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Issue Date: Vol. 54, No. 9, September 2014, Posted On: 8/20/2014

DS Services Q2: 9.2% Revenue Increase, $500K Net Loss

Nick Montano
TAGS: office coffee service, water delivery service, DS Services Holdings Inc., DS Services second-quarter ended June 27, bottled water consumption, water filtration services, DS Waters, Tom Harrington

ATLANTA -- DS Services Holdings Inc. said its second-quarter, ended June 27, 2014, had a 6.6% net revenue increase to $251.4 million. Net revenue for the six-month period, ended on the same date, increased 5.2% to $481.9 million.

The increases were primarily driven by sales of returnable products of 9.2% in the second quarter and 9.6% year-to-date, which is a result of growth in the company's average water customer base, the company said. Additionally, DS Services said its customer consumption of bottled water increased 8.2% in the second quarter and 7.5% year-to-date.

DS Services -- a national direct-to-consumer provider of bottled water, office coffee and water filtration services, formerly named DS Waters -- reported that its adjusted EBITDA increased 8.2% to $46.5 million in the second quarter and 4.8% to $79.4 million year-to-date. The increases reflect the growth in DS's net revenue, driven by expansion of its average water customer base, growth in average price per bottle, and tighter control of selling, general and administrative costs, according to the company.

Net losses were $500,000 in the second quarter and $10.1 million year-to-date.

"We are pleased with the strong financial performance we have delivered year-to-date, driven by our growing customer base which is attributable to our successful strategic relationships and our Customer for Life initiatives," said DS Services president and chief executive Tom Harrington. "We are optimistic about the future of our business as we see favorable trends in our average customer base and consumption per customer. As we begin a new chapter in our company's history as a public reporting company, we remain focused on the work required to achieve the goals and strategic initiatives we and our investors expect."

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