
1997 1996
Interest income $144,215 $105,919
Dividend income 8,741 8,172
Miscellaneous 1,207 -
$154,163 $114,091
NOTE 6: SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES
Short-Term Investments and Marketable Securities:
Short-term investments and marketable securities consist of corporate and
government bonds and equity securities. In 1994 the Company adopted
the accounting principles promulgated by SFAS No. 115 Accounting for
Certain Investments in Debt and Equity Securities. The Company has
classified its investments as Available-for-Sale securities. Accordingly,
such investments are reported at fair market value, with the resultant
unrealized gains and losses reported as a separate component of share
holders' equity.
The market value at May 31, 1997 was $3,194,054 as compared to
$3,180,881 at November 30, 1996. The cost and market values of the
investments at May 31, 1997 were as follows:
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CCA INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 - SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES (CONTINUED)
A detail list of the securities held follows:
COL. A COL. B COL. C COL.D COL.E
Amount at Which
Each Portfolio
Number of Market Of Equity Security
Units-Principal Value of Issues and Each
Amount of Each Issue Other Security
Name of Issuer and Maturity Interest Bonds and Cost of at Balance Issue Carried in
Title of Each Issue Date Rate Notes Each Issue Sheet Date Balance Sheet
CORPORATE OBLIGATIONS:
AT&T 6/01/98 4.750% $100,000 $ 99,006 $ 98,750 $ 98,750
Bank America 7/15/97 6.000 200,000 200,000 200,094 200,094
Tennessee Valley 3/04/98 5.125 100,000 100,000 99,469 99,469
$399,006 $398,313 $398,313
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CCA INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 - SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES (CONTINUED)
COL. A COL. B COL. C COL.D COL.E
Amount at Which
Each Portfolio
Number of Market Of Equity Security
Units-Principal Value of Issues and Each
Amount of Each Issue Other Security
Name of Issuer and Maturity Interest Bonds and Cost of at Balance Issue Carried in
Title of Each Issue Date Rate Notes Each Issue Sheet Date Balance Sheet
GOVERNMENT OBLIGATIONS:
US Treasury Note 10/31/98 4.750% $100,000 $ 99,684 $ 98,250 $ 98,250
US Treasury Note 10/31/98 4.750 200,000 199,992 196,500 196,500
US Treasury Note 10/15/98 7.125 250,000 250,000 253,588 253,588
US Treasury Bill 8/14/97 5.220 110,000 108,588 108,906 108,906
US Treasury Note 4/30/98 5.125 190,000 189,883 188,813 188,813
US Treasury Note 4/30/98 5.125 10,000 9,992 9,938 9,938
US Treasury Note 7/31/98 5.250 250,000 249,834 248,125 248,125
US Treasury Note 2/28/99 5.885 250,000 249,953 248,908 248,908
US Treasury Note 6/12/97 5.170 45,000 43,869 44,936 44,936
US Treasury Bill 6/12/97 5.170 75,000 74,041 74,893 74,893
US Treasury Bill 8/28/97 5.164 200,000 197,458 197,590 197,590
US Treasury Note 11/15/99 6.026 250,000 249,141 247,658 247,658
US Treasury Note 1/31/98 5.125 200,000 199,695 199,000 199,000
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CCA INDUSTRIES, INC. AND SUBSIDIARIES
MARKETABLE SECURITIES - OTHER INVESTMENTS
NOTE 6 - SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES (CONTINUED)
COL. A COL. B COL. C COL.D COL.E
Amount at Which
Each Portfolio
Number of Market Of Equity Security
Units-Principal Value of Issues and Each
Amount of Each Issue Other Security
Name of Issuer and Maturity Interest Bonds and Cost of at Balance Issue Carried in
Title of Each Issue Date Rate Notes Each Issue Sheet Date Balance Sheet
GOVERNMENT OBLIGATIONS: (Continued)
FHLMC 1628-N 12/15/2023 6.500% 50,000 $ 48,024 $ 42,906 $ 42,906
EE Bonds - 7.180 90,000 97,227 97,227 97,227
FNMA 93-G-26-B 8/25/2022 7.000 10,000 8,688 8,230 8,230
FNMA 93-224-D 11/25/2023 6.500 104,000 101,873 86,615 86,615
FNMA 92-2-N 1/25/2024 6.500 52,000 47,424 42,023 42,023
FHLMC 1702-U 3/24/2024 7.00 4,000 2,938 2,716 2,716
FNMA 11/10/98 5.050 200,000 199,950 196,919 196,919
2,628,254 2,593,741 2,593,741
EQUITY SECURITIES:
Number of
Shares
Preferred Stock:
Bank America Corp. 8,000 200,000 202,000 202,000
$3,227,260 $3,194,054 $3,194,054
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CCA INDUSTRIES, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
OF OPERATIONS AND FINANCIAL CONDITION
(UNAUDITED)
For the six month period ended May 31, 1997, the Company had net sales of
$19,169,701 and net income of $1,016,713 after a provision for income taxes of
$712,795, as compared to net sales of $20,623,222 and net income of $832,745
after a provision for income taxes of $685,830 for the six month period ended
May 31, 1996. Gross margins of 63% for the six months were up from the 62% of
the prior year. Advertising, cooperative and promotional allowance expenditures
decreased during the six month period from $5,180,524 to $4,511,451. Advertis
ing expenditures were 23.5% of sales for the six months ended May 31, 1997 as
compared with 25% for the period ended May 31, 1996. As part of the
registrant's business it is necessary to enter into co-operative advertising
agreements and other promotional activities with its accounts, especially upon
the introduction of a new product. Both co-op advertising and promotions have
a material effect on the Company's operations. If the advertising and
promotions are successful, revenues will be increased accordingly. Should the
co-op and promotions not be successful, it will have a negative impact on the
Company's promotional cost per sale, and have a negative effect on income. The
Company attempts to anticipate its advertising and promotional commitments as
a percent of gross sales in order to attempt to control its effect on its net
income. In accordance with APB 28 Interim Financial Reporting the Company
expenses its advertising and related costs proportionately over the interim
periods based on its total expected costs per its various advertising programs.
Consequently a deferral of $697,000 is accordingly reflected in the balance
sheet for the interim period, as compared to $2.3 million at May 31, 1996.
This deferral is the result of the Company's $5 million media budget for the
year which contemplates lower spending in the 4th quarter than in the other
three quarters; as well as the Company's co-op advertising commitments which
also anticipates lower expenditures in the 3rd and 4th quarters. Specifically,
the Company spent approximately $2.9 million in the first six months on media
advertising and, therefore, expensed $2.5 million and deferred $.4 million as
of May 31, 1997. Similarly, as of May 31, 1997 the Company's co-op advertising
commitments for the year ended November 30, 1996 totaled approximately $3
million of which approximately $1.8 million was spent in the first six months
resulting in an expense of $1.5 million and a deferral of approximately $.3
million as of May 31, 1997.
Comparatively as of May 31, 1996, the Company had anticipated media
advertising expense in fiscal year 1996 of $8 million and spent approximately
$5.7 million in the first six months resulting in a deferral of approximately
$1.7 million ($5.7MM-$4MM). The anticipated Co-op commitments as of May 31,
1996 were $2.8 million for the year of which $2 million were spent for the
six months resulting in a $.6 million deferral ($2MM-$1.4MM).
Selling, general and administrative expenses ("SG&A") decreased compared to
the prior year in real dollars although they increased as a percentage of
sales. The increase to 29.5% from 28% was due mostly to the slightly lower
sales volume.
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CCA INDUSTRIES, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
OF OPERATIONS AND FINANCIAL CONDITION
(UNAUDITED)
For the three month period ended May 31, 1997, net sales were $10,552,412
as compared to $10,498,104 for May 31, 1996. Income for the quarter before
taxes increased to $706,712 from $464,585. Gross margins of 63% for the three
months ended May 31, 1997 were up from 62% in 1996. Advertising, cooperative
and promotional allowance expense during the quarter decreased to $2,341,726
from $2,571,230. Advertising expenses were 22% of sales for the quarter in
1997 as compared to 24.5% in 1996. Selling, general and administrative
expenses were approximately 27.5 % in the current quarter as compared to 28%
in 1996.
All of the Company's sales were primarily to drugstore chains, food chains and
mass merchandisers throughout the United States.
The Company's financial position as at May 31, 1997 consists of current
assets of $16,890,898 and current liabilities of $6,976,875. During the six
month period ended May 31, 1997, shareholders' equity increased from
$11,724,209 at November 30, 1996 to $12,708,600 at May 31, 1997. This was
due primarily to the net income generated for the period.
During the six months, the Company generated $1.4 million in operations, used
$136,000 to reduce borrowings, and approximately $130,000 to purchase fixed
assets. These factors coupled with proceeds from the sale of equipment
($40,000) resulted in a net increase in the Company's cash of about $1,172,000.
The Company believes that its current financial condition is sufficient to
support its proposed operations for the near future.
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PART II, ITEM 6. (Continued) EXHIBIT 11
CCA INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(UNAUDITED)
Three Months Ended Six Months Ended
May 31, May 31,
1997 1996 1997 1996
Item 6.
Primary:
Average shares outstanding 7,206,051 7,160,055 7,215,628 7,073,846
Net effect of dilutive stock
options--based on the
treasury stock method
using average market
price 939,309 1,002,282 877,283 879,313
TOTALS 8,145,360 8,162,337 8,092,911 7,953,159
Net income $ 706,712 $ 464,585 $1,016,713 $832,745
Per share amount $.09 $.06 $.13 $.10
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CCA INDUSTRIES, INC.
PART II OTHER INFORMATION
All information pertaining to Part II is omitted pursuant to the instructions
pertaining to that part.
The Company did not file any reports on Form 8-K during the three months
ended May 31, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the under-
signed, thereunto duly authorized.
CCA INDUSTRIES, INC.
By:
David Edell, President
By:
Ira W. Berman, Secretary
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