Vermont Pure Holdings, Ltd. Announces Financial Results for 2007
29 Gennaio 2008 - 3:00PM
PR Newswire (US)
- Sales increase 4% for the fiscal year ended October 31, 2007 -
WATERTOWN, Conn., Jan. 29 /PRNewswire-FirstCall/ -- Vermont Pure
Holdings, Ltd. (AMEX:VPS) announced its financial results for its
fiscal year 2007 and that it plans to file these results on Form
10-K with the Securities and Exchange Commission today. Total sales
for the fiscal year 2007 increased 4% to $65.2 million from $62.8
million for fiscal year 2006. Revenue from water and equipment
rentals increased 2% and 1%, respectively, while revenue from
coffee and related products grew 11%. Sales in the fourth quarter
of 2007 increased 5% to $17.1 million from $16.4 million for the
comparable period in 2006. Net income increased to $2.1 million in
2007 compared to a net loss of $20.7 million in 2006. The
improvement of $22.8 million reflected the fact that in 2006 the
Company had a significant write-down of goodwill, a non-cash charge
of $22.95 million. In addition, in 2006, the Company had a
favorable one-time legal settlement, net of income taxes, of
$450,000. After accounting for these non-recurring items, net
income increased primarily as a result of the increase in sales
from 2006 to 2007. "We are pleased with the stable, consistent
growth of our sales and ability to convert that improvement to the
bottom line," said Peter Baker, C.E.O. of Vermont Pure Holdings,
Ltd. "During 2007 we increased our advertising spending, continued
to invest in plant and equipment, and paid down additional debt. We
feel that this will position us well for future earnings growth and
debt reduction," Baker concluded. Vermont Pure Holdings, Ltd. is
the largest independent and third largest Home and Office
distributor of its kind in the United States. The Company bottles
and distributes natural spring water and purified with minerals
added bottled water under the Crystal Rock(R) and the Vermont
Pure(R) trademarks. It markets its bottled water brands, as well as
coffee and other home and office refreshment products, to customers
throughout New England and New York. Vermont Pure Holdings Ltd.'s
common stock trades on the American Stock Exchange under the
symbol: VPS. VERMONT PURE HOLDINGS, LTD. Results of Operations
(Unaudited) Twelve Months Ended: Three Months Ended: October 31,
October 31, October 31, October 31, 2007 2006 2007 2006 (000's $)
Sales $65,231 $62,774 $17,145 $16,400 Income (Loss) from operations
$6,643 ($16,470) $2,077 ($21,126) Net Income (Loss) $2,076
($20,670) $796 ($22,462) Basic net earnings (loss) per share $0.10
($0.96) $0.04 ($1.04) Diluted net earnings (loss) per share $0.10
($0.96) $0.04 ($1.04) Basic Wgt. Avg. Shares Out. (000's) 21,624
21,631 21,619 21,623 Diluted Wgt. Avg. Shares Out. (000's) 21,624
21,631 21,619 21,623 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. DATASOURCE:
Vermont Pure Holdings, Ltd. CONTACT: Peter Baker, CEO,
+1-860-945-0661 Ext. 3001, or Bruce MacDonald, CFO,
+1-802-658-9112, both of Vermont Pure Holdings, Ltd. Web site:
http://www.vermontpure.com/
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