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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of November, 2000
SPARKLING SPRING WATER GROUP LIMITED
19 FIELDING AVENUE, DARTMOUTH, N.S. CANADA B3B1C9
(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F]
Form 20-F X Form 40-F
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[Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3 - 2(b) under the Securities Exchange Act of
1934.]
Yes No X
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On November 15, 2000, Sparkling Spring Water Group Limited issued a press
release announcing record revenue and customer growth in the third quarter.
Exhibit I - Sparkling Spring Water Group Limited press release dated November
15, 2000 announcing record revenue and customer growth in the third
quarter.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Sparkling Spring Water Group Limited
By: /s/ David M. Arnold
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Name: David M. Arnold
Title: Vice President Finance, Treasurer
Date: November 16, 2000
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EXHIBIT I
PRESS RELEASE (For Immediate Release) November 15, 2000
SPARKLING SPRING ANNOUNCES RECORD
REVENUE AND CUSTOMER GROWTH
IN THE THIRD QUARTER
(ALL CURRENCY AMOUNTS IN US$)
VANCOUVER, B.C. -- Sparkling Spring Water Group Limited announced today that
it achieved record revenue in the third quarter of $19.7 million up $1.9 million
or 10.9% over the same period last year. The Company's increase in quarterly
revenue was driven by customer growth from both business acquisitions in the new
Alberta territory as well as strong organic growth of its customer base.
Excluding business acquisitions the Company added over 8,800 net new customer
locations in the quarter, also a record. Including business acquisitions, the
Company added over 13,000 net new customer locations in the quarter. These
additions increased the Company's total customer location base to over 184,000,
up 26,000 or 16.5% from 158,000 at the end of the 1999 third quarter.
The Company announced that earnings before interest, taxes, depreciation and
amortization ("EBITDA") were $4.8 million, a decrease of $0.4 million from the
third quarter last year. An increase in gross profit of $1.6 million in the
quarter was offset by increased operating expenses including a $0.8 million
increase in distribution costs primarily driven by steep increases in fuel
prices, a $1.0 million increase in selling and administrative expenses from the
increased new customer location growth and a $0.2 million acquisition charge for
integration expenses. The drop in the exchange rate for the Pound Sterling
reduced reported EBITDA in the year 2000 third quarter by $0.2 million or 3.4%
and accounted for half of the decline in EBITDA.
The Company recorded net income for the year 2000 third quarter of $1.3 million
compared to a loss in the 1999 third quarter of $1.0 million. In the year 2000
third quarter, gains from increases in the value of the Company's currency swaps
were $2.5 million versus a $0.6 million loss in the 1999 quarter and this was
primarily responsible for the $2.9 million decrease in interest expense compared
to the 1999 quarter.
Sparkling Spring is a leading producer and distributor of bottled water to the
home and office segment. The Company does business as "Nature Springs" in
England, "Water at Work" in Scotland, "Sparkling Springs" in the Atlantic
Provinces of Canada, "Canadian Springs" in British Columbia, Canada, "Cool
Spring", "Sparta" and "Rocky Mountain Springs" in Alberta, Canada and in the
United States, "Cullyspring" and "Crystal Springs" in Washington and "Crystal
Springs" in Oregon.
The statements contained in this release that are not historical facts are
forward-looking statements. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from those in
such statements. The results could be affected by, among other things, general
business conditions, the impact of competition, weather, the seasonality of the
Company's business, the ability to obtain financing, interruption in the
availability of water from the Company's water sources or fuel required to
deliver the Company's products, government regulations, labor relations and
currency fluctuations. Investors also should consider other risks and
uncertainties described in further detail in documents filed by the Company with
the Securities and Exchange Commission.
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CONTACT:
K. DILLON SCHICKLI
c/o C.F. Capital Corporation
970-926-4826
970-926-4827 Fax
