Glacier Water Services has announced its results for the year to 2 January. While revenue rose for the period, operating income was relatively flat for the water provider.

For the 12-month period, revenues increased by 5.5% year-on-year to US$76.2m. The 2004 revenue increase was driven primarily by revenues associated with the 2003 Water Island acquisition and an extra 53rd week of sales in 2004 versus 52 weeks in 2003, the company said.

Income from operations for the period came in at US$5.503m compared to US$5.526m for the same period last year. For the three-month period to 2 January, the company's income from operations was US$155,000 as compared to US$770,000 for the same period a year ago. The decrease in income from operations during the quarter was blamed on higher operating expenses during 2004.

The company's net loss applicable to common stockholders for the year to 2 January was US$2.357m or $US1.10 per diluted share, compared to a loss of US$1.496m or US$0.68 per diluted share for the same period last year.

In a statement, Brian McInerney, Glacier Water's chief executive officer, said: "Glacier recorded record revenues in 2004. The company has made significant progress with a major initiative to upgrade its outside water vending machines. The upgrade results in the next generation water vending machine ('G-2') with a new modern appearance and increased functionality. The company plans to complete the upgrade of approximately 11,000 outside machines over the next six months."