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Vermont Pure Holdings, Ltd. Announces
Results for Three and Six Months Ending April 30, 2004
WILLISTON, Vt., Jun 15, 2004 /PRNewswire-FirstCall via COMTEX/ -- Vermont
Pure Holdings, Ltd. (VPS)
announced today that it filed its results for the three and six month fiscal
periods ending April 30, 2004 on Form 10-Q with the Security and Exchange
Commission yesterday and will hold its quarterly conference call today.
Sales for its second quarter ended April 30, 2004 increased 11% to
$13,182,000 from $11,923,000 the same period in 2003. Net of acquisitions
sales increased for the base business 3% in the quarter versus the
corresponding period a year ago. Sales for the six months ended April 30,
2004 increased 7% to $25,180,000 from $23,441,000 for the same period in
2003. The increase in the base business was attributed to sales of coffee
products while water related products were off slightly.
The Company sold the retail segments of its business on March 2, 2004 and
reported results of those segments, as well as the gain on the transaction,
as discontinued operations. As a result of the sale, the Company is solely
focused as a Home & Office Distributor providing water and other refreshment
products to over 85,000 accounts in New York and New England.
Income before taxes from continuing operations was $187,000 for the second
quarter fiscal year 2004 versus $386,000 in the second quarter of fiscal
year 2003. The loss before taxes from continuing operations was $132,000 for
the first six months of fiscal year 2004 versus income of $439,000 in the
first six months of fiscal year 2003. The decrease for both periods was
attributable to lower gross profit due to lower selling prices, increased
sales of lower margin single cup coffee products, and higher transportation,
fuel, and insurance costs for the period.
Net income, including income from discontinued operations, for the three
months ended April 30, 2004 was $283,000, or $.01 per share, compared to net
income of $487,000, or $.02 per share for the corresponding period in 2003.
For the six months ending April 30, 2004, net income was $27,000, or $.00
per share compared to $594,000, or $.03 per share for the corresponding
period in 2003. Net income in 2004 included a gain on the sale of the retail
segments of business, before taxes, of $353,000.
Today's conference call will start at 10:00 AM (Eastern Time) and run
approximately one hour. The conference can be attended by telephone by
dialing 800-540-0559 in the U.S. and 785-832-0326 outside the U.S. The
conference ID is VPHL. The call can be accessed live via the Internet at
www.companyboardroom.com. The
call also will be available for replay until midnight on June 20, 2004 by
dialing 888-566-0184 in the U.S. and 402-351-0788 outside the U.S. The call
will be available over the Internet for a period of 90 days after the call.
This web-cast can be accessed through the Company's website,
http://www.vermontpure.com on the
investor relations page as well as the web address listed above.
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 under the Vermont Pure(R)
trademark and purified with minerals added bottled water under the Crystal
Rock(R) brand. It markets its bottled water brands, as well as other home
and office refreshment products, to over 85,000 customers throughout New
England and New York. The Company is currently executing a growth strategy
to expand its home and office customer base through acquisition of smaller
regional home and office bottled water and refreshment product distributors.
Vermont Pure Holdings Ltd.'s common stock trades on the American Stock
Exchange under the symbol: VPS.
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