News Feed Item

Crystal Rock Holdings, Inc. Announces Financial Results for Its Fiscal Second Quarter and Six Months Ended April 30, 2014

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.

Peter Baker
860-945-0661 Ext. 3001

Bruce MacDonald
802-658-9112 Ext.15

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Successful transition from traditional IT to cloud computing requires three key ingredients: an IT architecture that allows companies to extend their internal best practices to the cloud, a cost point that allows economies of scale, and automated processes that manage risk exposure and maintain regulatory compliance with industry regulations (FFIEC, PCI-DSS, HIPAA, FISMA). The unique combination of VMware, the IBM Cloud, and Cloud Raxak, a 2016 Gartner Cool Vendor in IT Automation, provides a co...
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Apache Hadoop is a key technology for gaining business insights from your Big Data, but the penetration into enterprises is shockingly low. In fact, Apache Hadoop and Big Data proponents recognize that this technology has not yet achieved its game-changing business potential. In his session at 19th Cloud Expo, John Mertic, director of program management for ODPi at The Linux Foundation, will explain why this is, how we can work together as an open data community to increase adoption, and the i...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service. 

What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...