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US: Glacier Water figures show improvement

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Glacier Water Services, Inc. has announced results for the quarter to 27 June.

Revenues for the quarter increased by 8.2% to US$19.246m compared to US$17.789m for the same quarter a year ago. For the six-month period to 27 June, revenues increased by 7.2% to US$36.791m compared to US$34.322m for the same period a year ago. The increase in revenues for both the quarter and the six-month period was primarily the result of the Water Island acquisition, which occurred during the fourth quarter of 2003.

The company's income from operations for the quarter was US$1.724m representing a 45% improvement from US$1.189min the same period last year. For the six-month period, income from operations was US$2.453m compared to US$1.727m for the same period last year, representing a 42% improvement.

The company's net loss applicable to common stockholders for the quarter was US$182,000, or US$0.09 per basic and diluted share, compared to a loss of US$659,000, or US$0.32 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$1.382m or US$0.65 per basic and diluted share, compared to a loss of US$1.627m, or US$0.66 per basic and diluted share, for the same period last year.

Brian McInerney, CEO of Glacier Water, said: "We are pleased to report increased revenues and earnings from operations for the second quarter and the six months that ended June 27, 2004. We continue to see earnings improvement and we remain committed to returning the company to profitability."

Glacier is a provider of drinking water dispensed to consumers through self-service vending machines located at supermarkets and other retail locations.


Sectors: Water

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