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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Crystal Rock Holdings Class A | AMEX:CRVP | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.9652 | 0 | 01:00:00 |
|
Delaware
|
03-0366218
|
|
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer
Identification No.)
|
|
|
|
|
|
|
1050 Buckingham St., Watertown, CT
|
06795
|
|
|
(Address of principal executive offices) |
(Zip Code)
|
|
|
|
|
|
|
(860) 945-0661
|
|
|
|
(Registrant's telephone number, including area code) |
CRYSTAL ROCK HOLDINGS, INC. AND SUBSIDIARY
|
||
Table of Contents
|
||
PART I - FINANCIAL INFORMATION
|
Page
|
|
Item 1.
|
Financial Statements.
|
|
|
Consolidated Balance Sheets as of April 30, 2016 and October 31, 2015
|
3
|
|
|
|
|
Consolidated Statements of Operations for the Three and Six Months Ended April 30, 2016 and 2015
|
4
|
|
|
|
|
Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended April 30, 2016 and 2015
|
5
|
|
|
|
|
Consolidated Statements of Cash Flows for the Six Months Ended April 30, 2016 and 2015
|
6
|
|
|
|
|
Notes to Consolidated Financial Statements
|
7-14
|
|
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
15–23
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
23
|
|
|
|
Item 4.
|
Controls and Procedures.
|
23-24
|
|
|
|
PART II - OTHER INFORMATION
|
|
|
|
|
|
Item 1.
|
Legal Proceedings.
|
25
|
|
|
|
Item 1A.
|
Risk Factors.
|
25
|
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
25
|
|
|
|
Item 3.
|
Defaults Upon Senior Securities.
|
25
|
|
|
|
Item 4.
|
Mine Safety Disclosures.
|
25
|
|
|
|
Item 5.
|
Other Information.
|
25
|
|
|
|
Item 6.
|
Exhibits.
|
25-26
|
|
|
|
SIGNATURE
|
|
27
|
Three months ended April 30,
|
Six months ended April 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
NET SALES
|
$
|
16,710,816
|
$
|
18,728,733
|
$
|
32,842,376
|
$
|
36,426,661
|
||||||||
COST OF GOODS SOLD
|
8,481,945
|
10,616,675
|
17,024,062
|
20,280,136
|
||||||||||||
GROSS PROFIT
|
8,228,871
|
8,112,058
|
15,818,314
|
16,146,525
|
||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Selling, general and administrative expenses
|
7,150,233
|
8,435,616
|
14,099,096
|
16,384,918
|
||||||||||||
Advertising expenses
|
115,492
|
143,293
|
251,461
|
397,271
|
||||||||||||
Amortization
|
170,789
|
184,031
|
330,061
|
368,754
|
||||||||||||
Gain on disposal of property and equipment
|
(820
|
)
|
-
|
(4,120
|
)
|
(49,821
|
)
|
|||||||||
TOTAL OPERATING EXPENSES
|
7,435,694
|
8,762,940
|
14,676,498
|
17,101,122
|
||||||||||||
INCOME (LOSS) FROM OPERATIONS
|
793,177
|
(650,882
|
)
|
1,141,816
|
(954,597
|
)
|
||||||||||
OTHER EXPENSE:
|
||||||||||||||||
Interest expense
|
406,108
|
383,527
|
803,553
|
767,893
|
||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
387,069
|
(1,034,409
|
)
|
338,263
|
(1,722,490
|
)
|
||||||||||
INCOME TAX EXPENSE (BENEFIT)
|
147,818
|
(393,075
|
)
|
128,540
|
(654,546
|
)
|
||||||||||
NET INCOME (LOSS)
|
$
|
239,251
|
$
|
(641,334
|
)
|
$
|
209,723
|
$
|
(1,067,944
|
)
|
||||||
NET INCOME (LOSS) PER SHARE - BASIC
|
$
|
0.01
|
$
|
(0.03
|
)
|
$
|
0.01
|
$
|
(0.05
|
)
|
||||||
NET INCOME (LOSS) PER SHARE - DILUTED
|
$
|
0.01
|
$
|
(0.03
|
)
|
$
|
0.01
|
$
|
(0.05
|
)
|
||||||
WEIGHTED AVERAGE SHARES USED IN COMPUTATION - BASIC
|
21,358,411
|
21,358,411
|
21,358,411
|
21,358,411
|
||||||||||||
WEIGHTED AVERAGE SHARES USED IN COMPUTATION - DILUTED
|
21,358,411
|
21,358,411
|
21,358,411
|
21,358,411
|
||||||||||||
CRYSTAL ROCK HOLDINGS, INC. AND SUBSIDIARY
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
Six months ended April 30,
|
||||||||
2016
|
2015
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$
|
209,723
|
$
|
(1,067,944
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
|
||||||||
Depreciation
|
1,379,445
|
1,398,432
|
||||||
Provision for bad debts on accounts receivable
|
115,926
|
157,669
|
||||||
Amortization
|
330,061
|
368,754
|
||||||
Non cash interest expense on subordinated debt
|
562,034
|
-
|
||||||
Gain on disposal of property and equipment
|
(4,120
|
)
|
(49,821
|
)
|
||||
Non cash share-based compensation
|
(1,580
|
)
|
1,942
|
|||||
Change in contingent consideration liability
|
-
|
(4,764
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
275,630
|
(147,481
|
)
|
|||||
Inventories
|
261,479
|
(532,493
|
)
|
|||||
Other current assets
|
44,135
|
(841,887
|
)
|
|||||
Accounts payable
|
(305,151
|
)
|
(776,342
|
)
|
||||
Accrued expenses
|
(150,101
|
)
|
(160,164
|
)
|
||||
Customer deposits
|
(36,026
|
)
|
42,414
|
|||||
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
|
2,681,455
|
(1,611,685
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property and equipment
|
(854,396
|
)
|
(1,134,834
|
)
|
||||
Proceeds from sale of property and equipment
|
16,116
|
59,474
|
||||||
Cash used for acquisitions
|
-
|
(66,196
|
)
|
|||||
NET CASH USED IN INVESTING ACTIVITIES
|
(838,280
|
)
|
(1,141,556
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net line of credit borrowings
|
-
|
1,779,251
|
||||||
Principal payments on long term debt
|
(799,998
|
)
|
(840,948
|
)
|
||||
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES
|
(799,998
|
)
|
938,303
|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
1,043,177
|
(1,814,938
|
)
|
|||||
CASH AND CASH EQUIVALENTS - beginning of period
|
3,091,471
|
1,841,044
|
||||||
CASH AND CASH EQUIVALENTS - end of period
|
$
|
4,134,648
|
$
|
26,106
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
Cash paid for interest
|
$
|
225,720
|
$
|
770,874
|
||||
Cash paid for income taxes
|
$
|
279,750
|
$
|
5,750
|
||||
NON-CASH FINANCING AND INVESTING ACTIVITIES:
|
||||||||
Notes payable issued in acquisitions
|
$
|
-
|
$
|
7,500
|
1. | BASIS OF PRESENTATION |
April 30, 2016
|
October 31, 2015
|
|||||||||||||||||||||||
Gross Carrying
Amount
|
Accumulated
Amortization
|
Wgt.
Avg. Amort. Years |
Gross Carrying
Amount
|
Accumulated
Amortization
|
Wgt.
Avg. Amort. Years |
|||||||||||||||||||
Amortized Intangible Assets:
|
||||||||||||||||||||||||
Covenants Not to Compete
|
$
|
2,536,488
|
$
|
2,411,763
|
2.20
|
$
|
2,536,488
|
$
|
2,382,570
|
2.54
|
||||||||||||||
Customer Lists
|
10,313,819
|
8,924,373
|
2.49
|
10,313,819
|
8,639,685
|
2.95
|
||||||||||||||||||
Other Identifiable Intangibles
|
608,393
|
287,391
|
23.52
|
608,393
|
271,211
|
24.00
|
||||||||||||||||||
Total
|
$
|
13,458,700
|
$
|
11,623,527
|
$
|
13,458,700
|
$
|
11,293,466
|
April 30,
|
October 31,
|
|||||||
2016
|
2015
|
|||||||
Finished Goods
|
$
|
2,232,290
|
$
|
2,453,974
|
||||
Raw Materials
|
117,912
|
157,707
|
||||||
Total Inventories
|
$
|
2,350,202
|
$
|
2,611,681
|
Instrument Rate
|
Notional Amount
|
Pay Rate
|
Receive Rate
|
Interest rate swap
|
$5,266,668
|
1.25%
|
.4352%
|
Before-Tax
|
Tax Benefit
|
Net-of-Tax
|
||||||||||
Three Months Ended April 30, 2015
|
||||||||||||
Loss on interest rate swap
|
$
|
(2,169
|
)
|
$
|
868
|
$
|
(1,301
|
)
|
||||
Reclassification adjustment for loss in income
|
7,444
|
(2,978
|
)
|
4,466
|
||||||||
Net unrealized gain
|
$
|
5,274
|
$
|
(2,110
|
)
|
$
|
3,165
|
|||||
Three Months Ended April 30, 2016
|
||||||||||||
Loss on interest rate swap
|
$
|
(3,899
|
)
|
$
|
1,560
|
$
|
(2,339
|
)
|
||||
Reclassification adjustment for loss in income
|
8,082
|
(3,233
|
)
|
4,849
|
||||||||
Net unrealized gain
|
$
|
4,183
|
$
|
(1,673
|
)
|
$
|
2,510
|
Before-Tax
|
Tax Benefit
|
Net-of-Tax
|
||||||||||
Six Months Ended April 30, 2015
|
||||||||||||
Loss on interest rate swap
|
$
|
(5,464
|
)
|
$
|
2,186
|
$
|
(3,278
|
)
|
||||
Reclassification adjustment for loss in income
|
15,563
|
(6,226
|
)
|
9,337
|
||||||||
Net unrealized gain
|
$
|
10,099
|
$
|
(4,040
|
)
|
$
|
6,059
|
|||||
Six Months Ended April 30, 2016
|
||||||||||||
Loss on interest rate swap
|
$
|
(54,942
|
)
|
$
|
21,977
|
$
|
(32,965
|
)
|
||||
Reclassification adjustment for loss in income
|
12,915
|
(5,166
|
)
|
7,749
|
||||||||
Net unrealized loss
|
$
|
(42,027
|
)
|
$
|
16,811
|
$
|
(25,216
|
)
|
Level 1
|
Level 2
|
Level 3
|
||||||||||
Liabilities:
|
||||||||||||
April 30, 2016
|
||||||||||||
Unrealized loss on derivatives
|
$
|
-
|
$
|
50,939
|
$
|
-
|
||||||
October 31, 2015
|
||||||||||||
Unrealized loss on derivatives
|
$
|
-
|
$
|
8,912
|
$
|
-
|
§ | In the "float" model, the rate reflects where the market expects LIBOR to be for the respective period and is based on the Eurodollar futures market. |
§ | The discount factor is a function of the volatility of LIBOR. |
Three Months Ended
April 30,
|
Six Months Ended
April 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net Income (Loss)
|
$
|
239,251
|
$
|
(641,334
|
)
|
$
|
209,723
|
$
|
(1,067,944
|
)
|
||||||
Denominator:
|
||||||||||||||||
Basic Weighted Average Shares Outstanding
|
21,358,411
|
21,358,411
|
21,358,411
|
21,358,411
|
||||||||||||
Dilutive effect of Stock Options
|
-
|
-
|
-
|
-
|
||||||||||||
Diluted Weighted Average Shares Outstanding
|
21,358,411
|
21,358,411
|
21,358,411
|
21,358,411
|
||||||||||||
Basic Income (Loss) Per Share
|
$
|
.01
|
$
|
(.03
|
)
|
$
|
.01
|
$
|
(.05
|
)
|
||||||
Diluted Income Per (Loss) Share
|
$
|
.01
|
$
|
(.03
|
)
|
$
|
.01
|
$
|
(.05
|
)
|
9. | RECENT ACCOUNTING PRONOUNCEMENTS |
10. | SIGNIFICANT ACCOUNTING POLICIES |
(1) | the lower gross profits of products that we are offering in connection with our brand expansion and response to competition in our marketplace, |
(2) | the outstanding debt levels may adversely impact the business profitability and ability to finance future expansion, |
(3) | the cost pressures related to commodities affecting our business, and |
(4) | the potential adverse effect of weather on our sales and costs. |
Product Line (000's $)
|
2016
|
2015
|
Difference
|
% Diff.
|
||||||||||||
Water
|
$
|
6,905
|
$
|
6,647
|
$
|
258
|
4
|
%
|
||||||||
Coffee
|
2,993
|
3,558
|
(565
|
)
|
(16
|
%)
|
||||||||||
Refreshment
|
2,507
|
2,794
|
(287
|
)
|
(10
|
%)
|
||||||||||
Equipment Rental
|
1,744 | 1,870 | (126 | ) | (7 | %) | ||||||||||
Office Products
|
2,053 | 3,370 | (1,317 | ) | (39 | %) | ||||||||||
Other
|
509
|
490
|
19
|
4
|
%
|
|||||||||||
Total
|
$
|
16,711
|
$
|
18,729
|
$
|
(2,018
|
)
|
(11
|
%)
|
Product Line (000's $)
|
2016
|
2015
|
Difference
|
% Diff.
|
||||||||||||
Water
|
$
|
13,053
|
$
|
12,783
|
$
|
270
|
2
|
%
|
||||||||
Coffee
|
5,913
|
6,982
|
(1,069
|
)
|
(15
|
%)
|
||||||||||
Refreshment
|
4,876
|
5,447
|
(571
|
)
|
(10
|
%)
|
||||||||||
Equipment Rental
|
3,535 | 3,809 | (274 | ) | (7 | %) | ||||||||||
Office Products
|
4,533 | 6,336 | (1,803 | ) | (28 | %) | ||||||||||
Other
|
932
|
1,070
|
(138
|
)
|
(13
|
%)
|
||||||||||
Total
|
$
|
32,842
|
$
|
36,427
|
$
|
(3,585
|
)
|
(10
|
%)
|
Instrument Rate
|
Notional Amount
|
Pay Rate
|
Receive Rate
|
Interest rate swap
|
$5,266,668
|
1.25%
|
.4352%
|
Payment due by Period
|
||||||||||||||||||||
Contractual Obligations (2)
|
Total
|
Remainder
of 2016
|
2017-2018
|
2019-2020
|
After 2020
|
|||||||||||||||
Debt
|
$
|
20,365,000
|
$
|
800,000
|
$
|
3,200,000
|
$
|
6,533,000
|
$
|
9,832,000
|
||||||||||
Interest on Debt (1)
|
6,590,000
|
810,000
|
3,065,000
|
2,715,000
|
-
|
|||||||||||||||
Operating Leases
|
6,998,000
|
1,484,000
|
3,516,000
|
1,766,000
|
232,000
|
|||||||||||||||
Total
|
$
|
33,953,000
|
$
|
3,094,000
|
$
|
9,781,000
|
$
|
11,014,000
|
$
|
10,064,000
|
(1) | Interest based on 50% of outstanding senior debt at the hedged interest rate discussed above, 50% of outstanding senior debt at a variable rate of 3.93%, line of credit at a rate of 3.68%, and subordinated debt at a rate of 12%. |
(2) | Customer deposits have been excluded from the table. Deposit balances vary from period to period with water sales but future increases and decreases in the balances are not accurately predictable. Deposits are excluded because, net of periodic additions and reductions, it is probable that a customer deposit balance will always be outstanding as long as the business operates. |
3.1 | Certificate of Incorporation (Incorporated by reference to Exhibit B to Appendix A to our registration statement on Form S-4, File No. 333-45226, filed with the SEC on September 6, 2000) |
3.2 | Certificate of Amendment of Certificate of Incorporation (Incorporated by reference to Exhibit 4.2 of our current report on Form 8-K, filed with the SEC on October 19, 2000) |
3.3 | Certificate of Ownership and Merger of Crystal Rock Holdings, Inc. with and into Vermont Pure Holdings, Ltd. (Incorporated by reference to Exhibit 3.1 to our current report on Form 8-K, filed with the SEC on May 6, 2010) |
3.4 | By-laws, as amended (Incorporated by reference to Exhibit 3.2 to our report on Form 8-K, filed with the SEC on April 2, 2010) |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101 | Interactive Data Files regarding (a) our Consolidated Balance Sheets as of April 30, 2016 and October 31, 2015, (b) our Consolidated Statements of Operations for the Three and Six Months Ended April 30, 2016 and 2015, (c) our Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended April 30, 2016 and 2015, (d) our Consolidated Statements of Cash Flows for the Six Months Ended April 30, 2016 and 2015, and (e) the Notes to such Consolidated Financial Statements. |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley act of 2002. |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley act of 2002. |
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 | Interactive Data Files regarding (a) our Consolidated Balance Sheets as of April 30, 2016 and October 31, 2015, (b) our Consolidated Statements of Operations for the Three and Six Months Ended April 30, 2016 and 2015, (c) our Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended April 30, 2016 and 2015, (d) our Consolidated Statements of Cash Flows for the Six Months Ended April 30, 2016 and 2015, and (e) the Notes to such Consolidated Financial Statements. |
1 Year Crystal Rock Holdings Class A Chart |
1 Month Crystal Rock Holdings Class A Chart |
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