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Glacier Water Announces Third Quarter 2012 Results

On October 26 2012, Glacier announced the completion of the acquisition of the assets of the Aqua Fill water vending business, which includes approximately 1,600 water vending machines in operation mainly in the western U.S., bringing the total number of machines in operation to more than 23,000.

With more than 23,000 machines located in 47 States throughout the United States and Canada, Glacier is the leading provider of high quality, low-priced drinking water dispensed to consumers through self-service bottled water machines located at supermarkets and other retail locations.

Statements in this announcement that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A copy of the Company’s audited financial statements for the year ended January 1, 2012 are available on the Company’s website, www.glacierwater.com , or can be obtained by contacting Steve Stringer at (760) 560-1111.

 

FINANCIAL RESULTS

GLACIER WATER SERVICES, INC.

 
GLACIER WATER SERVICES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
                         
Three Months Ended Nine Months Ended
October 2, September 30, October 2, September 30,
2011 2012 2011 2012
Revenues $ 29,970 31,330 79,901 84,295
Cost of revenues:
Operating expenses 19,905 20,610 53,643 56,542
Depreciation and amortization 3,302   3,416 9,527   9,827  
Total cost of revenues 23,207   24,026 63,170   66,369  
Gross profit 6,763 7,304 16,731 17,926
Selling, general, and administrative expenses 4,924   4,523 13,231   13,660  
Income from operations 1,839 2,781 3,500 4,266
Interest expense 2,314   2,574 6,843   7,637  
Income (loss) before income taxes (475 ) 207 (3,343 ) (3,371 )
Income taxes expense 12   12 35   33  
Net income (loss) $ (487 ) 195 (3,378 ) (3,404 )
 
Basic and diluted net income (loss) per share
Basic net income (loss) per share $ (0.18 ) 0.06 (1.24 ) (1.04 )
Weighted average shares used in calculation 2,720,048   3,276,482 2,720,048   3,276,286  
 
Diluted net income (loss) per share $ (0.18 ) 0.06 (1.24 ) (1.04 )
Weighted average shares used in calculation 2,720,048   3,340,463 2,720,048   3,276,286  
 

 

FINANCIAL RESULTS

GLACIER WATER SERVICES, INC.

 
GLACIER WATER SERVICES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
 
      January 1,     September 30,
Assets

2012

2012
Current assets:
Cash and cash equivalents $ 3,425 11,362
Accounts receivable, net of allowance for doubtful accounts
of $64 as of January 1, 2012 and September 30, 2012 1,777 2,113
Repair parts 3,934 4,285
Prepaid expenses and other 7,201   1,941  
Total current assets 16,337 19,701
 
Property and equipment, net 53,896 60,696
Goodwill 7,080 7,515
Investment in Glacier Water Trust I Common Securities 2,629 2,629
Investment in Glacier Water Trust I Preferred Securities 3,648 3,648
Equity investment 1,000 1,000
Deferred financing costs, net 4,266 4,173
Other assets 872   773  
Total assets $ 89,728   100,135  
 

Liabilities and Stockholders’ Deficit

Current liabilities:
Accounts payable $ 2,715 2,452
Accrued commissions 4,026 4,941
Accrued liabilities 2,654 3,618
Bank overdraft 1,027   2,231  
Total current liabilities 10,422 13,242
 
Junior subordinated debentures 87,629 87,629
Line of credit 32,056 33,500
Series B junior subordinated debentures 10,002 10,118
Long-term portion of deferred rent 121   150  
Total liabilities 140,230   144,639  
 
Commitments and contingencies
 
Stockholders’ deficit:
Preferred interests LLC investment - 9,856
Preferred stock, $0.01 par value; Authorized 100,000 shares;
issued and outstanding, 0 shares at January 1, 2012 and September 30, 2012 - -
Common stock, $0.01 par value. Authorized 10,000,000 shares,
issued and outstanding, 3,225,767 and 3,276,482 shares at
January 1, 2012 and September 30, 2012, respectively 49 50
Additional paid-in capital 24,153 23,602
Accumulated deficit (42,500 ) (45,904 )
Treasury stock, at cost, 1,587,606 shares at January 1, 2012 and September 30, 2012 (32,562 ) (32,562 )
Accumulated other comprehensive income 358   454  
Total stockholders’ deficit (50,502 ) (44,504 )
Total liabilities and stockholders’ deficit $ 89,728   100,135  




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