Primo Water Corporation (Nasdaq: PRMW) today reported financial
results for the first quarter ended March 31, 2019.
Business Highlights:
- Net sales of $70.0 million
- Exchange net sales increased 6.0%
to $19.4 million
- Dispenser sell-thru units of
185,000
- U.S. Exchange same-store sales unit
growth accelerated to 13.6%
(All comparisons above are with respect to the
first quarter ended March 31, 2018)
“We are pleased that our start to 2019 was
in-line with our expectations driven by continued strength in our
exchange and dispenser businesses in the first quarter,” commented
Matt Sheehan, Primo Water’s President and Chief Executive
Officer. “We remain a market leader in dispenser sales at
retail and are enhancing our focus on both growing our sell-thru of
dispensers and increasing the connectivity to our water as
demonstrated by our unit sell-thru of 185,000 dispensers driven by
robust consumer demand. Our team’s operational and marketing
focus, combined with the increasing water industry tailwinds, gives
us excitement about our future opportunities and position us well
for long-term growth.”
First Quarter Results
Net sales were $70.0 million compared to
$73.7 million for the prior year quarter, and in line with our
expectations. Dispenser segment net sales were $12.4 million
compared to $13.9 million for the prior year quarter, driven by
consumer demand, or sell-thru of 185,000 units. Exchange net
sales increased to $19.4 million from $18.3 million for the prior
year quarter, driven by continued strength in U.S. same-store unit
sales, which increased to 13.6%. Refill net sales were $38.3
million compared to $41.5 million for the prior year quarter,
primarily due to fewer locations and lower sales volumes.
Gross margin percentage was 26.4%, compared to
27.5% for the prior year quarter, due primarily to the increase in
promotional activities and lower sales in Refill. Selling,
general and administrative expenses were $10.3 million, compared to
$9.2 million for the prior year quarter, primarily due to an
increase in marketing and promotional spending, as well as an
increase in non-cash stock compensation expense.
Interest expense decreased to $2.6 million from
$5.3 million for the prior year quarter. The decrease was primarily
due to the impact of the refinancing of our outstanding
indebtedness in June 2018, which resulted in reduced indebtedness
and lower interest rates under the current credit facility compared
to the prior credit arrangements.
U.S. GAAP net loss was ($1.3 million), or
($0.03) per diluted share, compared to net income of $1.2 million,
or $0.04 per diluted share in the prior year quarter. Adjusted net
income, a non-U.S. GAAP measure, was $0.5 million, or $0.01 per
diluted share, compared to adjusted net income of $1.0 million, or
$0.03 per diluted share, for the prior year quarter.
Adjusted EBITDA, a non-U.S. GAAP measure, was
$9.8 million compared to $12.4 million for the prior year
quarter.
Outlook
For the full year 2019, we now expect net sales
to be in the range of $317.0 million to $325.0 million, and
adjusted EBITDA to be in the range of $59.0 million to $62.0
million.
For the second quarter of 2019, we expect net
sales of $76.5 million to $79.5 million and adjusted EBITDA of
$12.9 million to $13.9 million.
We do not provide guidance for the most directly
comparable GAAP measure to adjusted EBITDA, net income, and
similarly cannot provide a reconciliation between our forecasted
adjusted EBITDA and net income metrics without unreasonable effort
due to the unavailability of reliable estimates, which include
interest expense and special items. These items, among others, are
not within our control and may vary greatly between periods and
could significantly impact future financial results.
Conference Call and Webcast
Primo will host a conference call with Matt
Sheehan, President and Chief Executive Officer and David Mills,
Chief Financial Officer, to discuss its financial results at 4:30
p.m. ET today, May 7, 2019. The call will be broadcast live over
the Internet hosted at the Investor Relations section of Primo
Water's website at www.primowater.com, and will be archived online
through May 21, 2019. In addition, listeners may dial (866)
712-2329 in North America, and international listeners may dial
(253) 237-1244.
About Primo Water Corporation
Primo Water Corporation (Nasdaq: PRMW) is an
environmentally and ethically responsible company with a purpose of
inspiring healthier lives through better water. Primo is North
America's leading single source provider of water dispensers,
multi-gallon purified bottled water, and self-service refill
drinking water. Primo’s Dispensers, Exchange and Refill
products are available in 45,000 retail locations and online
throughout the United States and Canada. For more information and
to learn more about Primo Water, please visit our website at
www.primowater.com.
Forward-Looking Statements
Certain statements contained herein are not
based on historical fact and are "forward-looking statements"
within the meaning of the applicable securities laws and
regulations. These statements include the Company’s financial
guidance; and our belief that our team’s operational and marketing
focus, combined with the increasing water industry tailwinds, give
us excitement about our future opportunities and position us well
for long-term growth. These statements can otherwise be identified
by the use of words such as "anticipate," "believe," "could,"
"estimate," "expect," "feel," "forecast," "intend," "may," "plan,"
"potential," “predict,” "project," “seek,” "should," "would,”
“will,” and similar expressions intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Owing to the
uncertainties inherent in forward-looking statements, actual
results could differ materially from those stated herein. Factors
that could cause actual results to differ materially from those in
the forward-looking statements include, but are not limited to, the
loss of major retail customers of the Company or the reduction in
volume or change in timing of purchases by major retail customers;
the consolidation of retail customers and disruption of the retail
business model; lower than anticipated consumer and retailer
acceptance of and demand for the Company's products and services;
difficulties realizing expected growth in Refill sales volume and
net sales from recently discovered insights related to downtime of
certain Refill machines, and the potential that an increase in
Refill prices will be offset by lower Refill sales volume; the
highly competitive environment in which we operate and the entry of
a competitor with greater resources into the marketplace; risks
that we may continue to incur operating losses in the future;
competition and other business conditions in the water and water
dispenser industries in general; adverse changes in the Company's
relationships with its independent bottlers, distributors and
suppliers in its Exchange business; the potential that our
distributors do not perform to our retailers’ expectations, that we
may have difficulty managing our distributor operations or that we
or our distributors are not able to manage our growth effectively;
our inability to obtain capital when desired on favorable terms, if
at all, and the potential dilution such capital acquisition may
have on our existing stockholders; the loss of key Company
personnel; risks related to fluctuations in currency exchange rates
and international political uncertainties, particularly with China;
risks associated with the Company’s potential expansion into
international markets, and our recent entrance into a partnership
with a third party in Mexico related to Mexico refill operations,
that could be harmful to our business and operations; recently
imposed tariffs that cover certain of our products, the potential
for increases in existing tariffs or new tariffs, which may
materially adversely affect our business, and other potential
changes in international trade relations implemented by the U.S.
presidential administration; risks related to contamination of the
water we sell; the risks posed to our Refill business by electrical
outages, localized municipal tap water system shut-downs, “boil
water” directives or increases in the cost of electricity or
municipal tap water; the misuse of components of our Dispensers by
end users; interruption or disruption of our supply chain,
distribution channels, bottling and distribution network or
third-party service providers; the Company’s experiencing product
liability, product recall or higher than anticipated rates of sales
returns associated with product quality or safety issues;
dependence on key management information systems; risks related to
cyber breaches, cybersecurity lapses or a failure or corruption of
one or more of our key information technology systems, networks,
processes, associated sites or service providers, and our ability
to maintain confidential or credit card information of third
parties or other private data relating to the Company, its
employees or any third party; changes related to the phase-out of
LIBOR; risks related to inventory loss and theft of inventory and
cash; the impact of impairment of intangibles on our results of
operations; risks related to the brand unification in our Refill
segment; our ability to effectively implement certain strategic
marketing and brand activation strategies, the incurrence of
potentially significant and unanticipated costs, resources and time
associated with the development and implementation of new marketing
and brand activation strategies, and the risk that such strategies
are ultimately ineffective; our ability to build and maintain our
brand image and corporate reputation; the Company's inability to
efficiently expand operations and capacity to meet growth; the
Company's inability to develop, introduce and produce new product
offerings within the anticipated timeframe or at all; general
economic conditions; the possible adverse effects that decreased
discretionary consumer spending may have on the Company’s business;
risks related to acquisitions and investments in new product lines,
business or technologies; risks related to activist stockholders,
including the incurrence of substantial costs, diversion of
management’s attention and resources and the related impacts on our
business; changes in the regulatory framework governing the
Company's business; significant liabilities or costs associated
with litigation or other legal proceedings; the possibility that
our ability to use our net operating loss carryforwards in the
United States may be limited; the restrictions imposed upon our
business as a result of the restrictive covenants contained in our
credit agreements; the Company’s inability to comply with its
covenants in its credit facility; the possibility that we may fail
to generate sufficient cash flow to service our debt obligations;
the negative effects that global capital and credit market issues
may have on our liquidity; the costs of borrowing on our operations
as well as other risks described more fully in the Company's
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K filed on March 6, 2019 and its
subsequent filings under the Securities Exchange Act of 1934.
Forward-looking statements reflect management's analysis as of the
date of this press release. The Company does not undertake to
revise these statements to reflect subsequent developments, other
than in its regular, quarterly earnings releases or as otherwise
required by applicable securities laws.
Use of Non-U.S. GAAP Financial Measures
To supplement its financial statements, the
Company provides investors with information related to adjusted
EBITDA and adjusted net income, which are not financial measures
calculated in accordance with generally accepted accounting
principles in the United States (“U.S. GAAP”). Adjusted EBITDA is
calculated as net (loss) income before depreciation and
amortization; interest expense, net; income tax benefit; change in
fair value of warrant liability; non-cash, stock-based compensation
expense; special items; and impairment charges and other.
Adjusted net income is defined as net (loss) income less income tax
benefit; change in fair value of warrant liability; non-cash,
stock-based compensation expense; special items; impairment charges
and other; and debt refinancing costs. The Company believes
these non-U.S. GAAP financial measures provide useful information
to management, investors and financial analysts regarding certain
financial and business trends relating to the Company’s financial
condition and results of operations. Management uses these non-U.S.
GAAP financial measures to compare the Company's performance to
that of prior periods for trend analyses and planning purposes.
These non-U.S. GAAP financial measures are also presented to the
Company’s Board of Directors and adjusted EBITDA is used in its
credit agreements.
Non-U.S. GAAP measures should not be considered
a substitute for, or superior to, financial measures calculated in
accordance with U.S. GAAP. These non-U.S. GAAP measures exclude
significant expenses that are required by U.S. GAAP to be recorded
in the Company's financial statements and are subject to inherent
limitations.
FINANCIAL TABLES TO FOLLOW
|
Primo Water Corporation |
|
|
Condensed Consolidated Statements of Operations |
|
|
(Unaudited; in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
70,047 |
|
|
$ |
73,659 |
|
|
|
Operating costs and
expenses: |
|
|
|
|
|
|
Cost of sales |
|
|
51,522 |
|
|
|
53,421 |
|
|
|
Selling, general and administrative expenses |
|
|
10,330 |
|
|
|
9,200 |
|
|
|
Special items |
|
|
261 |
|
|
|
77 |
|
|
|
Depreciation and amortization |
|
|
6,550 |
|
|
|
6,057 |
|
|
|
Impairment charges and other |
|
|
75 |
|
|
|
133 |
|
|
|
Total operating costs and expenses |
|
|
68,738 |
|
|
|
68,888 |
|
|
|
Income from operations |
|
|
1,309 |
|
|
|
4,771 |
|
|
|
Interest expense, net |
|
|
2,581 |
|
|
|
5,286 |
|
|
|
Loss before income taxes |
|
|
(1,272 |
) |
|
|
(515 |
) |
|
|
Income tax benefit |
|
|
– |
|
|
|
(1,725 |
) |
|
|
Net (loss) income |
|
$ |
(1,272 |
) |
|
$ |
1,210 |
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per common
share: |
|
|
|
|
|
|
Basic |
|
$ |
(0.03 |
) |
|
$ |
0.04 |
|
|
|
Diluted |
|
$ |
(0.03 |
) |
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares used
in computing |
|
|
|
|
|
|
(loss) earnings per
share: |
|
|
|
|
|
|
Basic |
|
|
40,296 |
|
|
|
33,164 |
|
|
|
Diluted |
|
|
40,296 |
|
|
|
34,424 |
|
|
|
|
|
|
|
|
|
|
Primo Water Corporation |
|
|
Segment Information |
|
|
(Unaudited; in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Segment net sales |
|
|
|
|
|
|
Refill |
|
$ |
38,326 |
|
|
$ |
41,475 |
|
|
|
Exchange |
|
|
19,352 |
|
|
|
18,258 |
|
|
|
Dispensers |
|
|
12,369 |
|
|
|
13,926 |
|
|
|
Total net sales |
|
$ |
70,047 |
|
|
$ |
73,659 |
|
|
|
|
|
|
|
|
|
|
Segment income from
operations |
|
|
|
|
|
|
Refill |
|
|
10,084 |
|
|
|
11,584 |
|
|
|
Exchange |
|
|
5,468 |
|
|
|
5,263 |
|
|
|
Dispensers |
|
|
584 |
|
|
|
1,144 |
|
|
|
Corporate |
|
|
(7,941 |
) |
|
|
(6,953 |
) |
|
|
Special items |
|
|
(261 |
) |
|
|
(77 |
) |
|
|
Depreciation and amortization |
|
|
(6,550 |
) |
|
|
(6,057 |
) |
|
|
Impairment charges and other |
|
|
(75 |
) |
|
|
(133 |
) |
|
|
|
|
$ |
1,309 |
|
|
$ |
4,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment gross margin: |
|
|
|
|
|
|
Refill |
|
|
30.1 |
% |
|
|
31.6 |
% |
|
|
Exchange |
|
|
30.8 |
% |
|
|
31.3 |
% |
|
|
Dispensers |
|
|
8.4 |
% |
|
|
10.2 |
% |
|
|
Total gross margin |
|
|
26.4 |
% |
|
|
27.5 |
% |
|
|
|
|
|
|
|
|
|
Other: |
|
|
|
|
|
|
Exchange U.S. same-store unit growth |
|
|
13.6 |
% |
|
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
Refill five-gallon equivalent units |
|
|
20,400 |
|
|
|
24,000 |
|
|
|
Exchange five-gallon equivalent units |
|
|
4,100 |
|
|
|
3,700 |
|
|
|
|
|
|
|
|
|
|
Sell-thru of Dispenser units |
|
|
185 |
|
|
|
185 |
|
|
|
|
|
|
|
|
|
|
Primo Water Corporation |
|
|
Condensed Consolidated Balance Sheets |
|
|
(In thousands, except par value data) |
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
2019 |
|
2018 |
|
|
|
|
(unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,223 |
|
|
$ |
7,301 |
|
|
|
Accounts receivable, net |
|
|
21,265 |
|
|
|
19,179 |
|
|
|
Inventories |
|
|
13,650 |
|
|
|
9,965 |
|
|
|
Prepaid expenses and other current assets |
|
|
8,152 |
|
|
|
7,004 |
|
|
|
Total current assets |
|
|
47,290 |
|
|
|
43,449 |
|
|
|
|
|
|
|
|
|
|
Bottles, net |
|
|
4,932 |
|
|
|
4,618 |
|
|
|
Property and equipment, net |
|
|
99,558 |
|
|
|
95,627 |
|
|
|
Operating lease right-of-use assets |
|
|
3,797 |
|
|
|
– |
|
|
|
Intangible assets, net |
|
|
77,428 |
|
|
|
78,671 |
|
|
|
Goodwill |
|
|
91,917 |
|
|
|
91,814 |
|
|
|
Other assets |
|
|
667 |
|
|
|
661 |
|
|
|
Assets held-for-sale at fair value |
|
|
5,288 |
|
|
|
5,288 |
|
|
|
Total assets |
|
$ |
330,877 |
|
|
$ |
320,128 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
28,558 |
|
|
$ |
25,191 |
|
|
|
Accrued expenses and other current liabilities |
|
|
8,400 |
|
|
|
8,274 |
|
|
|
Current portion of long-term debt and finance leases |
|
|
10,979 |
|
|
|
11,159 |
|
|
|
Total current liabilities |
|
|
47,937 |
|
|
|
44,624 |
|
|
|
|
|
|
|
|
|
|
Long-term debt and finance leases, net of current portion and debt
issuance costs |
|
|
188,112 |
|
|
|
178,966 |
|
|
|
Operating leases, net of current portion |
|
|
2,325 |
|
|
|
– |
|
|
|
Other long-term liabilities |
|
|
579 |
|
|
|
607 |
|
|
|
Liabilities held-for-sale at fair value |
|
|
1,438 |
|
|
|
1,438 |
|
|
|
Total liabilities |
|
|
240,391 |
|
|
|
225,635 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock, $0.001 par value - 10,000 shares authorized, |
|
|
|
|
|
|
none issued and outstanding |
|
|
– |
|
|
|
– |
|
|
|
Common stock, $0.001 par value - 70,000 shares authorized, |
|
|
|
|
|
|
39,029 and 38,567 shares issued and outstanding |
|
|
|
|
|
|
at March 31, 2019 and December 31, 2018, respectively |
|
|
39 |
|
|
|
39 |
|
|
|
Additional paid-in capital |
|
|
422,052 |
|
|
|
424,635 |
|
|
|
Accumulated deficit |
|
|
(330,198 |
) |
|
|
(328,599 |
) |
|
|
Accumulated other comprehensive loss |
|
|
(1,407 |
) |
|
|
(1,582 |
) |
|
|
Total stockholders’
equity |
|
|
90,486 |
|
|
|
94,493 |
|
|
|
Total liabilities and
stockholders’ equity |
|
$ |
330,877 |
|
|
$ |
320,128 |
|
|
|
|
|
|
|
|
|
|
Primo Water Corporation |
|
|
Consolidated Statements of Cash Flows |
|
|
(Unaudited; in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended March
31, |
|
|
|
2019 |
|
2018 |
|
|
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
$ |
(1,272 |
) |
|
$ |
1,210 |
|
|
|
Adjustments to reconcile net loss to net cash |
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
6,550 |
|
|
|
6,057 |
|
|
|
Impairment charges and other |
|
75 |
|
|
|
133 |
|
|
|
Stock-based compensation expense |
|
1,475 |
|
|
|
1,292 |
|
|
|
Non-cash interest expense (income) |
|
96 |
|
|
|
(20 |
) |
|
|
Bad debt expense |
|
27 |
|
|
|
– |
|
|
|
Deferred income tax benefit |
|
– |
|
|
|
(1,725 |
) |
|
|
Realized foreign currency exchange loss and other, net |
|
(43 |
) |
|
|
470 |
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
(2,066 |
) |
|
|
(4,861 |
) |
|
|
Inventories |
|
(3,686 |
) |
|
|
356 |
|
|
|
Prepaid expenses and other current assets |
|
(1,142 |
) |
|
|
(1,793 |
) |
|
|
Accounts payable |
|
691 |
|
|
|
4,259 |
|
|
|
Accrued expenses and other current liabilities |
|
(1,645 |
) |
|
|
(912 |
) |
|
|
Net cash (used in) provided by operating activities |
|
(940 |
) |
|
|
4,466 |
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
Purchases of property and equipment |
|
(6,937 |
) |
|
|
(3,490 |
) |
|
|
Purchases of bottles, net of disposals |
|
(747 |
) |
|
|
(275 |
) |
|
|
Proceeds from the sale of property and equipment |
|
– |
|
|
|
58 |
|
|
|
Additions to intangible assets |
|
(8 |
) |
|
|
(8 |
) |
|
|
Net cash used in investing
activities |
|
(7,692 |
) |
|
|
(3,715 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Borrowings under Revolving Credit Facilities |
|
19,200 |
|
|
|
12,000 |
|
|
|
Payments under Revolving Credit Facilities |
|
(8,600 |
) |
|
|
(6,500 |
) |
|
|
Payments under Term loans |
|
(2,375 |
) |
|
|
(465 |
) |
|
|
Finance lease payments |
|
(451 |
) |
|
|
(418 |
) |
|
|
Proceeds from warrant exercises, net |
|
68 |
|
|
|
– |
|
|
|
Stock option and employee stock purchase activity |
|
39 |
|
|
|
24 |
|
|
|
Bank overdraft |
|
1,651 |
|
|
|
2,695 |
|
|
|
Payments for taxes related to net share settlement |
|
|
|
|
|
of equity awards |
|
(3,957 |
) |
|
|
(8,327 |
) |
|
|
Debt issuance costs and other |
|
(33 |
) |
|
|
– |
|
|
|
Net cash provided by (used in)
financing activities |
|
5,542 |
|
|
|
(991 |
) |
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
12 |
|
|
|
(16 |
) |
|
|
Net decrease in cash and cash
equivalents |
|
(3,078 |
) |
|
|
(256 |
) |
|
|
Cash and cash equivalents,
beginning of year |
|
7,301 |
|
|
|
5,586 |
|
|
|
Cash and cash equivalents, end
of period |
$ |
4,223 |
|
|
$ |
5,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Primo Water Corporation |
|
Non-GAAP EBITDA and Adjusted EBITDA Reconciliation |
|
(Unaudited; in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2019 |
|
2018 |
|
Net (loss) income |
|
$ |
(1,272 |
) |
|
$ |
1,210 |
|
|
Depreciation and amortization |
|
|
6,550 |
|
|
|
6,057 |
|
|
Interest expense, net |
|
|
2,581 |
|
|
|
5,286 |
|
|
Income tax benefit |
|
|
– |
|
|
|
(1,725 |
) |
|
EBITDA |
|
|
7,859 |
|
|
|
10,828 |
|
|
Non-cash, stock-based compensation expense |
|
|
1,475 |
|
|
|
1,292 |
|
|
Special items (1) |
|
|
261 |
|
|
|
77 |
|
|
Impairment charges and other |
|
|
173 |
|
|
|
184 |
|
|
Adjusted EBITDA |
|
$ |
9,768 |
|
|
$ |
12,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Primo Water Corporation |
|
|
|
|
Non-GAAP Adjusted Net Income |
|
|
|
|
(Unaudited; in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(1,272 |
) |
|
|
$ |
1,210 |
|
|
Income tax benefit |
|
– |
|
|
|
(1,725 |
) |
|
Loss before income taxes |
|
(1,272 |
) |
|
|
(515 |
) |
|
Non-cash, stock-based compensation expense |
|
1,475 |
|
|
|
1,292 |
|
|
Special items (1) |
|
261 |
|
|
|
77 |
|
|
Impairment charges and other |
|
75 |
|
|
|
133 |
|
|
Adjusted net income |
|
$ |
539 |
|
|
|
$ |
987 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
|
$ |
0.03 |
|
|
Diluted |
|
$ |
0.01 |
|
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used
in computing earnings per share: |
|
|
|
|
|
|
|
|
Basic |
|
40,296 |
|
|
|
33,164 |
|
|
Diluted |
|
40,296 |
|
|
|
34,424 |
|
|
(1) Within “Special items” are certain expense
items resulting from acquisitions and other charges which we do not
believe to be indicative of our core operations, or we believe are
significant to our current operating results warranting separate
classification. These charges generally include (i) expenses
related to our acquisition of Glacier Water Services, Inc. in
December 2016; (ii) non-recurring expenses associated with our
strategic alliance agreement with DS Services of America, Inc. and
related business transformation; (iii) legal settlements of a
non-recurring nature and (iv) other non-recurring income and
expenses associated with restructuring and other costs.
Contact:Primo Water
CorporationDavid Mills, Chief Financial Officer(336) 331-4000
ICR Inc.Katie Turner(646) 277-1228
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