US: Glacier posts record revenues as losses reduce
Glacier Water Services has seen a rise in profit and a narrowing of its losses in 2008, the company has said.
Brian McInerney, chief executive officer, said the water company had achieved record revenues in 2008 of US$94.7m, up 4.8% over the prior year. Same-store revenue growth for the 12-month period continued its positive trend and was up 10.4%.
"The 2008 revenue increase was the result of higher machine productivity and an increase in the number of machines on location across the US," McInerney said. "During 2008 we placed almost 900 incremental Glacier machines at retailers."
Income from operations for the year improved slightly to $4.2m, from $4.15m in 2007, but was impacted by higher operating costs, including the costs to support new location growth and increased fuel costs. At the end of the year, Glacier had more than 17,200 machines at retailers across the US and Canada.
The company's net loss applicable to common stockholders for the year was $4.2m, or $1.56 per basic and diluted share, compared to a loss of $4.88m, or $1.85 per basic and diluted share, for 2007.
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