NuCO2 Inc, the largest supplier in the US of bulk CO2 systems and services for carbonating fountain beverages, has reported increased operating results for the fourth quarter and fiscal year ended 30th June 2007.
In line with the company's strategic growth plan instituted in January 2007, total revenues for the quarter amounted to $33.9m compared with $30.4m the previous year. For all of fiscal 2007, total revenues totalled $130.1m compared with $116.2m the previous year, an increase of 12 percent over prior year results.
Operating cash flow for the quarter increased to $15.4m, a rise of 62 percent sequentially and 65 percent from last year. For the full year, operating cash flow amounted to $42.8m compared with $33.6m for fiscal 2006. In the second half of 2007, operating cash flow totalled $24.9m compared with $16.4m in the corresponding year 6 months ago, an increase of 52 percent.
Michael E. DeDomenico, chairman and CEO, commented, $quot;In the fiscal fourth quarter, our company continued to make solid progress in line with the goals we outlined in early January. Our objectives of enhancing customer service and field operations while strengthening the company financially are paying off. We have also successfully refocused our sales force and reduced related expenses as part of our new plan, while improving our access to targeted new business.$quot;
The company, a leading national provider of bulk CO2 products and services to the US fountain beverage industry, noted that while advancing operations, it continued in the quarter to achieve improved liquidity and an enhanced balance sheet. EBITDA totalled $11.6m in the fourth quarter and for the full year amounted to $41m.
NuCO2's experienced professionals comprise the largest network of sales and support services in the industry, serving national restaurant chains, convenience stores, theme parks and sports and entertainment complexes, among others.