Crystal Rock Holdings, Inc. Announces Financial Results for Its Fiscal First Quarter Ended January 31, 2014
17 Mars 2014 - 9:00PM
Marketwired
Crystal Rock Holdings, Inc. Announces Financial Results for Its
Fiscal First Quarter Ended January 31, 2014
WATERTOWN, CT--(Marketwired - Mar 17, 2014) - Crystal Rock
Holdings, Inc. (NYSEMKT: CRVP) announced its financial results for
its first quarter of fiscal year 2014. These results will be
filed on Form 10-Q with the Securities and Exchange Commission
today.
Total sales for the quarter ending January 31, 2014 increased
8%, to $18.4 million from $17.0 million for the same quarter in
fiscal 2013. The revenue increase was due to increased sales of
office products, while other product categories declined. Gross
profit decreased to $8.4 million in the first quarter of 2014
compared to $8.6 million in the first quarter of 2013. Gross
profit as a percentage of sales decreased to 45% in the first
quarter of 2014 from 51% for the comparable quarter a year ago. The
lower gross profit and percentage is attributable to lower margins
from the sale of office products. The loss from operations in the
first three months of fiscal year 2014 was $766,000 compared to a
loss from operations of $163,000 for the comparable quarter a year
ago. The net loss for the quarter ended January 31, 2014 was
$847,000 compared to $406,000 in the quarter ended January 31,
2013. The increase in the net loss for the period is attributable
to a lower gross profit and higher operating expenses in the first
quarter of 2014 as compared to the same period in 2013.
"We are encouraged by higher sales in the first quarter, and the
acquisition of the office products business assets in late 2013 has
given us a solid growth platform," stated Peter Baker, President
& CEO of Crystal Rock Holdings. "The market continues to be
very competitive, and Crystal Rock continues to streamline and
adapt operations to take advantage of rapidly changing
environments. We are completely focused on developing an
exceptional 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.
|
|
CRYSTAL ROCK HOLDINGS, INC. |
|
Results of Operations |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
Three Months Ended: |
|
|
|
January 31, |
|
|
January 31, |
|
|
|
2014 |
|
|
2013 |
|
(000's $) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
18,432 |
|
|
$ |
17,043 |
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
$ |
(766 |
) |
|
$ |
(163 |
) |
|
|
|
|
|
|
|
|
|
Net
Loss |
|
$ |
(847 |
) |
|
$ |
(406 |
) |
|
|
|
|
|
|
|
|
|
Basic
net earnings (loss) per share |
|
$ |
(0.04 |
) |
|
$ |
(0.02 |
) |
Diluted net earnings (loss) per share |
|
$ |
(0.04 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
Basic
Wgt. Avg. Shares Out. (000's) |
|
|
21,361 |
|
|
|
21,381 |
|
Diluted Wgt Avg. Shares Out. (000's) |
|
|
21,361 |
|
|
|
21,381 |
|
|
|
|
|
|
|
|
|
|
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, 2013,
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.
Contact: Peter Baker CEO 860-945-0661 Ext. 3001 Bruce MacDonald
CFO 802-658-9112 Ext.15
Crystal Rock Holdings Class A (AMEX:CRVP)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Crystal Rock Holdings Class A (AMEX:CRVP)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024