Glacier Water Revenues Increase In Second Quarter 2013

Glacier Water revenues for the second quarter ended June 30, 2013 and increased 14.4 percent to $31,996,000 compared to $27,966,000 for the same period last year. For the six-month period ending June 30, 2013, revenues increased 14.4 percent 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. Brian McInerney, chief executive officer of Glacier Water, said in a prepared statement, “Both our second quarter and year-to-date revenues increased 14.4 percent versus the comparable period last year. Same-store revenues have increased approximately one percent 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 percent 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.”

Glacier Water’s income from operations for the second quarter was $1,606,000 compared to $1,320,000 for the same period last year. For the six-month period ending June 30, 2013, income from operations was $1,539,000 compared to $1,485,000 for the same period last year. According to the release, 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.

Glacier Water’s net loss applicable to common stockholders for the quarter 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, 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 Glacier Water’s U.S. operating subsidiary, GW Services, LLC, made an additional investment into Glacier Water 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.

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