Primo Water Corporation
Mar 5, 2019
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Primo Water Announces Fourth Quarter and Full Year 2018 Financial Results

WINSTON-SALEM, N.C., March 05, 2019 (GLOBE NEWSWIRE) -- 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)

“We are pleased with our finish to 2018, as our marketing initiatives continued to help fuel our growth across sales channels.  Our U.S. exchange same-store unit growth of over 13% exceeded our expectations and was driven by solid dispenser sell-thru resulting in new water households,” commented Matt Sheehan, Primo Water’s President and Chief Executive Officer.  “In 2019, we believe our operational and marketing focus, combined with robust industry tailwinds, position us well for continued growth.  We remain confident in our ability to generate value for all of our shareholders.”

Fourth Quarter Results

Net sales increased to $70.9 million from $68.3 million for the prior year quarter, as a result of growth in both the Dispenser and Exchange segments, partially offset by a slight decrease in the Refill segment.  Dispenser segment net sales increased 20.3% to $12.1 million from $10.1 million for the prior year quarter, driven by consumer demand, or sell-thru of 158,000 units.  Exchange net sales increased to $18.3 million from $16.8 million for the prior year quarter, driven by an acceleration in growth of U.S. same-store unit sales to 13.3%.  Refill net sales decreased to $40.5 million from $41.4 million for the prior year quarter, primarily due to lower sales volumes, partially offset by an increase in price.

Gross margin percentage was 28.0%, compared to 28.7% for the prior year quarter, due primarily to the higher mix of dispenser sales in the quarter compared to the prior year quarter, as well as an increase in promotional activities.  Selling, general and administrative (SG&A) expenses were $9.1 million, or 12.8% as a percentage of net sales, compared to $8.0 million, or 11.7% as a percentage of net sales, for the prior year quarter, primarily due to an increase in marketing and advertising spending, which we believe will drive long-term growth, as well as increases in employee-related costs and bad debt expense related to a retail partner bankruptcy, partially offset by a decrease in non-cash, stock compensation expense.  

Interest expense decreased to $2.5 million from $5.1 million for the prior year quarter. The decrease was primarily due to the impact of the refinancing of our outstanding indebtedness in June 2018, which resulted in lower indebtedness and lower interest rates under the current credit facility compared to the prior credit arrangements.

U.S. GAAP net income was $1.7 million, or $0.04 per diluted share, compared to $3.0 million, or $0.09 per diluted share in the prior year quarter. Adjusted net income, a non-U.S. GAAP measure, was $3.1 million, or $0.07 per diluted share, compared to adjusted net income of $0.5 million, or $0.01 per diluted share, for the prior year quarter.

Adjusted EBITDA, a non-U.S. GAAP measure, was $11.8 million compared to $12.9 million in the prior year quarter.

Full Year 2018 Results

Net sales increased to $302.1 million from $286.1 million for the prior year, with growth in all three segments – Dispensers, Exchange and Refill.  Dispenser segment net sales increased 20.4% to $49.0 million from $40.7 million for the prior year, primarily due to sell-thru, which increased 10.1% to 725,000 units for 2018.  Exchange net sales increased 8.3% to $78.1 million from $72.1 million for the prior year, driven by a 10.7% increase in U.S. same-store unit sales. Refill net sales increased to $175.0 million from $173.2 million for the prior year. 

Gross margin percentage was 28.7%, compared to 29.1% for the prior year due primarily to a higher mix of dispenser sales and an increase in promotional activities when compared to 2017.  SG&A increased to $35.2 million from $34.7 million in the prior year.  As a percentage of net sales, SG&A decreased to 11.7% from 12.1% for the prior year.  The increase in SG&A dollars was primarily due to an increase in marketing and advertising spend and the impact related to a retail partner bankruptcy, partially offset by a decrease in non-cash, stock-based compensation expense.

During the third quarter of 2018, we announced the plan to move forward with one brand in Refill and discontinue the Glacier brand. This will bring the Primo brand to all our Refill locations in the next two years. The Glacier brand was obtained through Primo’s December 2016 acquisition of Glacier Water. As a result of the decision to discontinue the use of this brand, we recorded one-time non-cash impairment charges totaling $63.2 million during the year ended December 31, 2018 to reduce the carrying value of the assets to the estimated fair value.  During 2018, additional non-cash impairment charges totaling $4.6 million were recorded related to the reduction of the carrying value of our ice assets held-for-sale to their estimated fair value.

U.S. GAAP net loss was $54.8 million, or $1.47 per diluted share, compared to a net loss of $6.4 million, or $0.19 per diluted share for the prior year.  Adjusted net income, a non-U.S. GAAP measure, was $16.0 million, or $0.41 per diluted share, compared to adjusted net income of $7.2 million, or $0.21 per diluted share, for the prior year.

Adjusted EBITDA, a non-U.S. GAAP measure, increased 1.2% to $55.4 million from $54.7 million for the prior year.

2019 Outlook

We expect net sales for the full year 2019 to be in the range of $315.0 million to $325.0 million, and adjusted EBITDA for the full year to be in the range of $60.0 million to $63.0 million.

For the first quarter of 2019, we expect net sales of $67.8 million to $70.8 million and adjusted EBITDA of $9.0 million to $10.0 million.

We do not provide guidance for the most directly comparable GAAP measure to adjusted EBITDA, net income, and similarly cannot provide a reconciliation between our forecasted adjusted EBITDA and net income metrics without unreasonable effort due to the unavailability of reliable estimates, which include interest expense and non-recurring and acquisition-related costs. These items, among others, are not within our control and may vary greatly between periods and could significantly impact future financial results.

Conference Call and Webcast

Primo will host a conference call with Matt Sheehan, President and Chief Executive Officer and David Mills, Chief Financial Officer, to discuss its financial results at 4:30 p.m. ET today, March 5, 2019. The call will be broadcast live over the Internet hosted at the Investor Relations section of Primo Water's website at www.primowater.com, and will be archived online through March 19, 2019. In addition, listeners may dial (866) 712-2329 in North America, and international listeners may dial (253) 237-1244.

About Primo Water Corporation

Primo Water Corporation (Nasdaq: PRMW) is an environmentally and ethically responsible company with a purpose of inspiring healthier lives through better water. Primo is North America's leading single source provider of water dispensers, multi-gallon purified bottled water, and self-service refill drinking water.  Primo’s Dispensers, Exchange and Refill products are available in over 45,000 retail locations and online throughout the United States and Canada. For more information and to learn more about Primo Water, please visit our website at www.primowater.com.

Forward-Looking Statements

Certain statements contained herein are not based on historical fact and are "forward-looking statements" within the meaning of the applicable securities laws and regulations. These statements include the Company’s financial guidance; our belief that our operational and marketing focus, combined with robust industry tailwinds, position us well for continued growth; our confidence in our ability to generate value for all of our shareholders; our belief that an increase in marketing and advertising spending will drive long-term growth; and statements regarding our plan to move forward with one brand in Refill, discontinue the Glacier brand, and to bring the Primo brand to all of our Refill locations in the next two years. These statements can otherwise be identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "feel," "forecast," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "would," "will," and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated herein. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the loss of major retail customers of the Company or the reduction in volume or change in timing of purchases by major retail customers; the consolidation of retail customers and disruption of the retail business model; lower than anticipated consumer and retailer acceptance of and demand for the Company's products and services; difficulties realizing expected growth in Refill sales volume and net sales from recently discovered insights related to downtime of certain Refill machines, and the potential that an increase in Refill prices will be offset by lower Refill sales volume; the highly competitive environment in which we operate and the entry of a competitor with greater resources into the marketplace; risks that we may continue to incur operating losses in the future; competition and other business conditions in the water and water dispenser industries in general; adverse changes in the Company's relationships with its independent bottlers, distributors and suppliers in its Exchange business; the potential that our distributors do not perform to our retailers’ expectations, that we may have difficulty managing our distributor operations or that we or our distributors are not able to manage our growth effectively; our inability to obtain capital when desired on favorable terms, if at all, and the potential dilution such capital acquisition may have on our existing stockholders; the loss of key Company personnel; risks related to fluctuations in currency exchange rates and international political uncertainties, particularly with China; risks associated with the Company’s potential expansion into international markets, and our recent entrance into a partnership with a third party in Mexico related to Mexico refill operations, that could be harmful to our business and operations; recently imposed tariffs that cover certain of our products, the potential for increases in existing tariffs or new tariffs, which may materially adversely affect our business, and other potential changes in international trade relations implemented by the U.S. presidential administration; risks related to contamination of the water we sell; the risks posed to our Refill business by electrical outages, localized municipal tap water system shut-downs, “boil water” directives or increases in the cost of electricity or municipal tap water; the misuse of components of our Dispensers by end users; interruption or disruption of our supply chain, distribution channels, bottling and distribution network or third-party service providers; the Company’s experiencing product liability, product recall or higher than anticipated rates of sales returns associated with product quality or safety issues; dependence on key management information systems; risks related to cyber breaches, cybersecurity lapses or a failure or corruption of one or more of our key information technology systems, networks, processes, associated sites or service providers, and our ability to maintain confidential or credit card information of third parties or other private data relating to the Company, its employees or any third party; changes related to the phase-out of LIBOR; risks related to inventory loss and theft of inventory and cash; the impact of impairment of intangibles on our results of operations; risks related to the brand unification in our Refill segment; our ability to effectively implement certain strategic marketing and brand activation strategies, the incurrence of potentially significant and unanticipated costs, resources and time associated with the development and implementation of new marketing and brand activation strategies, and the risk that such strategies are ultimately ineffective; our ability to build and maintain our brand image and corporate reputation; the Company's inability to efficiently expand operations and capacity to meet growth; the Company's inability to develop, introduce and produce new product offerings within the anticipated timeframe or at all; general economic conditions; the possible adverse effects that decreased discretionary consumer spending may have on the Company’s business; risks related to acquisitions and investments in new product lines, business or technologies; risks related to activist stockholders, including the incurrence of substantial costs, diversion of management’s attention and resources and the related impacts on our business; changes in the regulatory framework governing the Company's business; significant liabilities or costs associated with litigation or other legal proceedings; the possibility that our ability to use our net operating loss carryforwards in the United States may be limited; the restrictions imposed upon our business as a result of the restrictive covenants contained in our credit agreements; the Company’s inability to comply with its covenants in its credit facility; the possibility that we may fail to generate sufficient cash flow to service our debt obligations; the negative effects that global capital and credit market issues may have on our liquidity; the costs of borrowing on our operations as well as other risks described more fully in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K to be filed on March 6, 2019 and its subsequent filings under the Securities Exchange Act of 1934. Forward-looking statements reflect management's analysis as of the date of this press release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases or as otherwise required by applicable securities laws.

Use of Non-U.S. GAAP Financial Measures

To supplement its financial statements, the Company provides investors with information related to adjusted EBITDA and adjusted net income, which are not financial measures calculated in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Adjusted EBITDA is calculated as net (loss) income before depreciation and amortization; interest expense, net; income tax benefit; change in fair value of warrant liability; non-cash, stock-based compensation expense; special items; and impairment charges and other.  Adjusted net income is defined as net (loss) income less income tax benefit; change in fair value of warrant liability; non-cash, stock-based compensation expense; special items; impairment charges and other; and debt refinancing costs.  The Company believes these non-U.S. GAAP financial measures provide useful information to management, investors and financial analysts regarding certain financial and business trends relating to the Company’s financial condition and results of operations. Management uses these non-U.S. GAAP financial measures to compare the Company's performance to that of prior periods for trend analyses and planning purposes. These non-U.S. GAAP financial measures are also presented to the Company’s Board of Directors and adjusted EBITDA is used in its credit agreements.

Non-U.S. GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. These non-U.S. GAAP measures exclude significant expenses that are required by U.S. GAAP to be recorded in the Company's financial statements and are subject to inherent limitations.

FINANCIAL TABLES TO FOLLOW


  Primo Water Corporation
  Consolidated Statements of Operations
  (Unaudited; in thousands, except per share amounts)
                   
      Three Months Ended   Years Ended
      December 31,   December 31,
        2018     2017       2018       2017  
                   
  Net sales   $   70,881   $   68,312     $   302,112     $   286,074  
  Operating costs and expenses:                
  Cost of sales       51,040       48,712         215,502         202,878  
  Selling, general and administrative expenses       9,057       7,997         35,226         34,701  
  Special items       136       277         762         7,860  
  Depreciation and amortization       6,197       7,129         24,562         26,698  
  Impairment charges and other       213       (9 )       68,397         (99 )
  Total operating costs and expenses       66,643       64,106         344,449         272,038  
  Income (loss) from operations       4,238       4,206         (42,337 )       14,036  
  Interest expense, net       2,508       5,147         21,417         20,324  
  Change in fair value of warrant liability       –       –         –         3,220  
  Income (loss) before income taxes       1,730       (941 )       (63,754 )       (9,508 )
  Income tax benefit       –       (3,972 )       (8,907 )       (3,149 )
  Net income (loss)    $   1,730   $   3,031     $   (54,847 )   $   (6,359 )
                   
  Earnings (loss) per common share:                
  Basic   $   0.04   $   0.09     $   (1.47 )   $   (0.19 )
    Diluted   $   0.04   $   0.09     $   (1.47 )   $   (0.19 )
                   
  Weighted average  shares used in computing                 
  earnings (loss) per share:                
  Basic       40,408       33,645         37,418         33,258  
    Diluted       41,273       34,780         37,418         33,258  
                   

 

  Primo Water Corporation
  Segment Information
  (Unaudited; in thousands)
                   
      Three Months Ended   Years Ended
      December 31,   December 31,
        2018       2017       2018       2017  
  Segment net sales:                
  Refill   $   40,454     $   41,425     $   174,996     $   173,241  
  Exchange       18,296         16,801         78,072         72,101  
  Dispensers       12,131         10,086         49,044         40,732  
  Total net sales   $   70,881     $   68,312     $   302,112     $   286,074  
                   
  Segment income (loss) from operations:                
    Refill   $   11,092     $   11,529     $   51,135     $   47,146  
    Exchange       5,097         4,862         22,663         21,434  
    Dispensers       1,401         812         3,710         3,469  
    Corporate       (6,806 )       (5,600 )       (26,124 )       (23,554 )
    Special items       (136 )       (277 )       (762 )       (7,860 )
    Depreciation and amortization       (6,197 )       (7,129 )       (24,562 )       (26,698 )
    Impairment charges and other       (213 )       9         (68,397 )       99  
      $   4,238     $   4,206     $   (42,337 )   $   14,036  
                   
                   
  Segment gross margin:                
  Refill     31.1 %     31.9 %     32.7 %     31.9 %
  Exchange     30.4 %     31.4 %     31.4 %     32.2 %
  Dispensers     13.9 %     10.9 %     9.8 %     11.8 %
  Total gross margin     28.0 %     28.7 %     28.7 %     29.1 %
                   
  Other:                
  Exchange U.S. same-store unit growth     13.3 %     6.1 %     10.7 %     6.2 %
                   
  Refill five-gallon equivalent units       22,192         24,888         96,141         107,871  
  Exchange five-gallon equivalent units       3,845         3,507         16,053         14,587  
                   
  Sell-thru of Dispenser units       158         178         725         659  
                   

 

             
  Primo Water Corporation  
  Consolidated Balance Sheets  
  (Unaudited; In thousands, except par value data)  
             
      December 31,   December 31,  
        2018       2017    
             
  ASSETS          
  Current assets:          
  Cash and cash equivalents   $   7,301     $   5,586    
  Accounts receivable, net       19,179         18,015    
  Inventories       9,965         6,178    
  Prepaid expenses and other current assets       7,004         3,409    
  Total current assets       43,449         33,188    
             
  Bottles, net       4,618         4,877    
  Property and equipment, net       95,627         100,692    
  Intangible assets, net       78,671         144,555    
  Goodwill       91,814         92,934    
  Investment in Glacier securities ($0 and $3,881 available-for-sale, at fair value          
    at December 31, 2018 and 2017, respectively)       –         6,510    
  Other assets       661         997    
  Assets held-for-sale at fair value       5,288         –    
  Total assets   $   320,128     $   383,753    
             
  LIABILITIES AND STOCKHOLDERS' EQUITY          
  Current liabilities:          
  Accounts payable   $   25,191     $   18,698    
  Accrued expenses and other current liabilities       8,274         9,878    
  Current portion of long-term debt and capital leases       11,159         3,473    
  Total current liabilities       44,624         32,049    
             
  Long-term debt and capital leases, net of current portion and debt issuance costs     178,966         269,793    
  Deferred tax liability, net       –         8,455    
  Other long-term liabilities       607         1,985    
  Liabilities held-for-sale at fair value       1,438         –    
  Total liabilities       225,635         312,282    
             
  Commitments and contingencies          
             
  Stockholders’ equity:          
  Preferred stock, $0.001 par value - 10,000 shares authorized,           
  none issued and outstanding       –         –    
  Common stock, $0.001 par value - 70,000 shares authorized,          
  38,567 and 30,084 shares issued and outstanding           
  at December 31, 2018 and 2017, respectively       39         30    
  Additional paid-in capital       424,635         345,963    
  Accumulated deficit       (328,599 )       (273,752 )  
  Accumulated other comprehensive loss       (1,582 )       (770 )  
  Total stockholders’ equity        94,493         71,471    
  Total liabilities and stockholders’ equity   $   320,128     $   383,753    
             

 

  Primo Water Corporation 
  Consolidated Statements of Cash Flows 
  (Unaudited; in thousands) 
       
  Years Ended December 31,
      2018       2017  
  Cash flows from operating activities:      
  Net loss $   (54,847 )   $   (6,359 )
  Adjustments to reconcile net loss to net cash      
  provided by operating activities:      
  Depreciation and amortization     24,562         26,698  
  Impairment charges and other      68,397         (99 )
  Gain on Omnifrio settlement     –         (1,191 )
  Stock-based compensation expense     3,683         5,761  
  Non-cash interest expense (income)     2,639         (69 )
  Change in fair value of warrant liability     –         3,220  
  Bad debt expense     635         198  
  Deferred income tax benefit     (8,907 )       (3,149 )
  Realized foreign currency exchange loss and other, net     300         (65 )
  Changes in operating assets and liabilities:      
  Accounts receivable     (1,956 )       (4,636 )
  Inventories     (3,817 )       14  
  Prepaid expenses and other current assets     (3,162 )       (532 )
  Accounts payable     5,301         5,213  
  Accrued expenses and other current liabilities     (133 )       (7,430 )
  Net cash provided by operating activities     32,695         17,574  
         
  Cash flows from investing activities:      
  Purchases of property and equipment     (20,382 )       (17,012 )
  Purchases of bottles, net of disposals     (3,116 )       (3,588 )
  Proceeds from the sale of property and equipment     278         209  
  Proceeds from redemption of investment in Glacier securities     6,277         –  
  Acquisitions, net cash acquired     (920 )       (65 )
  Additions to intangible assets     (88 )       (63 )
  Net cash used in investing activities     (17,951 )       (20,519 )
         
  Cash flows from financing activities:      
  Borrowings under Revolving Credit Facility     18,600         –  
  Payments under Revolving Credit Facility     (15,600 )       –  
  Borrowings under prior Revolving Credit Facility     14,000         2,500  
  Payments under prior Revolving Credit Facility     (14,000 )       (2,500 )
  Borrowings under Term loan     190,000         –  
  Payments under Term loan     (4,750 )       –  
  Payments under prior Term loan     (184,140 )       (1,860 )
  Payments upon redemption of Junior Subordinated Debentures     (87,629 )       –  
  Capital lease payments     (1,566 )       (1,782 )
  Proceeds from common stock issuance, net of costs     70,791         –  
  Proceeds from warrant exercises, net     12,176         88  
  Stock option and employee stock purchase activity     1,827         1,263  
  Payments for taxes related to net share settlement of equity awards     (11,017 )       (4,459 )
  Debt issuance costs and other     (1,676 )       (269 )
  Net cash used in financing activities     (12,984 )       (7,019 )
  Effect of exchange rate changes on cash and cash equivalents     (45 )       (36 )
  Net increase (decrease) in cash and cash equivalents     1,715         (10,000 )
  Cash and cash equivalents, beginning of year     5,586         15,586  
  Cash and cash equivalents, end of period $   7,301     $   5,586  
         

 

                     
  Primo Water Corporation  
  Non-GAAP EBITDA and Adjusted EBITDA Reconciliation  
  (Unaudited; in thousands)  
                     
      Three Months Ended   Years Ended  
      December 31,   December 31,  
        2018     2017       2018       2017    
  Net income (loss)    $   1,730   $   3,031     $   (54,847 )   $   (6,359 )  
  Depreciation and amortization       6,197       7,129         24,562         26,698    
  Interest expense, net       2,508       5,147         21,417         20,324    
  Income tax benefit       –       (3,972 )       (8,907 )       (3,149 )  
  EBITDA       10,435       11,335         (17,775 )       37,514    
  Change in fair value of warrant liability       –       –         –         3,220    
  Non-cash, stock-based compensation expense       973       1,150         3,683         5,761    
  Special items(1)       136       277         762         7,860    
  Impairment charges and other       264       186         68,708         360    
  Adjusted EBITDA   $   11,808   $   12,948     $   55,378     $   54,715    
                     

 

                     
  Primo Water Corporation  
  Non-GAAP Adjusted Net Income  
  (Unaudited; in thousands, except per share amounts)  
                     
      Three Months Ended   Years Ended  
      December 31,   December 31,  
        2018     2017       2018       2017    
                     
  Net income (loss)    $   1,730   $   3,031     $   (54,847 )   $   (6,359 )  
  Income tax benefit       –       (3,972 )       (8,907 )       (3,149 )  
  Income (loss) before income taxes       1,730       (941 )       (63,754 )       (9,508 )  
  Change in fair value of warrant liability       –       –         –         3,220    
  Non-cash, stock-based compensation expense       973       1,150         3,683         5,761    
  Special items(1)       136       277         762         7,860    
  Impairment charges and other       213       (9 )       68,397         (99 )  
  Debt refinancing costs       –       –         6,864         –    
  Adjusted net income   $   3,052   $   477     $   15,952     $   7,234    
                     
  Adjusted earnings per share:                  
    Basic   $   0.08   $   0.01     $   0.43     $   0.22    
    Diluted   $   0.07   $   0.01     $   0.41     $   0.21    
                     
  Weighted average shares used in computing adjusted earnings per share:                
    Basic       40,408       33,645         37,418         33,258    
    Diluted       41,273       34,780         38,531         34,542    
                     

(1) Within “Special items” are certain expense items resulting from acquisitions and other charges which we do not believe to be indicative of our core operations, or we believe are significant to our current operating results warranting separate classification.  These charges generally include (i) expenses related to our acquisition of Glacier Water Services, Inc. in December 2016; (ii) non-recurring expenses associated with our strategic alliance agreement with DS Services of America, Inc. and related business transformation; (iii) legal settlements of a non-recurring nature and (iv) other non-recurring income and expenses associated with restructuring and other costs.

Contact:
Primo Water Corporation
David Mills, Chief Financial Officer
(336) 331-4000

ICR Inc.
Katie Turner
(646) 277-1228

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Source: Primo Water Corporation