The Company’s net income applicable to common stockholders for the quarter ended September 30, 2012 was $195,000 or $0.06 per basic and diluted share, compared to a net loss of $487,000, or $0.18 per basic and diluted share for the same period last year. For the nine-month period ended September 30, 2012, the net loss applicable to common stockholders was $3,404,000, or $1.04 per basic and diluted share, compared to a net loss of $3,378,000 or $1.24 per basic share and diluted share, for the same period last year.In September 2012, the Company converted its U.S. operating subsidiary, GW Services Inc., from a corporation to a limited liability company (“GW Services, LLC”), enabling the Company to raise new equity. Initially, the Company raised $10,000,000 from a partnership made up of certain existing Company shareholders, in order to fund expansion of water vending and ice machine placements. The investors received $10,000,000 of Preferred Interests and 83,333 Common Membership Shares (2.39%) in GW Services, LLC. The Preferred Interests bear distributions at an annual rate equal to the one-year treasury rate plus 6%, distributable quarterly to the extent the Company has adequate cash flow. Subsequent to the third quarter on November 1, 2012, the Company raised an additional $5,000,000 from the same partnership in exchange for $5,000,000 of additional Preferred Interests and 34,420 Common Membership Shares (0.98%) in GW Services, LLC. The Preferred Interests may be redeemed at a premium amount by GW Services, LLC under certain conditions, including in the event of certain interest rate increases or liquidation.
Glacier Water Announces Third Quarter 2012 Results
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