|By Marketwired .||
|June 16, 2014 04:00 PM EDT||
WATERTOWN, CT -- (Marketwired) -- 06/16/14 -- Crystal Rock Holdings, Inc. (NYSE MKT: 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. (NYSE MKT: 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, 2014 2013 2014 2013 ---------- ---------- ---------- ---------- (000's $) Sales $ 37,007 $ 34,390 $ 18,576 $ 17,347 (Loss) Income from operations $ (411) $ 171 $ 355 $ 334 Net (Loss) Income $ (720) $ (557) $ 127 $ (150) Basic net earnings (loss) per share $ (0.03) $ (0.03) $ 0.01 $ (0.01) Diluted net earnings (loss) per share $ (0.03) $ (0.03) $ 0.01 $ (0.01) Basic Wgt. Avg. Shares Out. (000's) 21,360 21,377 21,360 21,373 Diluted Wgt Avg. Shares Out. (000's) 21,360 21,377 21,365 21,373
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.
860-945-0661 Ext. 3001
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
May. 1, 2017 02:15 AM EDT Reads: 1,188
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
May. 1, 2017 01:45 AM EDT Reads: 1,110
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
May. 1, 2017 01:15 AM EDT Reads: 1,454
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
May. 1, 2017 12:30 AM EDT Reads: 1,289
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
May. 1, 2017 12:15 AM EDT Reads: 1,555
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
May. 1, 2017 12:00 AM EDT Reads: 1,293
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
May. 1, 2017 12:00 AM EDT Reads: 1,211
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 30, 2017 11:45 PM EDT Reads: 2,866
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Apr. 30, 2017 11:00 PM EDT Reads: 1,944
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 30, 2017 10:45 PM EDT Reads: 2,632
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 30, 2017 10:30 PM EDT Reads: 2,653
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Apr. 30, 2017 10:00 PM EDT Reads: 2,690
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Apr. 30, 2017 09:45 PM EDT Reads: 2,532
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Apr. 30, 2017 09:45 PM EDT Reads: 2,727
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Apr. 30, 2017 09:30 PM EDT Reads: 3,222