ATLANTA, Nov. 3, 2014 /PRNewswire/ -- DS Services Holdings, Inc. ("DS Services"), a leading national direct-to-consumer provider of bottled water, office coffee and water filtration services, today announced financial results for its third quarter and nine month periods ended September 26, 2014.
Unaudited Third Quarter 2014 and Nine Months Ended September 26, 2014 ("year-to-date") Financial Results (comparisons are to our third quarter 2013 or our nine month period ended September 27, 2013 financial results, as applicable, and all results are approximates)
- Net revenue increased 7.0% to $259.8 million in the third quarter and 5.8% to $741.7 million year-to-date. This increase was primarily driven by an increase in sales of returnable products of 10.5% in the third quarter and 9.9% year-to-date which is a result of growth in our average water customer base of 1.6% in the third quarter and 1.7% year-to-date and in average customer consumption of bottled water of 10.6% in the third quarter and 8.6% year-to-date.
- Adjusted EBITDA increased 12.1% to $50.4 million in the third quarter and 5.8% to $129.8 million year-to-date. This increase was principally impacted by our net revenue which was driven by the growth in our average water customer base, growth in our average price per bottle and heightened control of our selling, general and administrative costs.
- Net income was $0.0 million in the third quarter and net loss was $11.0 million year-to-date.
"We are proud of our strong financial performance in the third quarter driven by continued increases in our customer base and average customer consumption," said Tom Harrington, President and Chief Executive Officer. "We believe that we will have continued success as we further implement our strategic initiatives in our focused effort to achieve our mission of becoming America's favorite water, coffee and tea service provider where consumers live, work and play." Full report.
