Glacier Water Announces Fiscal Year 2014 Results

April 20, 2015

VISTA, Calif.--(BUSINESS WIRE)--Glacier Water Services, Inc. (OTC Pink: GWSV) announced results for the fiscal year ended December 28, 2014.

Brian McInerney, Chief Executive Officer of Glacier Water, said, “Our 2014 revenues were $132,921,000, increasing 6.3% over the prior year, with same-store revenues increasing 5.5%. We continued to optimize our network of water machines across the U.S. and Canada and focused on growth in the in-store ice bagging segment of our business. The Company’s 2014 operating income grew to $5,458,000, while adjusted earnings before interest, taxes, and depreciation and amortization (EBITDA) increased 8.5% to $22,854,000. At the end of our fiscal year 2014, Glacier operated approximately 23,400 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 December 28, 2014 increased to $132,921,000 from $124,995,000, representing a 6.3% increase versus fiscal year 2013. Sales growth was driven by strong growth in water vending same-store productivity and revenue from new ice machine placements during the year.

The Company’s income from operations for the year ended December 28, 2014 was $5,458,000 compared to $2,814,000 for the prior year. Income from operations for 2014 was positively impacted by the margin generated from growth in revenues, offset in part by increased operating costs year-over-year to support the machine population, in particular, labor and benefits, fuel and fleet expense and maintenance and repair costs.

The Company’s net loss applicable to common stockholders for the year ended December 28, 2014 was $7,129,000 or $2.15 per basic and diluted share, compared to a net loss of $9,399,000, or $2.84 per basic and diluted share for the prior year. Net loss attributable to non-controlling interests for the year was $462,000, which interests relate 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 23,400 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. View full report here.