STUART, Fla., Jan. 31 /PRNewswire-FirstCall/ -- NuCO2 Inc.
(NASDAQ:NUCO), the largest supplier in the U.S. of bulk CO2 systems
and services for carbonating fountain beverages, today reported
operating results for the quarter ended December 31, 2006, in line
with the Company's recently announced new strategic growth plan.
The Company also announced that its Board of Directors has
authorized a share repurchase program. - Total revenues for the
second quarter totaled $32.0 million, compared with $28.8 million
in the corresponding year-ago period, an increase of 11.2%, and for
the fiscal 2007 first half increased 13.6%, to $64.3 million from
$56.6 million. - Reflecting increased expenses resulting from the
transition to the new plan, operating income equaled $2.9 million,
compared with $4.7 million a year ago, and for the first half
equaled $8.7 million, compared with $9.8 million last year. As
expected, the impact of the previously announced cost savings from
the new plan were not reflected in the second quarter and will be
fully realized in the fourth quarter of this fiscal year. - EBITDA
(earnings before interest, taxes, depreciation and amortization),
which the Company regards as useful information as to its
liquidity, excluding non-cash stock option expense, amounted to
$9.1 million for the second quarter, compared to $10.1 million, on
the same basis, in the corresponding year-ago period. First half
EBITDA, excluding non-cash stock option expense, was $20.4 million,
compared with $19.7 million in the corresponding year-ago period. -
The Company generated $5.0 million in free cash in the first half
of fiscal 2007 that was used to pay down debt. - Net income in the
fiscal 2007 second quarter amounted to $1.4 million, or $0.09 per
fully diluted share, compared with $2.6 million, or $0.17 per fully
diluted share, in the corresponding earlier year period. "The new
strategic growth plan is on target," said Michael E. DeDomenico,
Chairman and CEO. "Under the new plan, we will be measuring results
by growth in return on investment, which is expected to steadily
improve in the periods ahead." Mr. DeDomenico added, "The Board has
decided to authorize a share repurchase program, under which the
Company may repurchase up to $50 million of the Company's common
shares. This represents a vote of confidence in our Company and its
prospects, and reflects our commitment to increasing long-term
shareholder value. Under our new strategic growth plan we expect to
significantly increase free cash flow. The Company will fund the
share repurchase program from its free cash supported by borrowings
under its existing revolving credit facility. With a significant
level of debt capacity, the Company is in a strong position to
advance its growth while repurchasing shares." As part of the share
repurchase program, the Company also announced that it will enter
into a Rule 10b5-1 repurchase plan with a broker to facilitate its
share repurchase activity. The share repurchases are expected to
commence on February 5, 2007 and continue through December 31,
2007, subject to certain price, volume and timing constraints. A
Rule 10b5-1 repurchase plan allows the Company to purchase its
shares at times when it ordinarily would not be in the market due
to regulatory or Company restrictions. The share repurchase plan
does not obligate the Company to acquire any particular amount of
shares and may be suspended at any time. In addition to repurchases
made pursuant to the Rule 10b5-1 plan, the Company may also make
repurchases at management's discretion from time to time, subject
to market conditions, share prices, its cash position and
compliance with regulatory requirements subject to the $50 million
authorization. As of January 30, 2007, there were approximately
15,826,000 common shares outstanding. About NuCO2 NuCO2 Inc. is the
leading and only national provider of bulk CO2 products and
services to the U.S. fountain beverage industry. With service
locations within reach of virtually all of the fountain beverage
users in the Continental U.S., NuCO2's experienced professionals
comprise the largest network of sales and support specialists in
the industry serving national restaurant chains, convenience
stores, theme parks and sports and entertainment complexes, among
others. NuCO2's revenues are largely derived from the installation,
maintenance and rental of bulk CO2 systems and delivery of beverage
grade CO2, which are increasingly replacing high pressure CO2,
until now the traditional method for carbonating fountain
beverages. The technology offers consistent quality, greater ease
of operation, and heightened efficiency and safety utilizing
permanently installed on-site cryogenic storage tanks. NuCO2
provides systems and services that allow its customers to spend
more time serving their customers. Visit the Company's website at
http://www.nuco2.com/. Conference Call A conference call to report
operating results for the fiscal 2007 second quarter will be held
tomorrow at 11:00 a.m. Eastern Time. It can be accessed over the
Internet via NuCO2's website at http://www.nuco2.com/. To listen to
the live call, please go to the website at least fifteen minutes
early to register, download and install any necessary audio
software. For those who cannot listen to the live broadcast, a
replay will be available on NuCO2's website shortly after the call.
Statements contained in this press release concerning the Company's
outlook, competitive position and other statements of management's
beliefs, goals and expectations are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and are subject
to risks and uncertainties that could cause actual results to
differ materially from those expressed in or implied by the
statements. With respect to such forward-looking statements, we
claim protection under the Private Securities Litigation Reform Act
of 1995. These risks and uncertainties include, but are not limited
to, the ability of the Company to add new accounts, competition and
future operating performance. The Company disclaims any obligation
to update any forward-looking statement as a result of developments
occurring after the date of this press release. NuCO2 Inc.
CONDENSED BALANCE SHEETS (In thousands) ASSETS December 31, 2006
June 30, 2006 Current assets: Cash and cash equivalents $187 $341
Trade accounts receivable, net of allowance for doubtful accounts
of $2,091 and $2,538, respectively 13,480 12,955 Inventories 306
302 Prepaid insurance expense and deposits 3,795 5,846 Prepaid
expenses and other current assets 2,556 1,465 Deferred tax assets -
current portion 8,473 8,598 Total current assets 28,797 29,507
Property and equipment, net 125,300 119,603 Goodwill & other
intangible assets, net 40,182 40,905 Deferred tax assets 6,594
8,807 Other 203 185 Total other assets 46,979 49,897 Total assets
$201,076 $199,007 LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Accounts payable $7,564 $6,883 Accrued expenses &
other current liabilities 3,693 5,945 Total current liabilities
11,257 12,828 Long-term debt 30,500 35,450 Customer deposits 4,113
3,805 Total liabilities 45,870 52,083 Total shareholders' equity
155,206 146,924 Total liabilities & shareholders' equity
$201,076 $199,007 NuCO2 Inc. STATEMENTS OF OPERATIONS (In
thousands, except per share amounts) Three Months Six Months Ended
Ended December 31, December 31, 2006 2005 2006 2005 Revenues:
Product sales $21,319 $18,895 $42,870 $36,933 Equipment rentals
10,642 9,858 21,447 19,685 Total Revenues 31,961 28,753 64,317
56,618 Costs and expenses: Cost of products sold, excluding
depreciation & amortization 13,797 12,074 27,783 24,061 Cost of
equipment rentals, excluding depreciation & amortization 1,949
807 2,740 1,483 Selling, general and administrative expenses 7,834
6,172 14,391 11,255 Depreciation and amortization 4,897 4,556 9,742
8,860 Loss on asset disposal 542 398 984 1,205 29,019 24,007 55,640
46,864 Operating income 2,942 4,746 8,677 9,754 Gain on financial
instrument - - - (177) Interest expense 550 543 1,126 908 Income
before provision for income taxes 2,392 4,203 7,551 9,023 Provision
for income tax 1,009 1,564 3,649 3,429 Net income $1,383 $2,639
$3,902 $5,594 Weighted average number of common and common
equivalent shares outstanding Basic 15,776 15,365 15,725 15,337
Diluted 16,087 15,892 16,035 15,846 Net income per basic common
share $0.09 $0.17 $0.25 $0.36 Net income per diluted common share
$0.09 $0.17 $0.24 $0.35 RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP MEASURES EBITDA AND EBITDA EXCLUDING STOCK OPTION EXPENSE
Three Months Ended December 31, Sep 30, 2006 2005 2006 Net income
$1,383 $2,639 $2,519 Interest expense 550 543 576 Depreciation
& amortization 4,897 4,556 4,845 Gain on financial instrument -
- - Provision for income taxes 1,009 1,564 2,640 EBITDA $7,839
$9,302 $10,580 Noncash option expense 1,245 787 699 EBITDA
excluding stock option expense $9,084 $10,089 $11,279 Cash flows
provided by (used in): Operating activities $9,105 $9,557 $8,849
Investing activities $(7,455) $(9,311) $(8,316) Financing
activities $(1,935) $(176) $(402) Six Months Ended December 31,
2006 2005 Net income $3,902 $5,594 Interest expense 1,126 908
Depreciation & amortization 9,742 8,860 Gain on financial
instrument - (177) Provision for income taxes 3,649 3,429 EBITDA
$18,419 $18,614 Noncash option expense 1,944 1,085 EBITDA excluding
stock option expense $20,363 $19,699 Cash flows provided by (used
in): Operating activities $17,953 $17,184 Investing activities
$(15,771) $(20,944) Financing activities $(2,336) $2,975 Earnings
before interest, taxes, depreciation and amortization ("EBITDA") is
one of the principal financial measures by which the Company
measures its financial performance. EBITDA is a widely accepted
financial indicator used by many investors, lenders and analysts to
analyze and compare companies on the basis of operating
performance, and the Company believes that EBITDA provides useful
information regarding the Company's ability to service its debt and
other obligations. However, EBITDA does not represent cash flow
from operations, nor has it been presented as a substitute to
operating income or net income as indicators of the Company's
operating performance. EBITDA excludes significant costs of doing
business and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
accounting principles generally accepted in the United States of
America. In addition, the Company's calculation of EBITDA may be
different from the calculation used by its competitors, and
therefore comparability may be affected. The Company's lender also
uses EBITDA to assess the Company's compliance with debt covenants.
These financial covenants are based on a measure that is not
consistent with accounting principles generally accepted in the
United States of America. Such measure is EBITDA (as defined) as
modified by certain defined adjustments. DATASOURCE: NuCO2 Inc.
CONTACT: Michael E. DeDomenico, Chairman and CEO, or Robert R.
Galvin, CFO and Executive Vice President, both of NuCO2 Inc.,
+1-772-221-1754 Web site: http://www.nuco2.com/
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