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Glacier Water Announces Second Quarter Fiscal Year 2013 Results

The Company’s net loss applicable to common stockholders for the quarter ended June 30, 2013 was $1,412,000 or $0.43 per basic and diluted share, compared to a net loss of $1,200,000, or $0.37 per basic and diluted share for the same period last year. For the six-month period ended June 30, 2013, the net loss applicable to common stockholders was $4,349,000 or $1.31 per basic and diluted share, compared to a net loss of $3,599,000 or $1.10 per basic and diluted share, for the same period last year. Net loss attributable to the non-controlling interests for the second quarter and six-month period ended June 30, 2013 was $67,000 and $172,000, respectively.

Subsequent to the end of the second quarter, a partnership which had made investments into the Company’s U.S. operating subsidiary, GW Services, LLC, made an additional investment into the Company in August 2013 of $7,000,000.

With approximately 23,500 water and ice vending machines located in 47 states throughout the United States and Canada, Glacier Water is the leading provider of both high-quality, low-priced drinking water dispensed to consumers through self-service bottled water machines, and state-of-the-art ice bagging 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 December 30, 2012 can be obtained by contacting Steve Stringer, Chief Financial Officer, at (760) 560-1111.

                           

GLACIER WATER SERVICES, INC.

Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
   
Three Months Ended Six Months Ended
July 1, June 30, July 1, June 30,
2012 2013 2012 2013
Revenues $ 27,966 31,996 52,965 60,574
Cost of revenues:
Operating expenses 18,742 21,855 35,933 41,871
Depreciation and amortization 3,247   4,105   6,411   8,032  
Total cost of revenues 21,989   25,960   42,344   49,903  
Gross profit 5,977 6,036 10,621 10,671
Selling, general, and administrative expenses 4,657   4,430   9,136   9,132  
Income from operations 1,320 1,606 1,485 1,539
Other expenses:
Other expense - 351 - 594
Interest expense 2,509   2,721   5,063   5,440  
Total other expense 2,509   3,072   5,063   6,034  
Loss before income taxes (1,189 ) (1,466 ) (3,578 ) (4,495 )
Income taxes expense 11   13   21   26  
Net loss $ (1,200 ) (1,479 ) (3,599 ) (4,521 )
Net loss attributable to noncontrolling interest -   (67 ) -   (172 )
Net loss attributable to Glacier Water Services, Inc. $ (1,200 ) (1,412 ) (3,599 ) (4,349 )
 
Basic and diluted net loss per share $ 0.37 0.43 1.10 1.31
Weighted average shares used in calculation 3,276,195 3,310,216 3,276,189 3,310,049
 
 
                         
GLACIER WATER SERVICES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share data)
(unaudited)
         
Assets

December 30,

2012

June 30,

2013

Current assets:
Cash $ 5,229 4,708

Accounts receivable, net of allowance for doubtful accounts of $64 as of December 30, 2012 and June 30, 2013

2,196 2,688
Repair parts 5,142 4,533
Prepaid expenses and other current assets 1,317   2,241  
Total current assets 13,884 14,170
 
Property and equipment, net 67,963 71,598
Goodwill 15,392 15,392

Intangible assets, net of accumulated amortization of $43 and $129 as of December 30, 2012 and June 30, 2013

2,537 2,408
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 and note receivable, net 1,884 1,795
Deferred financing costs, net 4,143 4,075
Other assets 1,131   964  
Total assets $ 113,211   116,679  
 
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable $ 3,169 1,737
Accrued commissions 4,665 5,566
Accrued liabilities 6,009 3,345
Bank overdraft 2,214   2,587  
Total current liabilities 16,057 13,235
 
Junior subordinated debentures 87,629 87,629
Line of credit 41,500 45,000
Series B junior subordinated debentures 10,157 10,234
Long-term portion of deferred rent 160   130  
Total liabilities 155,503   156,228  
 
Commitments and contingencies
 
Stockholders’ deficit:

Preferred Stock, $0.01 par value; liquidation preference $100 per share; 8% cumulative redeemable convertible; Authorized, 100,000 shares; issued and outstanding, 0 shares at December 30, 2012 and June 30, 2013

- -

Common stock, $0.01 par value. Authorized 10,000,000 shares, issued and outstanding, 3,279,857 and 3,310,216 shares at December 30, 2012 and June 30, 2013, respectively

50 50
Additional paid-in capital 23,682 24,130
Accumulated deficit (48,643 ) (52,992 )

Treasury stock, at cost, 1,587,606 shares at December 30, 2012 and June 30, 2013

(32,562 ) (32,562 )
Accumulated other comprehensive income 418   269  
Total stockholders’ deficit of Glacier Water Services, Inc. (57,055 ) (61,105 )
Noncontrolling interest 14,763   21,556  
Total stockholders’ deficit (42,292 ) (39,549 )
Total liabilities and stockholders’ deficit $ 113,211   116,679  




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