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Primo Water Corp (PRMW) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Primo Water Corp

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CIK: 1365101

Exhibit 99.1

 


Contact:

Primo Water Corporation

David Mills, Chief Financial Officer

(336) 331-4000

 

ICR Inc.

Katie Turner

(646) 277-1228

 

Primo Water Announces

 

Fourth Quarter and Full Year 2018 Financial Results

 

WINSTON-SALEM, N.C., March 5, 2019 -- Primo Water Corporation (Nasdaq: PRMW) today reported financial results for the fourth quarter and full year ended December 31, 2018.

 

Fourth Quarter 2018 Business Highlights:

 

  ● Net sales increased 3.8% to $70.9 million
     
  ● Dispenser net sales increased 20.3% to $12.1 million
     
  ● Exchange net sales increased 8.9% to $18.3 million
     
  ● Net income of $1.7 million, or $0.04 per diluted share
     
  ● Adjusted net income of $3.1 million or $0.07 per diluted share
     
  ● Adjusted EBITDA of $11.8 million
     
  ● Dispenser sell-thru units of 158,000
     
  ● U.S. Exchange same-store sales unit growth accelerated to 13.3%

 

Full Year 2018 Business Highlights:

 

  ● Net sales increased 5.6% to $302.1 million
     
  ● Dispenser net sales increased 20.4% to $49.0 million
     
  ● Exchange net sales increased 8.3% to $78.1 million
     
  ● Refill net sales increased 1.0% to $175.0 million
     
  ● Net loss of $54.8 million, or $1.47 per diluted share
     
  ● Adjusted net income of $16.0 million or $0.41 per diluted share
     
  ● Adjusted EBITDA increased 1.2% to $55.4 million
     
  ● Record sell-thru of dispenser units to 725,000, an increase of 10.1%
     
  ● U.S. Exchange same-store sales unit growth of 10.7%

 

(All comparisons above are with respect to the fourth quarter and full year ended December 31, 2017)

 

 
The following information was filed by Primo Water Corp on Tuesday, March 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Primo Water Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Note 1 - Description Of Business And Significant Accounting Policies
Note 1 - Description Of Business And Significant Accounting Policies (Details Textual)
Note 1 - Description Of Business And Significant Accounting Policies (Tables)
Note 1 - Description Of Business And Significant Accounting Policies - Allowance For Doubtful Accounts (Details)
Note 1 - Description Of Business And Significant Accounting Policies - Disaggregation Of Revenue (Details)
Note 1 - Description Of Business And Significant Accounting Policies - Special Items (Details)
Note 10 - Stock-Based Compensation
Note 10 - Stock-Based Compensation (Details Textual)
Note 10 - Stock-Based Compensation (Tables)
Note 10 - Stock-Based Compensation - Fair Value Assumptions Of $24,000 Ebitda Target Award (Details)
Note 10 - Stock-Based Compensation - Non-Cash Stock-Based Compensation Expense By Award Type (Details)
Note 10 - Stock-Based Compensation - Stock Option Activity (Details)
Note 10 - Stock-Based Compensation - Stock Option Valuation Assumption (Details)
Note 11 - Commitments And Contingencies
Note 11 - Commitments And Contingencies (Details Textual)
Note 11 - Commitments And Contingencies (Tables)
Note 11 - Commitments And Contingencies - Operating Lease Future Minimum Payments (Details)
Note 12 - Income Taxes
Note 12 - Income Taxes (Details Textual)
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes - Components Of Income Tax Expense (Benefit) (Details)
Note 12 - Income Taxes - Deferred Tax Assets And Liabilities (Details)
Note 12 - Income Taxes - Effective Income Tax Reconciliation (Details)
Note 13 - Fair Value Measurements
Note 13 - Fair Value Measurements (Details Textual)
Note 13 - Fair Value Measurements (Tables)
Note 13 - Fair Value Measurements - Assets Measured On A Recurring Basis (Details)
Note 13 - Fair Value Measurements - Impairment Charge On A Nonrecurring Basis (Details)
Note 13 - Fair Value Measurements - Level 3 Fair Value Measurements (Details)
Note 14 - Earnings (Loss) Per Share
Note 14 - Earnings (Loss) Per Share (Details Textual)
Note 14 - Earnings (Loss) Per Share (Tables)
Note 14 - Earnings (Loss) Per Share - Basic And Diluted Earnings Per Share (Details)
Note 15 - Segments
Note 15 - Segments (Details Textual)
Note 15 - Segments (Tables)
Note 15 - Segments - Identifiable Assets (Details)
Note 15 - Segments - Segment Information (Details)
Note 16 - Supplemental Cash Flow Information
Note 16 - Supplemental Cash Flow Information (Tables)
Note 16 - Supplemental Cash Flow Information - Condensed Supplemental Information (Details)
Note 17 - Employee Retirement Savings Plan
Note 17 - Employee Retirement Savings Plan (Details Textual)
Note 18 - Selected Quarterly Financial Information (Unaudited)
Note 18 - Selected Quarterly Financial Information (Unaudited) (Tables)
Note 18 - Selected Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details)
Note 2 - Impairment Charges And Other
Note 2 - Impairment Charges And Other (Details Textual)
Note 2 - Impairment Charges And Other (Tables)
Note 2 - Impairment Charges And Other - Asset Impairment Charges (Details)
Note 2 - Impairment Charges And Other - Discontinue Of Glacier Trade Name (Details)
Note 2 - Impairment Charges And Other - Estimated Fair Value Of Ice Assets (Details)
Note 3 - Glacier Acquisition
Note 3 - Glacier Acquisition (Details Textual)
Note 3 - Glacier Acquisition (Tables)
Note 3 - Glacier Acquisition - Aggregate Consideration Transferred (Details)
Note 3 - Glacier Acquisition - Assets Acquired And Liabilities Assumed (Details)
Note 3 - Glacier Acquisition - Pro Forma Consolidated Results Of Operation (Details)
Note 4 - Goodwill And Intangible Assets
Note 4 - Goodwill And Intangible Assets (Details Textual)
Note 4 - Goodwill And Intangible Assets (Tables)
Note 4 - Goodwill And Intangible Assets - Amortization Of Intangible Assets (Details)
Note 4 - Goodwill And Intangible Assets - Amortization Schedule For Finite-Lived Intangible Assets (Details)
Note 4 - Goodwill And Intangible Assets - Change In Goodwill (Details)
Note 5 - Bottles
Note 5 - Bottles (Details Textual)
Note 5 - Bottles (Tables)
Note 5 - Bottles - Depreciation Schedule For Bottles (Details)
Note 6 - Property And Equipment
Note 6 - Property And Equipment (Details Textual)
Note 6 - Property And Equipment (Tables)
Note 6 - Property And Equipment - Summary Of Property And Equipment (Details)
Note 7 - Accrued Expenses And Other Current Liabilities
Note 7 - Accrued Expenses And Other Current Liabilities (Tables)
Note 7 - Accrued Expenses And Other Current Liabilities - Current Accrued Liabilities (Details)
Note 8 - Debt And Capital Leases, Net Of Debt Issuance Costs
Note 8 - Debt And Capital Leases, Net Of Debt Issuance Costs (Details Textual)
Note 8 - Debt And Capital Leases, Net Of Debt Issuance Costs (Tables)
Note 8 - Debt And Capital Leases, Net Of Debt Issuance Costs - Maturities Of Long-Term Debt (Details)
Note 8 - Debt And Capital Leases, Net Of Debt Issuance Costs - Summary Of Debt And Capital Leases (Details)
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity (Details Textual)
Note 9 - Stockholders' Equity (Tables)
Note 9 - Stockholders' Equity - Fair Value Measurements Of Warrants (Details)
Note 9 - Stockholders' Equity - Warrant Activity (Details)
Significant Accounting Policies (Policies)
CIK: 1365101
Form Type: 10-K Annual Report
Accession Number: 0001437749-19-004167
Submitted to the SEC: Wed Mar 06 2019 4:15:38 AM EST
Accepted by the SEC: Wed Mar 06 2019
Period: Monday, December 31, 2018
Industry: Wholesale Groceries General Line

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