Crystal Rock Holdings, Inc. Announces Financial Results for Periods Ended April 30, 2012
June 14 2012 - 3:00PM
Marketwired
Crystal Rock Holdings, Inc. (NYSE Amex: CRVP) announced its
financial results for the three and six month periods ended April
30, 2012. These results will be filed on Form 10-Q with the
Securities and Exchange Commission today.
Total sales for the three months ended April 30, 2012, the
Company's second fiscal quarter, were $17.6 million, essentially
the same as the comparable quarter of 2011. Gross profit decreased
3%, for the second quarter 2012 to $8.8 million from $9.1 million
in the same quarter a year earlier. Gross profit as a percentage of
sales for the second quarter decreased to 50% in 2012 from 51% in
2011. Income from operations in the three months ended April 30,
2012 was $731,000, a $423,000 decrease from $1,154,000 in the same
period of 2011. Net income for the quarter ended April 30, 2012 was
$95,000 compared to net income of $365,000 in the quarter ended
April 30, 2011.
Total sales for the six months ending April 30, 2012 were $34.8
million, the same as the corresponding period in 2011. For the six
months ended April 30, 2012, gross profit decreased $431,000, or
2%, to $17.4 million from $17.9 million for the comparable period
in 2011. As a percentage of sales, gross profit decreased to 50% in
the first half of 2012 from 51% in the first half of 2011. Income
from operations decreased $571,000, or 33%, to $1.2 million for the
first six months of 2012 from $1.8 million for the same period in
2011. Net income was $41,000 for the six months ended April 30,
2012 compared to $366,000 for the comparable period last year.
"We are encouraged by progress and second quarter growth in the
water and office product categories; this was offset by a decrease
in k-cup and complementary product sales -- resulting in sales
similar to a year ago," said Peter Baker, C.E.O. of Crystal Rock
Holdings, Inc. "As our sales and marketing department continues to
develop and implement a stronger revenue pipeline by leveraging an
investment in personnel and information technology, we continue to
brace against an uncertain economic climate and aggressive market
behaviors. These variables have contributed to lower profitability
for the quarter and year to date, while priming us for long term
growth and stability."
Crystal Rock Holdings, Inc. (NYSE Amex: 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) (Unaudited)
Six Months Ended: Three Months Ended:
------------------- -------------------
April 30, April 30, April 30, April 30,
2012 2011 2012 2011
--------- --------- --------- ---------
(000's $)
Sales $ 34,795 $ 34,788 $ 17,561 $ 17,658
Income from operations $ 1,159 $ 1,730 $ 731 $ 1,154
Net Income $ 41 $ 366 $ 95 $ 365
Basic net earnings per share $ 0.00 $ 0.02 $ 0.00 $ 0.02
Diluted net earnings per share $ 0.00 $ 0.02 $ 0.00 $ 0.02
Basic Wgt. Avg. Shares Out. (000's) 21,389 21,389 21,389 21,389
Diluted Wgt Avg. Shares Out. (000's) 21,389 21,389 21,389 21,389
Note: This press release contains a
forward-looking statement about increasing expenditures to
facilitate future growth. A significant investment of money and
management time to develop personnel systems does not assure
increased sales and profitability. Moreover, as a result of pricing
and costs, sales growth may not result in increased profitability.
We operate in a marketplace with competitors who are much larger
and better capitalized than we are. System
implementation may not be a success. In addition, increased
personnel may not be effective. To the extent that we try to grow
that business by acquisitions, as we have in the past, we may
experience difficulties integrating the acquired businesses or
assets, or we may fail to realize synergistic savings that we had
hoped to realize. In our Form 10-K Annual Report for the Fiscal
Year ended October 31, 2011, 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, including
"Competition."
Contact: Peter Baker CEO 860-945-0661 Ext. 3001 Bruce
MacDonald CFO 802-658-9112 Ext.15
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