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Glacier Water Announces First Quarter Fiscal Year 2012 Results

Glacier Water Services, Inc. (GWSV.pk) announced results for the first quarter ended April 1, 2012.

Brian McInerney, Chief Executive Officer of Glacier Water, said, “We experienced record first quarter revenues increasing 5.7% versus the same quarter last year, with same-store revenues increasing 4.1%. We continued to aggressively expand our network of machines across the U.S. and Canada adding over 1,200 machines across multiple retail channels compared to one year ago. Year-to-date income from operations was $166,000 and was impacted by investment in infrastructure to support the growth in both water and ice machine placements. These infrastructure costs are incurred in advance of the machine placements reaching maturity in revenue and profits. At the end of the first quarter, Glacier operated approximately 20,600 machines located at retailers across the U.S. and Canada, providing high quality, great tasting drinking water and premium ice.”

Revenues for the first quarter ended April 1, 2012 increased 5.7% to $25,000,000 compared to $23,650,000 for the same period last year. Sales growth was driven by both same store productivity and the increase in machines on location.

The Company’s income from operations for the first quarter ended April 1, 2012 was $166,000 compared to $379,000 for the same period last year. Income from operations for the first quarter was positively impacted by the margin generated from the increased revenues, but offset by increased operating costs to support the growth in machines, and in particular, labor and benefits, refurbishment, and vehicle costs.

The Company’s net loss applicable to common stockholders for the first quarter ended April 1, 2012 was $2,399,000 or $0.73 per basic and diluted share, compared to a net loss of $1,889,000, or $0.69 per basic and diluted share for the same period last year.

With approximately 20,600 machines located in 46 states throughout the United States and Canada, Glacier is the leading provider of high quality, low-priced drinking water dispensed to consumers through self-service bottled water 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. A copy of the Company’s audited financial statements for the year ended January 1, 2012 are available on the Company’s website, www.glacierwater.com, or can be obtained by contacting Steve Stringer at (760) 560-1111.

FINANCIAL RESULTS

GLACIER WATER SERVICES, INC.

GLACIER WATER SERVICES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except share and per share data)
(unaudited)
Three Months Ended
April 3,April 1,
20112012
Revenues $ 23,650 25,000
Cost of revenues:
Operating expenses 16,163 17,191
Depreciation and amortization 3,038 3,164
Total cost of revenues 19,201 20,355
Gross profit 4,449 4,645
Selling, general, and administrative expenses 4,070 4,479
Income from operations 379 166
Other expenses:
Interest expense 2,262 2,555
Total other expense 2,262 2,555
Loss before income taxes (1,883 ) (2,389 )
Income taxes expense 6 10
Net loss $ (1,889 ) (2,399 )
Basic and diluted net loss per share $ 0.69 0.73
Weighted average shares used in calculation 2,720,048 3,276,182

FINANCIAL RESULTS

GLACIER WATER SERVICES, INC.

GLACIER WATER SERVICES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share data)
(unaudited)
January 1,April 1,
Assets20122012
Current assets:
Cash and cash equivalents $ 3,425 3,453
Accounts receivable, net of allowance for doubtful accounts of
$64 as of January 1, 2012 and April 1, 2012 1,777 1,829
Repair parts 3,934 3,978
Prepaid expenses and other current assets 7,201 2,045
Total current assets 16,337 11,305
Property and equipment, net 53,896 55,357
Goodwill 7,080 7,080
Investment in Glacier Water Trust I Common Securities 2,629 2,629
Investment in Glacier Water Trust I Preferred Securities 3,648 3,648
Equity investment 1,000 1,000
Deferred financing costs, net 4,266 4,235
Other assets 872 905
Total assets $ 89,728 86,159
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable $ 2,715 2,711
Accrued commissions 4,026 4,108
Accrued liabilities 2,654 3,116
Bank overdraft 1,027 1,028
Total current liabilities 10,422 10,963
Junior subordinated debentures 87,629 87,629
Line of credit 32,056 30,854
Series B junior subordinated debentures 10,002 10,041
Long-term portion of deferred rent 121 158
Total liabilities 140,230 139,645
Commitments and contingencies
Stockholders’ deficit:
Preferred Stock, $0.01 par value; liquidation preference $100 per share; 8%
cumulative redeemable convertible; Authorized, 100,000 shares;
issued and outstanding, 0 shares at January 1, 2012 and April 1, 2012 - -
Common stock, $0.01 par value. Authorized 10,000,000 shares,
issued and outstanding, 3,225,767 and 3,276,182 shares at
January 1, 2012 and April 1, 2012, respectively 49 50
Additional paid-in capital 24,153 23,511
Accumulated deficit (42,500 ) (44,899 )
Treasury stock, at cost, 1,587,606 shares at January 1, 2012 and April 1, 2012 (32,562 ) (32,562 )
Accumulated other comprehensive income 358 414
Total stockholders’ deficit (50,502 ) (53,486 )
Total liabilities and stockholders’ deficit $ 89,728 86,159

Contacts:

Glacier Water Services, Inc.
Steve Stringer, Chief Financial Officer
(760) 560-1111
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