WATERTOWN, CT--(Marketwire - January 27, 2011) - Crystal Rock Holdings, Inc. (
NYSE Amex:
CRVP)
announced its financial results for its fiscal year that ended October 31,
2010. These results have been filed on Form 10-K with the Securities and
Exchange Commission today.
Total sales for fiscal 2010 increased $1.7 million, or 3%, to $67.8 million
from $66.1 million for fiscal 2009. Excluding the sales increases that
were due to acquisitions, sales increased 1% in fiscal year 2010 compared
to the same period in 2009. Gross profit increased $1.7 million, or 5%,
for the year ended October 31, 2010 to $37.0 million from $35.3 million in
the year earlier. Gross profit as a percentage of sales increased to 55%
in 2010 from 53% in 2009.
Operating income in fiscal 2010 was $6.1 million, a $1.7 million
improvement over fiscal 2009. Other income, net, benefited in fiscal 2010
from a one-time increase in non-operating income of $3.5 million, compared
to a one-time increase in non-operating income of $3.0 million in fiscal
2009. Total pre-tax income in fiscal 2010 was $7.2 million compared to
$4.8 million in fiscal 2009.
Net income for the most recent fiscal year increased to $4.3 million from
$3 million in the previous fiscal year. Consequently, earnings per share
increased to $.20 per share in 2010 from $.14 per share in 2009.
"During this challenging economy, we increased our sales and operating
profitability in 2010 by investing in our workforce, strengthening our
customer relationships and the aggressive positioning of our brands --
which will allow us to be more even more competitive on value, products and
service," said Peter Baker, C.E.O. of Crystal Rock Holdings, Inc. "The
economic downturn has fundamentally and permanently changed the environment
in which we operate. In order to continue to be successful the future, we
are planning to further adapt our business with new sales channels,
expanded product lines, targeted marketing strategies, operating
efficiencies and eco-friendly initiatives."
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
www.crystalrock.com.
CRYSTAL ROCK HOLDINGS, INC.
Selected Results of Operations
Fiscal Year Ended:
------------------------
October 31, October 31,
2010 2009
----------- -----------
(000's $)
Sales $ 67,781 $ 66,126
Income from operations $ 6,133 $ 4,385
Net Income $ 4,256 $ 3,020
Basic net earnings per share $ 0.20 $ 0.14
Diluted net earnings per share $ 0.20 $ 0.14
Basic Wgt. Avg. Shares Out. (000's) 21,477 21,526
Diluted Wgt Avg. Shares Out. (000's) 21,477 21,526
Note: This press release contains forward-looking statements that involve a
number of risks and uncertainties that could cause actual results to differ
materially from those indicated by such forward-looking statements,
including integration of acquisitions, ability to sustain and manage
growth, changing market conditions, and other risks detailed in the
company's filings with the Securities and Exchange Commission.
Contact Information: Contact:
Peter Baker
CEO
860-945-0661 Ext. 3001
Bruce MacDonald
CFO
802-658-9112 Ext.15