Glacier Water Announces Third Quarter 2012 Results
Glacier Water Services, Inc. (GWSV.pk) announced results for the third quarter ended September 30 th, 2012.
Brian McInerney, Chief Executive Officer of Glacier Water, said, “Our third quarter revenues increased 4.5% versus the same quarter last year and our year-to-date September 30, 2012 revenues increased 5.5%. Same-store revenues have increased 3.0% year-to-date. We continued to aggressively expand our network of machines across the U.S. and Canada adding more than 1,100 machines across multiple retail channels compared to one year ago. Our third quarter income from operations increased to $2,781,000 and was impacted by an investment in infrastructure to support our continued growth in both water and ice machine placements. These infrastructure costs are incurred in advance of the machine placements reaching maturity in revenue and profits. At the end of the third quarter, Glacier operated more than 21,500 machines located at retailers across the U.S. and Canada, providing high quality, great tasting drinking water and ice.”
Revenues for the third quarter ended September 30, 2012 increased 4.5% to $31,330,000 compared to $29,970,000 for the same quarter one year ago. For the nine-month period ended September 30, 2012, revenues increased 5.5% to $84,295,000 compared to $79,901,000 for the same period last year. Sales growth was driven by both same store productivity and the increase in machines on location.
The Company’s income from operations for the third quarter ended September 30, 2012 was $2,781,000 compared to $1,839,000 for the same period last year. For the nine-month period ended September 30, 2012, income from operations was $4,266,000 compared to $3,500,000 for the same period last year. Income from operations year-to-date was positively impacted by the margin generated from the increased revenues, offset in part by increased operating costs to support the growth in machines, and in particular, labor and benefits and vehicle costs. The prior year income from operations included expenses associated to the initial public offering effort of $960,000 and $1,135,000 for the third quarter and nine months year-to-date, respectively. Income from operations for the first nine months of 2012 and 2011 included non-cash compensation expense of $87,000 and $361,000, respectively.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV