crystal rock holdings inc (CRVP) Key Developments
Crystal Rock Holdings, Inc. Enters into Second Amended and Restated Credit Agreement
May 21 15
On May 20, 2015, Crystal Rock Holdings, Inc. entered into a second amended and restated credit agreement with Bank of America, N.A. This supersedes the prior amended and restated credit agreement with the same lender. The amendment is a senior financing facility that includes a term loan of $12,000,000 payable over a 5-year period in 59 equal monthly installments of $133,333 with a final payment of $4,133,333 due in May 2020. The Amendment also includes a revolving line of credit of $5,000,000. There were no changes in the applicable margins for outstanding balances of term debt or outstanding line of credit amounts; in general, interest is paid at a rate of one-month LIBOR plus a margin based on the achievement of specified leverage ratios. As of the closing date, the margins were 3.00% for the term loan and 2.75% for the line of credit. The amendment includes restrictive covenants that are substantially the same as set out in the fifth amendment to the credit agreement dated January 14, 2015. Subordinated Debt Payments. Section 10.8 of the amendment allows for immediate payments to subordinated debt holders in the amount of $1,000,000 with provisions permitting additional payments of up to $1,000,000 in the future if certain conditions are met. In conjunction with the revision of Section 10.8, the board of directors of the company approved the immediate payment of $1,000,000 to subordinated debt holders.
Crystal Rock Holdings, Inc. Announces Management Changes, Effective May 1, 2015
Apr 24 15
On April 21, 2015, the Board of Directors of Crystal Rock Holdings, Inc. designated David Jurasek, the company's Vice President of Finance and Assistant Secretary, as its principal financial officer and principal accounting officer, effective at the close of business on May 1, 2015. Mr. Jurasek, age 56, joined Crystal Rock in September 1995 and has served as its Controller, Director of Finance and Vice President of Finance. On April 21, 2015, the Board of Directors set the size of the full Board at seven and appointed Bruce MacDonald to fill the vacancy on the Board, effective at the start of business on May 1, 2015.
Crystal Rock Holdings, Inc. Announces Unaudited Financial Results for the Fiscal First Quarter Ended January 31, 2015
Mar 17 15
Crystal Rock Holdings, Inc. announced unaudited financial results for the fiscal first quarter ended January 31, 2015. Total sales for the first quarter of fiscal year 2015 decreased 4% to $17.7 million compared to $18.4 million during the same period in fiscal 2014. The net loss for the first quarter of fiscal year 2015 was $427,000 compared to $847,000 for the same period last year. On a per share basis, the net loss was $0.02 per fully basic and diluted share in the first quarter of fiscal year 2015, compared to $0.04 per fully basic and diluted share in for the same period in fiscal 2014. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $570,000 in the first quarter of 2015 compared to $272,000 for the same period in 2014. Loss from operations was $304,000 against $766,000 a year ago.
Crystal Rock Holdings, Inc. Announces Resignation of Bruce S. MacDonald as Chief Financial Officer, Effective May 1, 2015
Mar 11 15
On March 5, 2015, Bruce S. MacDonald, Chief Financial Officer, advised the Crystal Rock Holdings, Inc. that he will be resigning his position as CFO effective at the close of business May 1, 2015, in order to accept a CFO position with another company. Mr. MacDonald is principal financial officer and principal accounting officer.
Crystal Rock Holdings, Inc., Annual General Meeting, Apr 21, 2015
Mar 2 15
Crystal Rock Holdings, Inc., Annual General Meeting, Apr 21, 2015., at 10:00 US Eastern Standard Time. Location: Offices of Lamn, Krielow, Dytrych & Co., 500 University Boulevard. Agenda: To elect the six nominees named in the proxy statement to the Board of Directors to serve until the Annual Meeting of Stockholders in 2016 and until their respective successors have been duly elected and qualified; to ratify the appointment of Wolf & Company P.C. as the company’s independent auditors for fiscal year 2015; and to transact such other business as may properly come before the meeting and any adjournment(s) of the meeting.