US: Q3 Sales up, profits down for Vermont Holdings
Vermont Pure Holdings has announced its Q3 results. The home and office water delivery company said yesterday that sales for the quarter to 31 July increased by 2% to US$13.6m from US$13.4m during the same period in 2003.
Sales for the nine months to 31 July rose by 5% to US$38.7m from US$36.8m for the same period in 2003. The increase in sales was attributed to the integration of recent acquisitions into the base business.
Income from continuing operations fell to US$390,000 for the fiscal third quarter of 2004 from US$420,000 in the corresponding period last year.
Income from continuing operations for the first nine months of the current fiscal year also fell, to US$256,000 compared to US$859,000 in the first nine months of fiscal year 2003. The decrease in both periods was attributed to lower gross profit due to lower selling prices, a shift toward increased sales of lower margin products, and higher transportation, fuel, and insurance costs for the period.
Net income, including income from discontinued operations, for the three-month period to 31 July was US$390,000, or US$0.02 per share, compared to net income of US$566,000, or US$0.03 per share for the corresponding period in 2003.
For the nine-month period, net income was US$416,000, or US$0.02 per share, compared to US$1.2m, or US$0.05 per share for the corresponding period in 2003. Net income for the nine months of 2004 included a gain on the sale of the retail segments of business, before taxes, of US$353,000.
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