VISTA, Calif.--(BUSINESS WIRE)--Glacier Water Services, Inc. (Pink Sheets:GWSV) announced results for the second quarter of the fiscal year 2013, ended June 30, 2013.
Brian McInerney, Chief Executive Officer of Glacier Water, said, “Both our second quarter and year-to-date revenues increased 14.4% versus the comparable period last year. Same-store revenues have increased approximately 1% year-to-date. We are operating 2,500 more machines as compared to one year ago. The Company’s second quarter income from operations was $1,606,000, increasing $286,000 over the same period last year. The second quarter earnings before interest, taxes, depreciation and amortization (EBITDA) were $5,711,000, an increase of 25% or $1,144,000 over the same period last year. At the end of the second quarter, Glacier operated approximately 23,500 machines located at retailers across the U.S. and Canada, providing high quality, great tasting drinking water and premium ice.”
Revenues for the second quarter ended June 30, 2013 increased 14.4% to $31,996,000 compared to $27,966,000 for the same period last year. For the six-month period ended June 30, 2013, revenues increased 14.4% to $60,574,000 compared to $52,965,000 for the same period last year. Sales growth was driven primarily by the increase in the number of water vending and ice machines on location, resulting from new placements and the Aqua Fill Asset acquisition completed in 2012, and also from positive growth in same-store productivity.
The Company’s income from operations for the second quarter ended June 30, 2013 was $1,606,000 compared to $1,320,000 for the same period last year. For the six-month period ended June 30, 2013, income from operations was $1,539,000 compared to $1,485,000 for the same period last year. The increase in income from operations was driven by the margin generated from growth in revenues, offset by increased depreciation and amortization of $858,000 and $1,621,000, respectively, associated primarily with the Aqua Fill asset acquisition in 2012, and by increased operating costs to support the increased machine population, in particular, labor and benefits, maintenance and repair costs.
The Company’s net loss applicable to common stockholders for the quarter ended June 30, 2013 was $1,412,000 or $0.43 per basic and diluted share, compared to a net loss of $1,200,000, or $0.37 per basic and diluted share for the same period last year. For the six-month period ended June 30, 2013, the net loss applicable to common stockholders was $4,349,000 or $1.31 per basic and diluted share, compared to a net loss of $3,599,000 or $1.10 per basic and diluted share, for the same period last year. Net loss attributable to the non-controlling interests for the second quarter and six-month period ended June 30, 2013 was $67,000 and $172,000, respectively.
Subsequent to the end of the second quarter, a partnership which had made investments into the Company’s U.S. operating subsidiary, GW Services, LLC, made an additional investment into the Company in August 2013 of $7,000,000.
With approximately 23,500 water and ice vending machines located in 47 states throughout the United States and Canada, Glacier Water is the leading provider of both high-quality, low-priced drinking water dispensed to consumers through self-service bottled water machines, and state-of-the-art ice bagging machines, located at supermarkets and other retail locations.
Statements in this announcement that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A copy of the Company’s audited financial statements for the year ended December 30, 2012 can be obtained by contacting Steve Stringer, Chief Financial Officer, at (760) 560-1111.
GLACIER WATER SERVICES, INC.
|Consolidated Statements of Operations|
|(In thousands, except share and per share data)|
|Three Months Ended||Six Months Ended|
|July 1,||June 30,||July 1,||June 30,|
|Cost of revenues:|
|Depreciation and amortization||3,247||4,105||6,411||8,032|
|Total cost of revenues||21,989||25,960||42,344||49,903|
|Selling, general, and administrative expenses||4,657||4,430||9,136||9,132|
|Income from operations||1,320||1,606||1,485||1,539|
|Total other expense||2,509||3,072||5,063||6,034|
|Loss before income taxes||(1,189||)||(1,466||)||(3,578||)||(4,495||)|
|Income taxes expense||11||13||21||26|
|Net loss attributable to noncontrolling interest||-||(67||)||-||(172||)|
|Net loss attributable to Glacier Water Services, Inc.||$||(1,200||)||(1,412||)||(3,599||)||(4,349||)|
|Basic and diluted net loss per share||$||0.37||0.43||1.10||1.31|
|Weighted average shares used in calculation||3,276,195||3,310,216||3,276,189||3,310,049|
|GLACIER WATER SERVICES, INC. AND SUBSIDIARIES|
|Consolidated Balance Sheets|
|(In thousands, except share data)|
Accounts receivable, net of allowance for doubtful accounts of $64 as of December 30, 2012 and June 30, 2013
|Prepaid expenses and other current assets||1,317||2,241|
|Total current assets||13,884||14,170|
|Property and equipment, net||67,963||71,598|
Intangible assets, net of accumulated amortization of $43 and $129 as of December 30, 2012 and June 30, 2013
|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 and note receivable, net||1,884||1,795|
|Deferred financing costs, net||4,143||4,075|
|Liabilities and Stockholders’ Deficit|
|Total current liabilities||16,057||13,235|
|Junior subordinated debentures||87,629||87,629|
|Line of credit||41,500||45,000|
|Series B junior subordinated debentures||10,157||10,234|
|Long-term portion of deferred rent||160||130|
|Commitments and contingencies|
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 December 30, 2012 and June 30, 2013
Common stock, $0.01 par value. Authorized 10,000,000 shares, issued and outstanding, 3,279,857 and 3,310,216 shares at December 30, 2012 and June 30, 2013, respectively
|Additional paid-in capital||23,682||24,130|
Treasury stock, at cost, 1,587,606 shares at December 30, 2012 and June 30, 2013
|Accumulated other comprehensive income||418||269|
|Total stockholders’ deficit of Glacier Water Services, Inc.||(57,055||)||(61,105||)|
|Total stockholders’ deficit||(42,292||)||(39,549||)|
|Total liabilities and stockholders’ deficit||$||113,211||116,679|