Vermont Pure Holdings, Ltd. Announces Financial Results for its Second Fiscal Quarter Ending April 30, 2008
16 Giugno 2008 - 3:00PM
PR Newswire (US)
WATERTOWN, Conn., June 16 /PRNewswire-FirstCall/ -- Vermont Pure
Holdings, Ltd. (AMEX:VPS) announced its financial results for the
second quarter and first six months of its fiscal year 2008 and
that it will file these results on Form 10-Q with the Securities
and Exchange Commission today. Total sales for the first six months
of fiscal year 2008 increased 9% to $33.8 million from $31 million
for the comparable period a year ago. Gross profit increased 10% in
the first half of 2008 to $18.9 million from $17.2 million in the
comparable period a year earlier. Gross margin, as a percentage of
sales, of 56% was unchanged from year to year. Net income increased
40% to $983,000 in the first six months of fiscal year 2008
compared to $703,000 in the first six months of fiscal year 2007.
For the Company's second fiscal quarter sales increased 11% to
$17.4 million from $15.7 million in the same period a year ago.
Gross margin increased 13% to $9.8 million in the second quarter of
2008 from $8.7 million in the second quarter of 2007. Gross margin,
as a percentage of sales increased to 56% from 55% in the
respective periods. Net income improved to $471,000 in the second
quarter of 2008 compared to $412,000 in the second quarter of 2007,
an increase of $59,000, or 14%. "Our consistent top line growth has
fueled a strong increase in gross margin so far this year and,
despite providing for a one time bad debt write off of a note
receivable of $475,000, we have generated a meaningful increase in
net income in the second quarter and first six months of the year"
said Peter Baker, C.E.O. of Vermont Pure Holdings, Ltd. "Because of
our consistently improving sales, gross margin and net income in
fiscal years 2007 and 2008, we are well positioned to continue to
invest in our business to control our costs in the future. Most
notably, our solar installation in at the Connecticut facility will
be operational this month and the upgrade of our fleet to vehicles
with greater fuel efficiency and conversion to high efficiency
lighting in all of our locations will be complete by year end,"
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.
(Unaudited) (Unaudited) Six Months Ended: Three Months Ended: April
30, April 30, April 30, April 30, 2008 2007 2008 2007 (000's $)
Sales $33,823 $30,979 $17,438 $15,677 Income from operations $3,124
$2,797 $1,578 $1,489 Net Income $983 $703 $471 $412 Basic net
earnings per share $0.05 $0.03 $0.02 $0.02 Diluted net earnings per
share $0.05 $0.03 $0.02 $0.02 Basic Wgt. Avg. Shares Out. (000's)
21,619 21,629 21,624 21,635 Diluted Wgt Avg. Shares Out. (000's)
21,619 21,629 21,624 21,635 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,
+1-802-860-1126, both of Vermont Pure Holdings, Ltd. Web site:
http://www.vermontpure.com/
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