STUART, Fla., Aug. 15 /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 fourth quarter and fiscal year ended June
30, 2007 in line with the Company's strategic growth plan
instituted in January 2007. -- Total revenues for the quarter
amounted to $33.9 million, compared with $30.4 million a year ago,
and for all of fiscal 2007 totaled $130.1 million, compared with
$116.2 million last year, increases of 11.6% and 12.0%,
respectively, over prior year results. -- Operating income for the
fiscal 2007 fourth quarter totaled $5.5 million, compared with $2.6
million in the preceding third quarter and $5.6 million a year ago.
Full year operating income totaled $16.7 million, compared to $19.5
million last year. The change in operating income compared to the
prior year reflects the impact of the Company's strategic growth
plan instituted in January 2007 that includes a higher level of
expenses to support customer service and field operations. --
EBITDA (earnings before interest, taxes, depreciation and
amortization), which the Company regards as useful information as
to liquidity, excluding non-cash stock option expense, totaled
$11.6 million in the fourth quarter, compared with $11.2 million
last year, and for the full year amounted to $41.0 million,
compared with $41.1 million last year. Compared to the immediately
preceding quarter, EBITDA for the fiscal 2007 fourth quarter,
excluding non-cash stock option expense, increased $2.6 million, or
28.9%. -- Operating cash flow for the quarter increased to $15.4
million, up 62% sequentially and 65% from last year. For the full
year, operating cash flow amounted to $42.8 million, compared to
$33.6 million for fiscal 2006. In the second half of fiscal 2007,
operating cash flow totaled $24.9 million, compared with $16.4
million in the corresponding year ago six months, an increase of
52%. -- Fully diluted earnings per share for the fourth quarter
equaled $0.17, versus $0.16 last year, and $0.48 for fiscal 2007,
as compared to $0.65 last year. "In the fiscal fourth quarter, our
Company continued to make solid progress in line with the goals we
outlined in early January," said Michael E. DeDomenico, Chairman
and CEO. "Our objectives of enhancing customer service and field
operations while strengthening the Company financially are paying
off. We have also successfully refocused our sales force and
reduced related expenses as part of our new plan while improving
our access to targeted new business." The Company noted that while
advancing operations, it continued in the quarter to achieve
improved liquidity and an enhanced balance sheet. -- Total
customers at year end totaled 115,544, as compared to 116,051 at
March 31, 2007. Gross new customer activations during the fourth
quarter were 2,450. Total attrition totaled 2,957, of which more
than half resulted from the Company's recently instituted program
to upgrade the quality of its customer base and increase tank
utilization. The balance was in line with normal experience. The
Company expects to complete the upgrading program in the first
quarter of fiscal 2008. -- Improved asset utilization and reduced
tank purchases resulted in capital expenditures of $4.1 million in
the fourth quarter, compared to $8.1 million excluding acquisition
capex in the prior year, bringing capex in fiscal 2007 to $23.4
million as compared to $31.9 million in fiscal 2006. The fiscal
2007 fourth quarter reduction in capex was achieved primarily
through the Company's accelerated improvement program to better
utilize its nationwide tank inventory. -- Continuing with the
Company's upgraded credit and collection practices, accounts
receivables at June 30, 2007, improved to $11.8 million, compared
with approximately $13 million a year ago. -- Free cash flow,
defined as cash flow from operations less capital expenditures,
continued to improve, amounting to $11.3 million for the quarter,
compared to $5.9 million in the preceding quarter. Free cash flow
for fiscal 2007 amounted to $19.4 million. -- During the quarter,
the Company, as part of its previously announced $50 million share
repurchase plan, repurchased 392,791 shares of common stock at a
cost of approximately $10 million. Through June 30, 2007, the
Company repurchased a total of 906,109 shares, for a total of $22.5
million. The share repurchases were financed primarily from free
cash flow. "Our results in the fourth quarter and second half
reflect our strong focus on quality growth and cash flow. We have
made solid progress and what is especially positive is that we were
able to fund our growth, return $22.5 million to our shareholders
through share repurchases and end the year with a lower debt level
than at the beginning of the fiscal year," added Mr. DeDomenico.
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 fourth quarter will
be held tomorrow, Thursday, August 16, 2007, 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 June 30, 2007 June 30, 2006 Current
assets: Cash and cash equivalents $343 $341 Trade accounts
receivable, net of allowance for doubtful accounts of $1,989 and
$2,538, respectively 11,823 12,955 Inventories 297 302 Prepaid
insurance expense and deposits 3,121 5,846 Prepaid expenses and
other current assets 1,412 1,465 Deferred tax assets - current
portion 8,264 8,598 Total current assets 25,260 29,507 Property and
equipment, net 122,364 119,603 Goodwill & other intangible
assets, net 39,180 40,905 Deferred tax assets 3,813 8,807 Other 221
185 Total other assets 43,214 49,897 Total assets $190,838 $199,007
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts
payable $6,061 $6,883 Accrued expenses & other current
liabilities 5,889 5,945 Total current liabilities 11,950 12,828
Long-term debt 34,750 35,450 Customer deposits 4,246 3,805 Total
liabilities 50,946 52,083 Total shareholders' equity 139,892
146,924 Total liabilities & shareholders' equity $190,838
$199,007 NuCO2 Inc. STATEMENTS OF OPERATIONS (In thousands, except
per share amounts) Three Months Ended Year Ended June 30, June 30,
2007 2006 2007 2006 Revenues: Product sales $22,000 $20,042 $85,865
$75,959 Equipment rentals 11,897 10,339 44,263 40,237 Total
Revenues 33,897 30,381 130,128 116,196 Costs and expenses: Cost of
products sold, excluding depreciation & amortization 14,187
12,611 55,835 49,397 Cost of equipment rentals, excluding
depreciation & amortization 2,111 724 6,714 3,086 Selling,
general and administrative expenses 6,178 6,550 28,521 24,146
Depreciation and amortization 5,159 4,806 20,059 18,333 Loss on
asset disposal 754 132 2,260 1,733 28,389 24,823 113,389 96,695
Operating income 5,508 5,558 16,739 19,501 Gain on financial
instrument - - - (177) Interest expense 572 526 2,207 1,989 Income
before provision for income taxes 4,936 5,032 14,532 17,689
Provision for income tax 2,309 2,458 6,893 7,341 Net income $2,627
$2,574 $7,639 $10,348 Weighted average number of common and common
equivalent shares outstanding Basic 15,240 15,576 15,593 15,427
Diluted 15,543 16,063 15,886 15,997 Net income per basic common
share $0.17 $0.17 $0.49 $0.67 Net income per diluted common share
$0.17 $0.16 $0.48 $0.65 RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP MEASURES EBITDA AND EBITDA EXCLUDING STOCK OPTION EXPENSE
Three Months Ended Year Ended June 30, Mar 31, June 30, 2007 2006
2007 2007 2006 Net income $2,627 $2,574 $1,111 $7,639 $10,348
Interest expense 572 526 509 2,207 1,989 Depreciation &
amortization 5,159 4,806 5,158 20,059 18,333 Gain on financial
instrument - - - - (177) Provision for income taxes 2,309 2,458 935
6,893 7,341 EBITDA $10,667 $10,364 $7,713 $36,798 $37,834 Noncash
option expense 949 805 1,301 4,194 3,297 EBITDA excluding stock
option expense $11,616 $11,169 $9,014 $40,992 $41,131 Cash flows
provided by (used in): Operating activities $15,360 $9,309 $9,495
$42,809 $33,578 Investing activities $(4,092) $(12,984) $(3,554)
$(23,417) $(41,682) Financing activities $(11,166) $3,685 $(5,888)
$(19,390) $7,477 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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