Crystal Rock Holdings, Inc (NYSE MKT: CRVP) announced on Tuesday its financial results for its fiscal year that ended October 31, 2014. Total sales for fiscal 2014 increased 6 percent to $75.2 million compared to $71.0 million in fiscal 2013. The increase was attributable to sales from acquired businesses which totaled $7.1 million. Gross profit decreased for the year ended October 31, 2014 to $35.9 million from $36.7 million for the year earlier. Gross profit as a percentage of sales was 48 percent in 2014 compared to 52% in 2013. It bottles and distributes natural spring water under the Vermont Pure brand and offers office beverage services.
Operating income for the fiscal year ending October 31, 2014 was $1.7 million compared to $2.8 million for the same period last year. Net income in fiscal 2014 was $155,000 compared to $571,000 for fiscal year 2013. On a per share basis, net income was $.01 per fully diluted share in fiscal 2014, compared to $.03 per fully diluted share in fiscal 2013.
"We gained momentum in the market through the integration of key acquisitions and accelerated improvement of our customer experience. As a result, sales increased over $4 million during one of the most transformative years in our 100-year history," stated Peter Baker, CEO, Crystal Rock Holdings, Inc. "An aggressive sales strategy and online ordering efficiency as well as full implementation of office products distribution that expanded our product assortment grew sales volume, while limiting operating cost increase to less than 1%. We will continue to compete on what matters most to customers and differentiate through our quality and service levels. Our focus in the new year is to increase profit margin from our growing sales while continuing to control operating costs."
Crystal Rock Holdings, Inc. (NYSE MKT: CRVP), operating through its subsidiary Crystal Rock LLC, markets and distributes water, coffee, office supplies and other home and office refreshment products throughout the Northeast. The company is the largest independent home and office distributor of its kind in the United States. It bottles and distributes natural spring water under the Vermont Pure® brand, purified water with minerals added under the Crystal Rock® Waters label and roasts and packages coffee under its Cool Beans® brand. Launched in 2010, the Crystal Rock Office® brand features traditional office supplies, break room items, furniture and janitorial and sanitation products. The majority of its sales are derived from a route distribution system that delivers water in 3- to 5-gallon reusable, recyclable bottles, and coffee in fractional packs or pods. With a new identity and the taglin e, "Little Things Matter™", Crystal Rock continues to set high standards in the home and office delivery through technical innovation, a commitment to the environment, and the integration of its family roots into relationships with employees and customers. More information is available at crystalrock.com.
CRYSTAL ROCK HOLDINGS, INC.
Results of Operations
Fiscal Year Ended:
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October 31, October 31,
2014 2013
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(000's $)
Sales $ 75,155 $ 70,981
Income from operations $ 1,698 $ 2,790
Net Income $ 155 $ 571
Basic net earnings per share $ 0.01 $ 0.03
Diluted net earnings per share $ 0.01 $ 0.03
Basic Wgt. Avg. Shares Out. (000's) 21,360 21,372
Diluted Wgt Avg. Shares Out. (000's) 21,360 21,372
Source: WATERTOWN, CT--(Marketwired - January 27, 2015) - Crystal Rock Holdings, Inc.