Glacier Water 2Q results up 7-8%

Water vending leader Glacier Water's revenues for the quarter increased 8.2% to $19,246,000 compared to $17,789,000 for the same quarter a year ago. For the six-month period revenues increased 7.2% to $36,791,000 compared to $34,322,000 for the same period a year ago.

VISTA, CA, Aug. 6, 2004 (BUSINESS WIRE) -- Glacier Water Services Inc. announced positive results for both the six months and quarter ended June 27, 2004.

Revenues for the quarter increased 8.2% to $19,246,000 compared to $17,789,000 for the same quarter a year ago. For the six-month period revenues increased 7.2% to $36,791,000 compared to $34,322,000 for the same period a year ago. The increase in revenues for both the quarter and the six-month period was primarily the result of the Water Island acquisition, which occurred during the fourth quarter of 2003.

Glacier's income from operations for the quarter was $1,724,000, representing a 45% improvement of $535,000 from $1,189,000 in the same period last year. For the six-month period, income from operations was $2,453,000 compared to $1,727,000 for the same period last year, representing a $726,000 or 42% improvement.

The company's net loss applicable to common stockholders for the quarter was $182,000, or $0.09 per basic and diluted share, compared to a loss of $659,000, or $0.32 per basic and diluted share, for the same period last year. For the six-month period, the net loss applicable to common stockholders was $1,382,000, or $0.65 per basic and diluted share, compared to a loss of $1,627,000, or $0.66 per basic and diluted share, for the same period last year.

With about 15,200 machines located in 39 states throughout the United States, Glacier is the leading provider of high quality, low-priced drinking water dispensed to consumers through self-service vending machines located at supermarkets and other retail locations.

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