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Carbon Dioxide Supplier NuCo2 Posts Lower Earnings for Q3

Posted on: Thursday, 4 May 2006, 21:03 CDT

By Eve Samples, The Palm Beach Post, Fla.

May 4--Carbon dioxide supplier NuCo2 posted lower earnings for its fiscal third quarter, citing requirements for expensing stock options and new income tax provisions as reasons for the drop.

Earnings were $2.2 million, or 14 cents per diluted share for the quarter ended March 31, compared with $2.7 million, or 20 cents a share, a year earlier.

Stock option expenses were $1.4 million.

Revenues for the three-month period were up 19 percent from a year ago, to $29.2 million, partly because of a 13 percent expansion of its customer base, Stuart-based NuCo2 reported.

Still, the company is revamping its sales team to generate stronger customer growth, Chief Executive Officer Michael DeDomenico said Wednesday.

"We're not satisfied with our rate of customer additions," he said.

The firm has replaced 27 independent contractors on its sales team with full-time employees, and that should boost customer numbers within six months, DeDomenico said. NuCo plans an earnings conference call at 11 a.m. today.

NuCo2 (Nasdaq: $28.58), supplies carbon dioxide to more than 108,000 restaurants and other customers across the country.

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NUCO,

Source: The Palm Beach Post

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