Crystal Rock Holdings, Inc. Announces Financial Results for Its Fiscal Third Quarter Ended July 31, 2013
16 Septiembre 2013 - 3:00PM
Marketwired
Crystal Rock Holdings, Inc. Announces Financial Results for Its
Fiscal Third Quarter Ended July 31, 2013
WATERTOWN, CT--(Marketwired - Sep 16, 2013) - Crystal Rock
Holdings, Inc. (NYSEMKT: CRVP) announced its financial results for
its third quarter and first nine months of fiscal year
2013. These results will be filed on Form 10-Q with the
Securities and Exchange Commission today.
- Total sales for the quarter ended July 31, 2013 decreased 1%,
to $18.4 million from $18.5 million for the same quarter in fiscal
2012. Sales for the first nine months of the fiscal year were $52.7
million, a 1% decrease from the same period last year when sales
were $53.3 million.
- Gross profit was $10.0 million in the third quarter of 2013,
resulting in gross profit of $27.4 million for the first nine
months. Both results were essentially the same as a year
ago. Gross profit as a percentage of sales was 54% for the
three months ending July 31, 2013 and 2012 but improved to 52% from
51% for the nine months ended the same time, respectively.
- Operating expenses decreased 4% in the third quarter of 2013,
due to lower sales and administration costs despite higher route
distribution costs. However, for the first nine months of the
year, operating expenses increased 3% as a result of higher route
distribution and administration costs. Higher route distribution
costs for the quarter and year to date were attributable to
increased staffing and vehicle costs while higher administration
costs for the year to date were due to increased software
implementation and maintenance in the first six months of the year
despite a comparative decline in those costs in the most recent
three months.
- Net income for the third quarter of 2013 was $884,000 compared
to net income of $595,000 in the same quarter a year ago. Net
income for the first nine months of the year was $327,000 compared
to net income of $635,000 for the comparable period a year
ago.
"Although our sales and general economic conditions remain flat,
we are encouraged by reduction in operating expenses and growth of
our net income," stated Peter Baker, President & CEO, Crystal
Rock Holdings. "The result of our sales and operational
efficiencies is a positive step as we support rapidly changing
customer behaviors and confront ongoing competitive challenges in a
mature, price-driven market. We remain committed to the long term
goal of reshaping the business to support a more dynamic customer
experience."
Crystal Rock Holdings, Inc. (NYSEMKT: CRVP), operating through
its subsidiary Crystal Rock LLC, markets and distributes water,
coffee, office supplies and other home and office refreshment
products throughout the Northeast. The company is the largest
independent home and office distributor of its kind in the United
States. It bottles and distributes natural spring water under
the Vermont Pure® brand, purified water with minerals added under
the Crystal Rock® Waters label and roasts and packages coffee under
its Cool Beans® brand. The majority of its sales are derived
from a route distribution system that delivers water in 3- to
5-gallon reusable, recyclable bottles, and coffee in fractional
packs or pods. With a new identity and the tagline, "Little
Things Matter(SM)", Crystal Rock continues to set high standards in
the home and office refreshment industry through technical
innovation, a commitment to the environment, and the integration of
its family roots into relationships with employees and customers.
More information is available at crystalrock.com.
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CRYSTAL ROCK HOLDINGS, INC. |
Results of Operations |
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(Unaudited) |
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(Unaudited) |
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Nine Months Ended: |
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Three Months Ended: |
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July 31, |
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July 31, |
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July 31, |
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July 31, |
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2013 |
|
2012 |
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2013 |
|
2012 |
(000's $) |
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Sales |
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$ |
52,742 |
|
$ |
53,258 |
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$ |
18,352 |
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$ |
18,463 |
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Income from operations |
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$ |
2,041 |
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$ |
2,684 |
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$ |
1,870 |
|
$ |
1,525 |
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Net
Income |
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$ |
327 |
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$ |
635 |
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$ |
884 |
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$ |
595 |
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Basic
net earnings per share |
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$ |
0.02 |
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$ |
0.03 |
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$ |
0.04 |
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$ |
0.03 |
Diluted net earnings per share |
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$ |
0.02 |
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$ |
0.03 |
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$ |
0.04 |
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$ |
0.03 |
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Basic
Wgt. Avg. Shares Out. (000's) |
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21,374 |
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21,388 |
|
|
21,368 |
|
|
21,386 |
Diluted Wgt Avg. Shares Out. (000's) |
|
|
21,374 |
|
|
21,388 |
|
|
21,368 |
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21,386 |
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Note: This press release contains a forward-looking
statement about executing a sales growth plan and increasing
efficiency in logistics with respect to serving our
customers. The following important factors could cause actual
results to differ materially from those in the forward-looking
statement: Increasing sales and accomplishing operating
efficiencies requires a significant investment of money and
management time and requires us to develop systems, such as online
ordering and automated planning systems, to an extent we have not
done previously. There is no assurance we can succeed in
achieving either greater sales or efficiency. We have many
competitors, and some are bigger and better capitalized than we
are. To the extent that we try to grow business by
acquisitions, we may experience difficulties integrating the
acquired businesses or assets, or we may fail to realize
synergistic savings that we had hoped to realize. Even if we
establish a new product channel, it may not be profitable. In our
Form 10-K Annual Report for the Fiscal Year ended October 31, 2012,
the reader is directed to the section entitled "Products" and the
discussion related to our Office Products line as well as the "Risk
Factors" section where there is more information about this and
other topics.
Contacts: Peter Baker CEO 860-945-0661 Ext. 3001 Bruce MacDonald
CFO 802-658-9112 Ext.15
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