Glacier Water Reports Increased Revenue For First Quarter 2013

Glacier Water Services, Inc. announced results for the first quarter of the fiscal year 2013, ended March 31, 2013.

Brian McInerney, chief executive officer of Glacier Water, said in a prepared statement, “Our revenues increased 14.3 percent over the prior year, driven significantly by 1,600 additional machines on location from the Aqua Fill asset acquisition in late 2012. Same-store revenues increased 1.4 percent. We are operating approximately 2,700 more machines than one year ago. The company’s first quarter loss from operations was $66,000. The first quarter earnings before interest, taxes, depreciation and amortization (EBITDA) were $3,861,000, increasing $531,000 over the same period last year. At the end of the first quarter, 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 first quarter ended March 31, increased 14.3 percent to $28,578,000 compared to $25,000,000 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, and also from positive growth in same-store productivity.

The company’s loss from operations for the first quarter ended March 31 was $66,000 compared to income from operations of $166,000 for the same period last year. The margin generated from the growth in sales was impacted by increased depreciation and amortization of $763,000 associated primarily with the Aqua Fill asset acquisition and by increased operating costs to support the increased machine population, in particular, labor and benefits, maintenance and repair costs.

The company’s net loss applicable to common stockholders for the first quarter ended March 31 was $2,937,000 or $0.89 per basic and diluted share, compared to a net loss of $2,399,000, or $0.73 per basic and diluted share for the same period last year. Net loss attributable to non-controlling interests for the first quarter was $105,000, relating to the conversion of the Company’s U.S. operating subsidiary, GW Services Inc., from a corporation to a limited liability company in 2012.

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.

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