Monday, Vermont Pure Holdings Ltd. (VPS), a distributor of bottled water, reported an increase in third-quarter earnings as sales improved from last year.
The Watertown, Connecticut-based company posted a third quarter net income of $1.03 million, or $0.05 per share, up from $577 thousand, or $0.03 per share, reported a year ago.
Sales for the quarter were $18 million, an increase of 5% from $17.11 million generated in the prior-year quarter.
Gross margin increased 4% to $10.3 million in the quarter from $9.9 million in the comparable period last year. However, gross margin, as a percentage of sales, decreased to 57% from 58% in the corresponding period last year.
"In light of the current economic conditions in the Northeastern United States, we continue to take steps to aggressively promote our products through direct marketing and control our energy and raw material costs," said Peter Baker, chief executive officer.
Net income for the nine-month period was $2.01 million, or $0.09 per share, up from $1.28 million, or $0.06 per share, posted a year ago.
Total sales for the year-to-date period advanced 8% to $51.81 million from $48.1 million in the corresponding period last year.
VPS is trading up $0.01 or 0.77% at $1.31 on a volume of about 900 shares.
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