US: Glacier Water reports fall in income
Glacier Water Services has said the installation of new machines has helped it report a small rise in second quarter revenues. However, income fell on rising costs.
Revenues for the quarter to 3 July increased by 1.6% to US$19.563m compared to US$19.246m for the same quarter a year ago. For the six-month period to 3 July, revenues increased 0.9% to US$37.106m compared to the same period a year ago.
Brian McInerney, chief executive officer of Glacier Water, said: "We continue to move forward with the installation of our new 'G-2' machines and revenues for the second quarter were up 1.6% versus last year. We are particularly excited about the impact of the new machines. On a same store basis, revenues for the G-2 machines were up 10% for the second quarter as compared to the same period last year. As of the end of the second quarter, Glacier had installed over 9,300 machines at retailers across the US."
The company's income from operations for the quarter was US$831,000 compared to US$1.724m for same period last year. For the six-month period, income from operations was US$937,000 compared to US$2.453m for the same period last year.
"Lower income from operations in both the three- and six-month periods this year compared to last year was the result of increased depreciation and amortisation, primarily the result of the capital expenditures related to the new G-2 machines," the company said.
The company's net loss applicable to common stockholders for the quarter was US$1.304m, or US$0.58 per basic and diluted share, compared to a loss of US$182,000, or US$0.09 per basic and diluted share, for the same period last year.
For the six-month period, the net loss applicable to common stockholders was US$3.277m, or US$1.48 per basic and diluted share, compared to a loss of US$1.382m, or US$0.65 per basic and diluted share, for the same period last year.
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