US: Glacier Water Services widens H1 losses
- H1 net losses widen 20% to US$4.3m
- Net sales increase 14% to $60.6m
- Operating profits up 4% to $1.5m
Glacier Water Services has posted an increase in first-half losses despite a rise in sales.
The US water dispenser said yesterday (4 September) that net losses widened by 20% to US$4.3m in the six months to the end of June. Net sales climbed by 14% to $60.6m over the same period, while operating profits were up by 4% to $1.5m.
Second-quarter numbers were similar, with net losses widening by 17% to $1.4m and net sales up by 14% to $28m. Operating profits jumped by 22% to $1.3m.
The company said the sales increases were down to more water vending and ice machines on location and the purchase of the Aqua Fill water vending business last year. Glacier Water said it now has 2,500 more machines in place than this time last year.
Earnings were damaged by costs incurred from the new machines and increased depreciation and amortisation, Glacier Water said.
In January last year, Glacier Water raised $20m in a share and debt sale to private investors.
To read the company's statement, click here.
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