Hawaii bottled water
boosts Amcon earnings
Amcon Distributing Co., the parent company of Hawaiian Natural Water Co., posted an 87 percent net income increase in its fiscal first quarter as natural spring water sales jumped 26 percent.
The Omaha, Neb.-based company, which purchased the Big Island water producer in December 2001, had earnings of $514,244, or 16 cents a share, in the quarter ended Dec. 31, 2003, compared with $274,974, or 9 cents a share, a year ago. Revenues, though, fell 2.4 percent to $193 million from $197.7 million a year ago.
Amcon Chairman Walter Wright, who blamed the revenue shortfall on a deflationary trend in cigarette prices, said natural water sales under the Hawaiian Springs label were bolstered by the completed construction of Hawaiian Natural Water's packaging and warehouse facility last quarter and the switch to a new distributor in the Hawaii market.
Hawaiian Natural Water is part of Amcon's Beverage Group subsidiary, which markets and distributes other beverage products such as HYPE Energy Drink; Royal Kona Iced Coffee; Bottle Green Presse and Fruit Sodas; Bahia drinks; and Xterra, a line of sports beverages and energy bars.
Last month, Amcon announced its board of directors had approved a one-for-six reverse stock split that is subject to shareholder approval at its annual meeting on March 11.