Glacier Water Services is to issue its first dividend on its common stock.

The US company, which operates around 15,600 self-service water machines across North America, confirmed yesterday (5 October) that it will pay shareholders a dividend of US$0.40 per share. The payment will be made on 30 October to shareholders of record as of 16 October.

Whereas Glacier's board has not adopted a formal policy regarding the frequency of future dividends, the company said that it will evaluate the situation on a quarterly basis.

In August, Glacier posted an increase in half-year revenues of 13%. Sales reached US$42m for the six months to the end of June, while operating income was up from US$937,000 from the same period in 2005 to US$1.6m.