Crystal Rock Holdings, Inc. Announces Financial Results for Periods Ended July 31, 2011
(firmenpresse) - WATERTOWN, CT -- (Marketwire) -- 09/14/11 -- Crystal Rock Holdings, Inc. (NYSE Amex: CRVP) announced its financial results for three and nine months ended July 31, 2011 and that it has filed these results on Form 10-Q with the Securities and Exchange Commission today.
Total sales for the three months ending July 31, 2011, the Company's third fiscal quarter, were $18,315,000 compared to $17,528,000 for the corresponding period in 2011, an increase of $787,000, or 4%. Excluding sales from acquisitions, total sales increased by 3% in the third quarter of 2011 compared to the same period in 2010. Gross profit for the third quarter of 2011 decreased $126,000, or 1%, to $9,782,000 from $9,908,000 for the comparable period in 2010. As a percentage of sales, gross profit decreased to 53% in the third quarter of 2011 from 57% in the third quarter of 2010. Net income decreased to $1,018,000 in the third quarter of 2011 from $2,924,000 for the same period a year ago. The decrease in net income in the third quarter of 2011 reflects the fact that there was non-recurring item of non-operating income in the amount of $3,500,000 (pre-tax) in the third quarter a year ago.
Total sales for the nine months ending July 31, 2011 were $53,103,000 compared to $50,871,000 for the corresponding period in 2010, an increase of $2,332,000, or 4%. Net of the acquisition related sales, total sales increased 2%, in the first nine months of fiscal year 2011 from the same period a year ago. For the nine months ended July 31, 2011, gross profit decreased $23,000 to $27,656,000 from $27,679,000 for the comparable period in 2010. As a percentage of sales, gross profit decreased to 52% in the first nine months of fiscal year 2011 from 54% in the first nine months of fiscal year 2010. Net income decreased $2,170,000 for the nine months ended July 31, 2011 to $1,384,000 from $3,554,000 for the comparable period last year.
"We continue to steadily drive sales growth in these uncertain economic market conditions," said Peter Baker, C.E.O. of Crystal Rock Holdings, Inc. "We are reinvesting in internal infrastructure and modernizing our digital systems to create better operating efficiencies while also expanding our sales force and marketing presence online. We expect incremental sales from new products and online sales to have lower margins but still be profitable. These efforts will continue to build our brands and better position us heading into the remainder of 2011 and beyond."
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 .
Peter Baker
CEO
860-945-0661 Ext. 3001
Bruce MacDonald
CFO
802-658-9112 Ext.15
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Datum: 14.09.2011 - 20:00 Uhr
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News-ID 66094
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