WATERTOWN, CT--(Marketwired - Mar 16, 2017) - Crystal Rock Holdings, Inc. (NYSE MKT: CRVP) announced its financial results for its first fiscal quarter ended January 31, 2017. These results will be filed on Form 10-Q with the Securities and Exchange Commission today.
Total sales for the first quarter decreased $1.4 million from $16.1 million in the first quarter of fiscal 2016 to $14.7 million during the same period in fiscal 2017. Gross profit increased $104 thousand during the first quarter, going from $7.6 million in 2016 to $7.7 million during the same period in fiscal 2017.
Operating expenses increased $221 thousand or 3% to $7.5 million in fiscal 2017 from $7.2 million in the comparable period of fiscal 2016.
Operating income decreased $117 thousand in the first fiscal quarter of 2017 resulting in operating income of $232 thousand compared to an operating income of $349 thousand for the comparable period of fiscal 2016. The net loss for the quarter ended January 31, 2017 was $75 thousand compared to a net loss of $30 thousand for the first fiscal quarter of 2016.
"First quarter results reflect higher water sales in fiscal 2017 than in 2016, yielding higher gross profits. Our management direction, customer service and technology platforms will continue to emphasize a broader customer experience focusing on the Company's multi-channel go to market strategies," said Peter Baker, President and CEO, Crystal Rock Holdings, Inc. "We are highly encouraged that our customer acquisition and renewal rates remain strong in a highly competitive market. There is a demand for premium value and service that minimize aftermarket service disruption and customer confusion that plague many low cost-only providers. Our results are proof of that demand."
