NuCO2 Inc. announced that at the Company’s Special Meeting of Shareholders held recently, shareholders overwhelmingly voted to approve the merger agreement with affiliates of Aurora Capital Group.
The transaction is expected to close by the end of May 2008, subject to the satisfaction or waiver of certain closing conditions. All required regulatory approvals for the merger have been obtained, including early termination under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
Speaking of the ringing endorsement the deal received at the metting, Michael E. DeDomenico, Chairman and CEO, commented, “We are pleased with the outcome of today’s vote and believe that our merger with Aurora Capital Group is the best outcome for our shareholders, our employees and the future of NuCO2.$quot;
“On behalf of our Board of Directors and management team, I want to thank our shareholders, customers and dedicated employees for their support throughout this process. We look forward to completing this transaction with Aurora as soon as possible and anticipate a smooth transition.”
Gerald L. Parsky, Chairman of Aurora Capital Group, affirmed, “We are excited about this transaction and look forward to working closely with NuCO2’s talented employees and highly experienced management team to advance NuCO2’s long-term business goals and drive further growth and opportunities for the company, its employees and customers.”
On the same day, the largest supplier in the US of bulk CO2 systems and services for carbonating fountain beverages, reported results for the fiscal three and nine months ended 31st March 2008.
NuCO2's total revenues for the quarter increased 7.7%, to $34.4m, and for the nine months were up 7.4%, to $103.4m, compared to the corresponding period last year, respectively.
Operating income for the quarter advanced 55.2%, to $4m, and as a percentage of total revenues expanded to 11.5%, compared to 8% a year ago. For the nine months, operating income was up 24.7%, to $14m and as a percentage of total revenues was 13.5%, compared to last year’s 11.7%. Third fiscal quarter net income increased to $1.9m from $1.1m a year earlier, and fully diluted net income per share amounted to $0.13, up from $0.07 a year earlier. Nine month net income totaled $7m, a 39.4% increase year over year, with fully diluted net income per share at $0.46, up from $0.31.
DeDomenico reflected, “Results for our third fiscal quarter showed continued solid improvement in overall business performance, the result of our progress in executing the strategic plan we implemented approximately a year ago, and our focus on providing superior customer service and building operational excellence.$quot;