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USA: Glacier Water Announces Second Quarter Results

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Glacier Water Services, Inc. (Amex: HOO) announced today financial results for its second quarter ended July 2, 2000

For the quarter ended July 2, 2000, revenues increased $1,707,000 or 12.0% to $15,939,000 from $14,232,000 in the same quarter a year ago. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter increased $949,000 or 40.2% to $3,308,000, from $2,359,000 last year. After interest, taxes, and an extraordinary gain from the early retirement of debt of $460,000, the net loss for the quarter was $792,000 or $0.28 per diluted share, compared to a net loss of $1,713,000, or $.61 per diluted share for the quarter ended July 4, 1999.

Revenues for the six-month period ending July 2, 2000 increased $1,869,000 or 7.0% to $28,724,000 from $26,855,000 for the same period last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased $951,000 or 20.9% to $5,509,000, from $4,558,000 last year. After interest, taxes, and an extraordinary gain from the early retirement of debt of $1,533,000, the net loss for the six-month period was $2,095,000 or $0.74 per diluted share, compared to a net loss of $4,306,000, or $1.50 per diluted share for the six-month period ended July 4, 1999.

The Company stated that the increase in revenues for the both the quarter and the six-month period was due to the increased number of machines in operation and an increase in the average revenue per machine this year compared to last year.

During the quarter ended July 2, 2000, the Company repurchased 59,500 shares of Glacier Water Trust Preferred Securities (Amex: HOO_pa) at an average price of $16.07 per share. This resulted in a net extraordinary gain of $460,000, which was the result of the gain of $531,000, less the write-off of $71,000 of related deferred debt costs. As of July 2, 2000 the Company had repurchased a total of 528,300 shares of the Trust Preferred Securities at an average price of $15.95 per share. The Company may continue to make such purchases from time to time in open market transactions or block trades.

Jerry A. Gordon, President and Chief Executive Officer, said, "The increase in revenues, EBITDA and the reduction in our net loss is the result of our continuing focus on improving the performance of our installed machine base. At the end of the quarter, Glacier Water operated 13,817 machines in 37 states and Mexico compared to 13,129 machines in service at the same time last year. The 13,817 machines consisted of 11,510 outside machines and 2,307 in-store machines. We project a modest growth in new machine placements in 2000 compared to recent years. While our results significantly improved over the prior year, we are mindful that management must stay focused on our plan to return the Company to profitability."

With nearly 14,000 machines located primarily in the sunbelt and midwest areas of the United States, Glacier is the leading provider of high quality, low-priced drinking water dispensed to consumers through self-service vending machines located at supermarkets and other retail locations.

Statements in this announcement that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements with respect to the financial condition and results of operations of the Company which involve risks and uncertainties which are detailed further in the filings of the Company with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended January 2, 2000.


FINANCIAL RESULTS Glacier Water Services, Inc.
Second Quarter 2000

Summary Financial Information
(in thousands, except per share data)
(unaudited)


Three Months Ended Six Months Ended
July 2 July 4 July 2 July 4
2000 1999 2000 1999

Revenues $15,939 $14,232 $28,724 $26,855

Operating costs and expenses:
Operating expenses 10,349 9,306 18,936 17,541
General and administrative
expenses 2,282 2,567 4,279 4,756
Depreciation and amortization 3,077 2,582 6,110 5,182
Total operating costs and
expenses 15,708 14,455 29,325 27,479

Income (loss) from operations 231 (223) (601) (624)

Other (income) expenses:
Interest expense 1,785 2,011 3,568 3,991
Investment (income) loss (302) 247 (541) 1,750
Total other expenses 1,483 2,258 3,027 5,741

Loss before income taxes and
extraordinary items (1,252) (2,481) (3,628) (6,365)

Income tax benefit -- (768) -- (2,059)

Loss before extraordinary items (1,252) (1,713) (3,628) (4,306)

Gain on early retirement of debt 460 -- 1,533 --

Net Loss $(792) $(1,713) $(2,095) $(4,306)

Basic and diluted loss
per share:
Loss before extraordinary item $(0.44) $(0.61) $(1.28) $(1.50)
Extraordinary item 0.16 -- 0.54 --
Net loss $(0.28) $(0.61) $(0.74) $(1.50)

Shares used in calculation 2,834,965 2,827,301 2,834,570 2,866,820


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