NuCO2 Inc., the largest supplier in the U.S. of bulk CO2 systems and services for carbonating fountain beverages, today reported operating results for the quarter ended March 31, 2007 – the first quarter since the Company began transitioning to its new strategic growth plan focused on improving returns and cash generation.
The Company noted that important progress is being achieved, particularly in the areas of customer quality, asset utilization, operating productivity and cost reductions. $quot;The quarter fully met our expectations in successful operational conversion to the new plan and we expect the full benefits of our cash generation and higher investment return model to be realized in the months ahead,$quot; said Michael E. DeDomenico, chairman and CEO. $quot;The third quarter’s financial results reflect costs associated with transitioning to the new plan.$quot;
Total revenues for the quarter amounted to $31.9 million, compared with $29.2 million in the corresponding year-ago period, an increase of 9.3%, and for the nine months ended March 31, 2007 advanced 12.1%, to $96.2 million from $85.8 million in the prior year period.
EBITDA (earnings before interest, taxes, depreciation and amortization), which the Company regards as useful information as to its liquidity, excluding non-cash stock option expense, totaled $9.0 million in the third quarter, essentially even with the preceding December 2006 quarter.
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