The Alkaline Water Company (NASDAQ: WTER) (CSE: WTER), the country’s largest independent alkaline water company, has completed an “exhaustive” company-wide review designed to identify cost-cutting opportunities. According to the announcement, as a result of the review, the company anticipates seeing up to $10 million in savings and margin improvement in fiscal year 2023, with an additional $5 million savings projected before the end of fiscal year 2024, resulting in an annualized reduction in WTER’s cash burn rate of approximately $15 million when compared to fiscal year 2022, significantly improving the company’s bottom line. In addition, the company also reported record year-over-year sales growth — an estimated 30% — for July 2022. “Having completed a thorough review and evaluation, The Alkaline Water Company has identified and begun implementing a combination of cost-reduction measures and margin enhancements that, once fully implemented, will generate approximately $15 million dollars in annual benefits compared to last fiscal year,” said The Alkaline Water Company president and CEO Frank Lazaran in the press release. “Over the past 60 days, we have gained a confident understanding of how to optimize operational efficiencies and substantially reduce the company’s cash burn without compromising growth. . . . The combination of Alkaline88’s rising brand power and new cost-cutting measures puts the company in a strong position for much more efficient, and ultimately self-sustaining, growth. This is evidenced by our first full month implementing our more cost-effective growth strategy, which we’re pleased to announce was our best July ever for revenue. Our sales were up approximately 30% over last year, reinforcing our optimism about Alkaline88’s future, continuing to drive topline sales on our new pathway to profitability.”
To view the full press release, visit https://ibn.fm/gdMRb
About The Alkaline Water Company
Founded in 2012, The Alkaline Water Company is headquartered in Scottsdale, Arizona. Its flagship product, Alkaline88(R), is a leading premier alkaline water brand available in bulk and single-serve sizes along with ecofriendly aluminum packaging options. With its innovative, state-of-the-art, proprietary electrolysis process, Alkaline88(R) delivers perfect 8.8 pH-balanced alkaline drinking water with trace minerals and electrolytes and boasts the company’s trademarked Clean Beverage label. In 2021, The Alkaline Water Company was pleased to welcome Shaquille O’Neal to its board of advisors and as a celebrity brand ambassador for the Alkaline88. To learn more about the company, please visit www.Alkaline88.com and www.TheAlkalineWaterCo.com.
NOTE TO INVESTORS: The latest news and updates relating to WTER are available in the company’s newsroom at http://ibn.fm/WTER
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