VISTA, Calif.--(BUSINESS WIRE)--Glacier Water Services, Inc. announced results for the third quarter of the fiscal year 2015, ended September 27, 2015.
Brian McInerney, Chief Executive Officer of Glacier Water, said, “Our year-to-date revenues increased 2.1% versus the comparable period last year, with third quarter revenue growth of 3.7%. Same-store revenues increased 1.1% year-to-date. The Company’s first nine months of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $18,804,000, an increase of 2.3%, or $425,000, over the same period last year. Income from operations for the first nine months grew 16.3% to $6,236,000. At the end of the third quarter, Glacier operated approximately 23,000 machines located at retailers across the U.S. and Canada, providing high quality, great tasting drinking water or premium ice.”
Revenues for the third quarter ended September 27, 2015 increased 3.7% to $39,092,000 compared to $37,690,000 for the same period last year. For the nine-month period ended September 27, 2015, revenues increased 2.1% to $104,199,000 compared to $102,057,000 for the same period last year. Sales growth for the third quarter and nine-month period ended September 27, 2015 was driven by growth in ice revenues and same store water vending sales productivity, which was partially offset by the impact of closed stores on the water vending side of the business.
The Company’s income from operations for the third quarter ended September 27, 2015 increased 13.0% to $4,054,000 compared to $3,589,000 for the same period last year. For the nine-month period ended September 27, 2015, income from operations increased 16.3% to $6,236,000 compared to $5,362,000 for the same period last year. The increase in income from operations was driven by the margin generated from growth in revenues, lower fuel costs, and lower depreciation and amortization of $132,000 and $377,000, respectively, offset slightly by higher machine maintenance costs.
The Company’s net income applicable to common stockholders for the quarter ended September 27, 2015 was $687,000 or $0.21 per basic and diluted share, compared to a net income of $320,000, or $0.10 per basic and diluted share for the same period last year. For the nine-month period ended September 27, 2015, the net loss applicable to common stockholders was $3,985,000 or $1.20 per basic and diluted share, compared to a net loss of $4,139,000 or $1.25 per basic and diluted share, for the same period last year. The nine-month period ending September 27, 2015 net loss included a non-recurring charge to other expense in the second quarter of $518,000 adjusting contingent consideration liability for a 2012 Company acquisition. Excluding the non-recurring charge, the net loss applicable to common stockholders for the nine-month period was $3,467,000, or $1.05 per basic and diluted share. Net income attributable to the non-controlling interests for the third quarter was $45,000 and the net loss attributable for the nine-month period ended September 27, 2015 was $258,000.
With approximately 23,000 machines located in 47 states throughout the United States 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. Full report.
