Glacier Water Services, Inc. announced results for the fiscal year ended Dec. 30, 2012.
Brian McInerney, chief executive officer of Glacier Water, said in a prepared statement, “Our revenues increased 7.8 percent over the prior year with same-store revenues increasing 3.3 percent. We continued to aggressively expand our network of machines across the U.S. and Canada, adding approximately 2,900 machines across multiple retail channels, including the previously announced acquisition of the Aqua Fill water vending assets. The income from operations for 2012 increased 28 percent to $4,404,000, driven by growth in water vending sales, which were partially offset by the impact of added investment in infrastructure to support the location growth. At the end of the fiscal year 2012, Glacier operated approximately 23,300 machines located at retailers across the U.S. and Canada, providing high quality, great tasting drinking water and premium ice.”
Revenues for the year ended Dec. 30, 2012 increased to $111,874,000 from $103,796,000 representing a 7.8 percent increase versus fiscal year 2011. Sales growth was driven primarily by the increase in machines on location, which included approximately 1,600 machines from the October 2012 Aqua Fill asset acquisition, and also from positive growth in same-store productivity.
The company’s income from operations for the year ended Dec. 30, 2012 was $4,404,000 compared to $3,430,000 for the prior year. Income from operations for 2012 was positively impacted by the margin generated from the increased revenues, offset by increased operating costs to support the growth in machines (in particular, labor and benefits, vehicle and fuel costs) and acquisition integration costs. Further, the prior year income from operations included expenses associated with the canceled initial public offering effort of $1,159,000. Income from operations for fiscal year 2012 and 2011 included non-cash stock-based compensation expenses of $119,000 and $482,000, respectively.
Net loss applicable to common stockholders for the year ended Dec. 30, 2012 was $6,143,000 or $1.88 per basic and diluted share, compared to a net loss of $5,855,000, or $2.15 per basic and diluted share for the prior year. Net loss attributable to non-controlling interests for the year was $88,000, relating to the conversion of the Company’s U.S. operating subsidiary, GW Services Inc., from a corporation to a limited liability company and a subsequent investment from a partnership in 2012 of $15,000,000. Subsequent to 2012, the same partnership made an additional investment into the Company in April 2013 of $5,000,000.
With approximately 23,300 machines located in 47 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.
