Crystal Rock Holdings, Inc. Announces Financial Results for Its Fiscal Second Quarter and Six Months Ended April 30, 2014
16 Juin 2014 - 10:00PM
Marketwired
Crystal Rock Holdings, Inc. Announces Financial Results for Its
Fiscal Second Quarter and Six Months Ended April 30, 2014
WATERTOWN, CT--(Marketwired - Jun 16, 2014) - Crystal Rock
Holdings, Inc. (NYSEMKT: CRVP) announced its financial results for
its second quarter and first six months 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 April 30, 2014 increased 7%,
to $18.6 million from $17.3 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 $8.7 million in the second
quarter of 2014 compared to $8.8 million in the second quarter of
2013. Gross profit as a percentage of sales decreased to 47%
in the second 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. Income from operations in the three months ended
April 30, 2014 increased to $355,000 from $334,000 for the
comparable quarter a year ago as a result of lower operating
costs. Net income for the quarter ended April 30, 2014 was
$127,000 compared to a net loss of $150,000 in the quarter ended
April 30, 2013. The improvement is attributable to lower interest
expense and a higher tax benefit in the second quarter of 2014 as
compared to the same period in 2013. The tax benefit effect
reflected a change during the quarter in expected financial results
for the full year, as well as the favorable effect of state tax
credits, which impacted the estimated effective tax rate.
Total sales for the six months ending April 30, 2014 increased
8%, to $37.0 million from $34.4 million, for the same period in
fiscal 2013. Gross profit decreased to $17.1 million in the
first half of 2014 compared to $17.5 million in the first half of
2013. Gross profit as a percentage of sales decreased to 46%
in the first half of 2014 from 51% for the comparable period a year
ago. Similar to the three months discussed above, the revenue
increase was due to increased sales of office products, while other
product categories declined and the lower gross profit and
percentage is attributable to lower margins from the sale of office
products. The loss from operations in the six months ended
April 30, 2014 was $411,000 compared to income from operation of
$171,000 for the same period a year ago. The net loss
increased to $720,000 for the six months ended April 30, 2014
compared to $557,000 in the six months ended April 30,
2013. The increase in the net loss was attributable to a lower
gross margin and higher operating expenses in the first half of
2014 as compared to the same period in 2013.
"As we grow the office products category and compliment our
water and coffee service lines, second quarter results for sales
and income growth are positive signs we are gaining traction in the
marketplace," stated Peter Baker, President & CEO of Crystal
Rock Holdings. "We will continue to drive down operating expenses
to maintain profitability, as well as, continually adapt our go to
market strategy to meet the changing needs of customers."
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. |
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Results of Operations |
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(Unaudited) |
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(Unaudited) |
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Six Months Ended: |
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Three Months Ended: |
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April 30, |
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April 30, |
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April 30, |
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April 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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(000's $) |
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Sales |
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$ |
37,007 |
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$ |
34,390 |
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$ |
18,576 |
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$ |
17,347 |
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(Loss) Income from operations |
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$ |
(411 |
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$ |
171 |
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$ |
355 |
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$ |
334 |
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Net (Loss) Income |
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$ |
(720 |
) |
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$ |
(557 |
) |
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$ |
127 |
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$ |
(150 |
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Basic net earnings (loss) per share |
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$ |
(0.03 |
) |
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$ |
(0.03 |
) |
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$ |
0.01 |
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$ |
(0.01 |
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Diluted net earnings (loss) per share |
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$ |
(0.03 |
) |
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$ |
(0.03 |
) |
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$ |
0.01 |
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$ |
(0.01 |
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Basic Wgt. Avg. Shares Out. (000's) |
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21,360 |
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21,377 |
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21,360 |
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21,373 |
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Diluted Wgt Avg. Shares Out. (000's) |
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21,360 |
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21,377 |
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21,365 |
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21,373 |
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Note: This press release contains a forward-looking
statement about executing a sales growth plan and decreasing
operating costs. The following important factors could cause
actual results to differ materially from those in the
forward-looking statement: Increasing sales and decreasing
operating costs 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. In addition, there are uncontrollable factors such
as commodity prices and weather that may have a negative influence
on cost. There is no assurance we can succeed in achieving
either greater sales or cost reduction. 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
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