Sparkling Spring Water Group Ltd. recently announced record first-half revenues of $33.1 million, up 8.6 percent from 1999. The increase in funds was derived from its home and office water business, which achieved a 9.1 percent increase in revenue.
EBITDA before acquisition charges was $9.4 million, up 11.6% from the 1999 period.
"I am pleased with the first half results, especially our improvement in organic growth as net rental additions in the second quarter of nearly 4,400 were more than double the 1999 level of 1,600," said Stewart E. Allen, President. "Our EBITDA also showed solid improvement despite a lower exchange rate for the Pound Sterling and significant increases in fuel costs and higher sales expenses due to increased customer additions."
The Company recorded a net loss of approximately $1.2 million in the first half of 2000 down $0.4 million from the 1999 loss of $1.6 million before extraordinary gains in the 1999 first half.
Interest expense for the first half of 2000 decreased by $0.4 million to $4.7 million from $5.1 million in the 1999 period. Excluding the impact of changes in the value of the Company's currency swap and non-cash amortization of financing expenses, interest expense declined by $0.3 million. This decline was the result of a lower average interest rate on higher debt levels versus the year ago period. Total debt, net of cash, increased by $7.5 million in the first half to approximately $114.2 million at June 30. Acquisitions accounted for $4.0 million of this increase and the balance was used to fund capital expenditures and working capital. Capital expenditures for the first half were $4.1 million down from $5.9 million in the 1999 period.
(Source: PR Newswire)
