US: Glacier Water Services sees revenues rise
Glacier Water Services said acquisitions, good weather and productivity helped drive a rise in revenues in its third quarter.
Brian McInerney, chief executive officer of the bottled water group, reported that total revenues for the third quarter were up 9.9% versus last year to US$25,205,000. For the nine-month period ended October 1, 2006, revenues increased 12.0% to $67,247,000 compared to 60,032,000 for the same period a year ago.
"The increase in revenues for both the quarter and the nine-month period was primarily the result of higher machine productivity, warm weather across much of the United States, and the impact from the Canadian acquisition last October. The Canadian operation contributed approximately $419,000 and $1,156,000 for the three- and nine-month periods respectively," McInerney said.
The company's income from operations for the quarter was $2,922,000 compared to $808,000 for the same period last year. For the nine-month period, income from operations was $4,568,000 compared to $1,745,000 for the same period last year.
"Improvement in income from operations in both the three- and nine-month periods this year compared to last year was the result of increased revenues and operating expense control, offset slightly by increased depreciation and amortization," said McInerney.
In addition, during the quarter ended October 2, 2005, the company recorded a one-time, non-cash stock compensation expense of $1,142,000 as a result of the cashless stock option exercise by two of the company's executives.
The company's net income applicable to common stockholders for the 2006 third quarter was $637,000, or $0.27 per basic and $0.25 per diluted share, compared to a loss of $1,401,000, or $0.64 per basic and diluted share, for the same period last year.
For the nine-month period, the net loss applicable to common stockholders was $2,465,000, or $1.03 per basic and diluted share, compared to a loss of $4,678,000, or $2.10 per basic and diluted share, for the same period last year.
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