Glacier Water Services, Inc. (Pink Sheets:GWSV) announced results for the second quarter of the fiscal year 2013, ended June 30, 2013.
Brian McInerney, Chief Executive Officer of Glacier Water, said, “Both our second quarter and year-to-date revenues increased 14.4% versus the comparable period last year. Same-store revenues have increased approximately 1% year-to-date. We are operating 2,500 more machines as compared to one year ago. The Company’s second quarter income from operations was $1,606,000, increasing $286,000 over the same period last year. The second quarter earnings before interest, taxes, depreciation and amortization (EBITDA) were $5,711,000, an increase of 25% or $1,144,000 over the same period last year. At the end of the second quarter, Glacier operated approximately 23,500 machines located at retailers across the U.S. and Canada, providing high quality, great tasting drinking water and premium ice.”
Revenues for the second quarter ended June 30, 2013 increased 14.4% to $31,996,000 compared to $27,966,000 for the same period last year. For the six-month period ended June 30, 2013, revenues increased 14.4% to $60,574,000 compared to $52,965,000 for the same period last year. Sales growth was driven primarily by the increase in the number of water vending and ice machines on location, resulting from new placements and the Aqua Fill Asset acquisition completed in 2012, and also from positive growth in same-store productivity.
The Company’s income from operations for the second quarter ended June 30, 2013 was $1,606,000 compared to $1,320,000 for the same period last year. For the six-month period ended June 30, 2013, income from operations was $1,539,000 compared to $1,485,000 for the same period last year. The increase in income from operations was driven by the margin generated from growth in revenues, offset by increased depreciation and amortization of $858,000 and $1,621,000, respectively, associated primarily with the Aqua Fill asset acquisition in 2012, and by increased operating costs to support the increased machine population, in particular, labor and benefits, maintenance and repair costs.