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Primo Water Announces Results For The Fourth Quarter And Year Ended December 31, 2010

Stocks in this article: PRMW

WINSTON-SALEM, N.C., March 24, 2011 (GLOBE NEWSWIRE) -- Primo Water Corporation (Nasdaq:PRMW), a rapidly growing provider of three-and five-gallon purified bottled water, self-serve filtered drinking water and water dispensers sold through major retailers throughout the United States and Canada today announced financial results for the fourth quarter and year ended December 31, 2010.

Business Highlights

  • Fourth quarter net sales increased 61% compared to the prior year period.
  • Fourth quarter GAAP EPS of ($0.96) and Non-GAAP EPS of ($0.13) for 2010. GAAP EPS includes non-recurring charges of $8.3 million related to recent IPO and acquisition of Culligan Refill.
  • Gross margin increased 730 basis points to 29.6% compared to 22.3% in the fourth quarter of 2009.
  • Exchange same-store unit sales increased 5.1% for the fourth quarter of 2010.
  • Full year 2010 dispenser sales at retail to consumers increased 14% to over 235,000 units.
  • 12,600 combined locations for Exchange and Refill at year end.
  • Successful completion of the Culligan Refill acquisition.

Fourth Quarter Results

For the fourth quarter of 2010, net sales increased 61% to $12.7 million from $7.9 million in the fourth quarter of 2009, consistent with previous guidance. The fourth quarter results include the impact of the Culligan Refill business from the acquisition date of November 10, 2010. 

The net loss from continuing operations for the fourth quarter of 2010 was ($10.7) million or ($0.96) per share, compared to ($3.2) million or ($2.22) per share in the same period in the prior year. Additionally, the fourth quarter of 2010 Non-GAAP pro forma fully-taxed result was a loss of ($0.13) per share and the Company reported Non-GAAP adjusted EBITDA of $0.2 million.  The Company does not expect to pay taxes through 2012 as they have sufficient net operating loss carryforwards to offset taxable income.

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