Glacier Water Services, Inc. Reports Income Decline On 5.7 Percent Revenue Gain In First Quarter

Glacier Water Services, Inc. announced results for the first quarter ended April 1, 2012.

Brian McInerney, Chief executive officer of Glacier Water, said in a prepared statement, “We experienced record first quarter revenues increasing 5.7 percent versus the same quarter last year, with same-store revenues increasing 4.1 percent. We continued to aggressively expand our network of machines across the U.S. and Canada adding over 1,200 machines across multiple retail channels compared to one year ago. Year-to-date income from operations was $166,000 and was impacted by investment in infrastructure to support the 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 first quarter, Glacier operated approximately 20,600 machines located at retailers across the U.S. and Canada, providing high quality, great tasting drinking water and premium ice.”

Revenues for the first quarter ended April 1, 2012 increased 5.7 percent to $25,000,000 compared to $23,650,000 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 first quarter ended April 1, 2012 was $166,000 compared to $379,000 for the same period last year. Income from operations for the first quarter was positively impacted by the margin generated from the increased revenues, but offset by increased operating costs to support the growth in machines, and in particular, labor and benefits, refurbishment, and vehicle costs.

The company’s net loss applicable to common stockholders for the first quarter ended April 1, 2012 was $2,399,000 or $0.73 per basic and diluted share, compared to a net loss of $1,889,000, or $0.69 per basic and diluted share for the same period last year.

With approximately 20,600 machines located in 46 states throughout the U.S. 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.

 

 

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