Vermont Pure Holdings, Ltd. Announces Financial Results for 2009
25 Janeiro 2010 – 8:00PM
Marketwired
Vermont Pure Holdings, Ltd. (NYSE Amex: VPS) announced its
financial results for its fiscal year 2009 that ended October 31,
2009 and that these results have been filed on Form 10-K with the
Securities and Exchange Commission today.
Sales in fiscal year 2009 decreased 4% to $66.1 million from
$69.2 million in fiscal year 2008. Sales attributable to
acquisitions in fiscal year 2009 were $2.2 million. Net of the
acquisitions, sales decreased 8%. Gross profit decreased 9% in
fiscal year 2009 to $35.3 million from $38.9 million in fiscal year
2008. Gross profit, as a percentage of sales, decreased to 53% from
56% for the respective periods. Income for operations in fiscal
year 2009 was $4.4 million. This compared to a loss from operations
in fiscal year 2008 of $15.9 million. The loss was a result of a
non-cash charge of $22.4 million for impairment of goodwill in the
fourth quarter of fiscal 2008. Net income in fiscal year 2009 was
$3.0 million compared to a net loss of $19.8 million in fiscal year
2008.
Excluding the effect of the goodwill impairment charge in fiscal
2008 and a one-time increase in non-operating income in fiscal
2009, the Company’s financial performance for fiscal year 2009
declined when compared to fiscal year 2008. The decline was a
result of decreased sales and gross profit and was not offset by
lower operating and interest costs. The decrease in sales was
primarily a result of poor general economic conditions in the
Company’s marketplace and a reduction of fuel adjustment charges
which were offset by lower fuel costs. Product margins decreased,
as a percentage of sales, as a result of the product mix skewing
more toward single serve coffee and increased competition.
“Despite lower sales and margins as a result of the poor
economic environment in 2009, our core business continued to be
profitable and the Company remains healthy,” said Peter Baker, CEO
of Vermont Pure Holdings, Ltd. “In the face of the challenging
operating environment in 2009, we’ve made changes to reduce costs
while improving our operations. As a result, we are poised to take
advantage of an economic recovery when it occurs,” he
concluded.
Vermont Pure Holdings, Ltd. (NYSE Amex: VPS), the largest
independent home and office distributor of its kind in the United
States, markets water, coffee and other home and office refreshment
products throughout the Northeast through its subsidiary Crystal
Rock LLC. The Company bottles and distributes natural spring water
under the Vermont Pure® brand and purified water with minerals
added under the Crystal Rock® label. The majority of its sales are
derived from a route distribution system that delivers water in 3-
to 5-gallon reusable and recyclable bottles. The Company continues
to set high standards in the bottled water industry through its
technical innovation, commitment to the environment and by
integrating its family roots into relationships with employees and
customers. More information is available at
VERMONT PURE HOLDINGS, LTD.
Results of Operations
(Unaudited)
Twelve Months Ended: Three Months Ended:
———————— ————————
October 31, October 31, October 31, October 31,
2009 2008 2009 2008
———— ———– ———— ———–
(000’s $)
Sales $ 66,126 $ 69,237 $ 16,612 $ 17,428
Income (Loss) from
operations $ 4,385 $ (15,862) $ 1,012 $ (21,352)
Net Income (Loss) $ 3,020 $ (19,836) $ 400 $ (21,847)
Basic net earnings
(loss) per share $ 0.14 $ (0.92) $ 0.02 $ (1.02)
Diluted net earnings
(loss) per share $ 0.14 $ (0.92) $ 0.02 $ (1.02)
Basic Wgt. Avg. Shares
Out. (000’s) 21,526 21,564 21,524 21,497
Diluted Wgt. Avg. Shares
Out. (000’s) 21,526 21,564 21,524 21,497
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:
Peter Baker
CEO
860-945-0661 Ext. 3001
Bruce MacDonald
CFO
802-658-9112
Vermont Pure (AMEX:VPS)
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