US: Glacier Water Services posts YTD sales lift, but losses widen
Glacier Water Services has widened its losses despite a jump in YTD sales.
The US water dispensing firm said yesterday (11 December) that net losses widened by 38% to US$4.7m in the nine months to 29 September. Net sales were up by 14% to $96m while operating profits stayed flat at $4.3m.
Third-quarter results were similar, with sales up by 14%, but a Q3 profit from last year turned into a quarterly loss this year. Glacier Water said earnings were damaged by costs incurred from buying new machines and increased depreciation and amortisation.
The sales growth, meanwhile, was driven by an increase in the number of water vending machines on location since the acquisition of Aqua Fill last year, as well as growth in “same-store productivity”.
In January last year, Glacier Water raised $20m in a share and debt sale to private investors.
To read the company's full results, click here.
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