-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JUd9rdNo79V8TzZ7mk/5rcCHLfXrO1HPIIv+gLcEhuBmN2I/WX2CruhaK5vNuNil T3tMAVfxXOk7e5jZ+bhiWQ== 0001047469-97-004192.txt : 19971113 0001047469-97-004192.hdr.sgml : 19971113 ACCESSION NUMBER: 0001047469-97-004192 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971005 FILED AS OF DATE: 19971113 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLACIER WATER SERVICES INC CENTRAL INDEX KEY: 0000883505 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-NONSTORE RETAILERS [5960] IRS NUMBER: 330493559 STATE OF INCORPORATION: DE FISCAL YEAR END: 1226 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-11012 FILM NUMBER: 97715308 BUSINESS ADDRESS: STREET 1: 2261 COSMOS CT CITY: CARLSBAD STATE: CA ZIP: 92009 BUSINESS PHONE: 6199302420 MAIL ADDRESS: STREET 1: 2261 COSMOS CT CITY: CARLSBAD STATE: CA ZIP: 92009 10-Q 1 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: October 5, 1997 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________to______________ Commission FILE NUMBER: 1-11012 ------- GLACIER WATER SERVICES, INC. ---------------------------- (Exact name of registrant as specified in its charter) Delaware 33-0493559 - ------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2261 Cosmos Court, Carlsbad, California 92009 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (760) 930-2420 --------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. YES X NO ----- ----- Indicate the number of shares outstanding of each of issuer's class of common stock as of the latest practicable date: 3,228,075 shares of common stock, $.01 par value, outstanding at October 5, 1997. 1 PART 1 - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS GLACIER WATER SERVICES, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) OCTOBER 5, DECEMBER 31, 1997 1996* ---------- ------------ ASSETS (unaudited) Current assets: Cash . . . . . . . . . . . . . . . . . . . . . $ 10 $ 11 Accounts receivable. . . . . . . . . . . . . . 290 311 Inventories. . . . . . . . . . . . . . . . . . 2,251 1,701 Prepaid commissions and other. . . . . . . . . 1,044 1,084 ------- ------- Total current assets . . . . . . . . . . . . 3,595 3,107 Property and equipment, net of accumulated depreciation. . . . . . . . . . . . . . . . . . 48,619 37,999 Other assets . . . . . . . . . . . . . . . . . . 6,301 4,961 ------- ------- Total assets . . . . . . . . . . . . . . . . . . $58,515 $46,067 ------- ------- ------- ------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable . . . . . . . . . . . . . . . $ 871 $ 640 Accrued commissions. . . . . . . . . . . . . . 2,193 988 Accrued liabilities. . . . . . . . . . . . . . 1,948 1,654 ------- ------- Total current liabilities. . . . . . . . . . 5,012 3,282 Long-term debt . . . . . . . . . . . . . . . . . 26,022 15,820 Deferred income taxes. . . . . . . . . . . . . . 2,979 2,979 Stockholders' equity: Preferred stock, $.01 par value; 100,000 shares authorized, no shares issued or outstanding . . . . . . . - - Common stock, $.01 par value; 10,000,000 shares authorized, 3,228,075 and 3,208,575 shares issued and outstanding, respectively. . . . . . . . . . . . . . . . . 34 34 Additional paid-in capital . . . . . . . . . . . 15,481 15,284 Retained earnings. . . . . . . . . . . . . . . . 12,550 12,231 Treasury stock; 170,500 shares, at cost. . . . . (3,563) (3,563) ------- ------- Total stockholders' equity . . . . . . . . . . 24,502 23,986 ------- ------- Total liabilities and stockholders' equity . . . $58,515 $46,067 ------- ------- ------- ------- * Amounts derived from audited information See accompanying notes 2 GLACIER WATER SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except shares and per share data) (unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED OCTOBER 5, SEPTEMBER 30, OCTOBER 5, SEPTEMBER 30, 1997 1996 1997 1996 ---------- ------------- ---------- ------------- Revenues . . . . . . . . . . . . . . . . . . . $ 17,138 $ 13,709 $ 44,352 $ 35,760 Operating costs and expenses: Operating expenses . . . . . . . . . . . . . 10,573 8,302 27,482 22,009 Selling, general and administrative expenses . . . . . . . . . . . . . . . . . 1,992 1,408 5,461 4,155 Depreciation and amortization. . . . . . . . 2,317 1,704 6,515 4,991 Non-recurring acquisition charges. . . . . . 1,721 -- 3,062 -- --------- --------- --------- --------- Total operating costs and expenses . . . . 16,603 11,414 42,520 31,155 --------- --------- --------- --------- Income from operations . . . . . . . . . . . . 535 2,295 1,832 4,605 Interest expense (net) and other . . . . . . . 532 174 1,370 553 --------- --------- --------- --------- Income before income taxes . . . . . . . . . . 3 2,121 462 4,052 Income tax provision (benefit) . . . . . . . . (29) 565 143 1,337 --------- --------- --------- --------- Net income . . . . . . . . . . . . . . . . . . $ 32 $ 1,556 $ 319 $ 2,715 --------- --------- --------- --------- --------- --------- --------- --------- Net income per common and common equivalent share. . . . . . . . . . . $ .01 $ .46 $ .10 $ .80 --------- --------- --------- --------- --------- --------- --------- --------- Weighted average common and common equivalent shares outstanding . . . . 3,351,034 3,398,650 3,324,525 3,389,893 --------- --------- --------- --------- --------- --------- --------- ---------
See accompanying notes 3 GLACIER WATER SERVICES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) NINE MONTHS ENDED OCTOBER 5, SEPTEMBER 30, 1997 1996 ---------- ------------ Cash flows from operating activities: Net income. . . . . . . . . . . . . . . . . . . . $ 319 $ 2,715 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization . . . . . . . . . 6,515 4,991 Loss on disposal of assets. . . . . . . . . . . 195 -- Change in operating assets and liabilities: Accounts receivable . . . . . . . . . . . . . . (108) 262 Inventories . . . . . . . . . . . . . . . . . . (383) (711) Prepaid commissions and other . . . . . . . . . 296 (370) Payments for prepaid marketing incentives . . . (1,295) (502) Other assets. . . . . . . . . . . . . . . . . . (61) (139) Accounts payable, accrued commissions and other accrued liabilities. . . . . . . . . 1,323 1,285 --------- --------- Net cash provided by operating activities . . 6,801 7,531 --------- --------- Cash flows from investing activities: Purchase of property and equipment. . . . . . . . (241) (411) Net investment in vending equipment . . . . . . . (7,969) (5,067) Proceeds from sale of property and equipment 111 -- Purchase of Aqua-Vend . . . . . . . . . . . . . . (9,355) -- --------- --------- Net cash used in investing activities . . . . (17,454) (5,478) --------- --------- Cash flows from financing activities: Proceeds from long-term borrowings. . . . . . . . 25,140 10,010 Principal payments on long-term borrowings. . . . (14,684) (10,808) Proceeds from issuance of stock . . . . . . . . . 196 111 Purchase of treasury stock. . . . . . . . . . . . -- (529) --------- --------- Net cash provided by (used in) financing activities 10,652 (1,216) --------- --------- Net increase (decrease) in cash . . . . . . . . . . (1) 837 Cash, beginning of period . . . . . . . . . . . . . 11 29 --------- --------- Cash, end of period . . . . . . . . . . . . . . . . $ 10 $ 866 --------- --------- --------- --------- Supplemental disclosure of cash flow information: Interest paid . . . . . . . . . . . . . . . . . . $ 1,506 $ 702 --------- --------- --------- --------- Income taxes paid . . . . . . . . . . . . . . . . $ 365 $ 563 --------- --------- --------- --------- See accompanying notes 4 GLACIER WATER SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS October 5, 1997 (unaudited) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CHANGE IN FISCAL YEAR In the first quarter of 1997, the Company reported that it had prospectively changed its financial reporting year from a fiscal year of twelve calendar months ending December 31 to a fiscal year of 52 or 53 weeks ending on the Friday closest to December 31. In order to more closely align its fiscal reporting to its business cycle, the Company has modified its fiscal reporting to end its fiscal year on the Sunday closest to December 31. Accordingly, the third quarter ended on October 5, 1997 and contained 93 days, and the Company's fiscal year will end on January 4, 1998. The period from December 31, 1996 to January 3, 1997 is not significant to the Company's nine-month operations, and has not been reported separately. BASIS OF PRESENTATION In the opinion of the Company's management, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the consolidated financial position of the Company and the consolidated results of its operations and its cash flows for the three- and nine-month periods ending October 5, 1997 and September 30, 1996. Although the Company believes that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information, including footnote information, normally included in financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Results of operations for the period ended October 5, 1997 are not necessarily indicative of results to be expected for the full year. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1996. RECLASSIFICATION Certain prior year amounts have been reclassified to conform to the current presentation. 2. ACQUISITION On March 28, 1997, the Company purchased substantially all of the assets of the Aqua-Vend division of McKesson Water Products Company, a wholly-owned subsidiary of McKesson Corporation, for $9.0 million in cash plus certain direct costs, including sales tax on assets purchased. The transaction was accounted for under the purchase method, and the purchase price and related direct costs were allocated based on the estimated fair values of assets acquired and liabilities assumed, as follows (in thousands): Inventories $ 208 Prepaid expenses 255 Vending equipment 7,565 Other fixed assets 145 Prepaid marketing incentives 1,225 Other non-current assets 110 Sales tax liability (153) ------ $9,355 ------ ------ 5 GLACIER WATER SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) October 5, 1997 (unaudited) The unaudited consolidated pro forma results of operations for the nine months ended October 5, 1997 and September 30, 1996 presented below assume that the transaction occurred as of the beginning of the respective periods (in thousands, except per share amounts): Nine Months Ended October 5, September 30, 1997 1996 ---------- ------------- Net revenues $47,580 $48,943 Income from operations 825 3,961 Net income (loss) (689) 2,053 Net income (loss) per common share ($.21) $.61 3. INVENTORIES Inventories consist of raw materials, repair and spare parts and vending machines in process of assembly, and are stated at the lower of cost (moving weighted average) or market. Costs associated with the assembly of vending machines are accumulated until machines are completed, at which time the costs are transferred to property and equipment. At October 5, 1997 and December 31, 1996, inventories consisted primarily of raw materials and repair and spare parts. 4. SUPPLEMENTARY BALANCE SHEET INFORMATION Included in Prepaid commissions and other are commission payments made to certain retailers based on a percentage of estimated quarterly vending machine revenues, as well as other prepaid expenses incurred in the normal course of business. Prepaid commissions were $79,000 and $490,000 at October 5, 1997 and December 31, 1996, respectively. Included in Other assets are prepaid marketing incentives which represent payments made to the Company's retailers for the placement of the Company's machines at store locations. Prepaid marketing incentives, net of accumulated amortization were $5,695,000 and $4,606,000 at October 5, 1997 and December 31, 1996, respectively. 5. NET INCOME PER SHARE Net income per share of common stock is computed on the basis of the weighted average shares of common stock outstanding plus common equivalent shares arising from the effect of dilutive stock options, using the treasury stock method. In March 1997, the Financial Accounting Standards Board adopted Statement No. 128 "Earnings Per Share" ("Statement No. 128"), which is effective for periods ending after December 15, 1997. Pro forma net income per share computed pursuant to Statement No. 128 would be $.01 and $.10, respectively, for the three- and nine-month periods ended October 5, 1997, and $.46 and $.80, respectively, for the three- and nine-month periods ended September 30, 1996. 6 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS OVERVIEW The Company previously reported that effective January 1, 1997, it had prospectively changed its fiscal year from twelve calendar months ending December 31 to a 52- or 53-week fiscal year ending on the Friday closest to December 31. As a result of this change, the Company's 1997 fiscal quarters each contain 13 calendar weeks. In order to more closely align its fiscal reporting to its business cycle, the Company has modified its fiscal reporting to end its fiscal year on the Sunday closest to December 31. Accordingly, the third quarter ended on October 5, 1997 and contained 93 days, and the Company's fiscal year will end on January 4, 1998. The change in fiscal reporting was not applied retroactively, as there would be no impact on the operating results for the first two quarters. On March 28, 1997, the Company purchased substantially all of the assets of the Aqua-Vend division of McKesson Water Products Company, a wholly-owned subsidiary of McKesson Corporation. The assets purchased included approximately 3,000 water vending machines. In connection with the acquisition, the Company developed a detailed integration plan which included the removal of approximately 600 Aqua-Vend machines from service, the upgrading and modification of the majority of the remaining Aqua-Vend machines and the rationalization and relocation of Aqua-Vend machines within Glacier's network of machines. The revenues and operating costs associated with these machines from March 29, 1997 are included in the Company's results of operations. During the third quarter, the Company substantially completed the Aqua-Vend integration activities and incurred non-recurring expenses of $1,721,000 related to these activities. As of October 5, 1997, the Company had incurred total non-recurring expenses of $3,062,000 to complete the integration of the Aqua-Vend machines. The Company does not expect to incur any further non-recurring expenses in the fourth quarter. In addition to the non-recurring expenses described above, the Company also incurred expenses resulting from certain inefficiencies and redundancies in its operating and general and administrative areas, related to absorbing the Aqua-Vend personnel and operations. The Company believes that the Aqua-Vend operating and administrative activities have now been fully rationalized with those of Glacier, and all inefficiencies and redundancies have been eliminated. During the third quarter, the Company installed 109 new outside machines and 83 in-store machines and removed 326 Aqua-Vend machines, to finish the quarter with a total of 12,170 machines in operation, compared with 8,894 at September 30, 1996. Included in the total at October 5, 1997 are 460 in-store machines, compared with 87 at September 30, 1996. REVENUES Revenues for the quarter ended October 5, 1997 increased 25.0% to $17,138,000, from $13,709,000 in the third quarter of 1996. Revenues for the first nine months of 1997 increased 24.0% to $44,352,000, from $35,760,000 in the same period last year. The increases are primarily the result of the increased number of machines in operation throughout the quarter and nine-month periods. The increases, however, did not keep pace with the 36.8% increase in the number of machines in operation since September 30, 1996 due primarily to unusually mild weather during July and August in California, the Company's largest and most important market. 7 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS - (Continued) COSTS AND EXPENSES Operating expenses for the quarter increased to $10,573,000, or 61.7% of revenues, compared to $8,302,000, or 60.6% of revenues in the second quarter of 1996. Operating expenses for the nine- month period increased to $27,482,000, or 62.0% of revenues, compared to $22,009,000, or 61.5% of revenues in 1996. The total dollar increase is due to the additional commissions and service costs associated with the additional machines in 1997. The absolute increase in costs is due also in part to inefficiencies in servicing and other short term increases in service costs experienced as the Company focused its efforts on completing the integration of Aqua-Vend in the third quarter. These increased costs related to Aqua-Vend are in addition to the specific costs associated with the Company's identified integration projects that are reported separately as non-recurring charges. The increase in operating expenses as a percentage of revenues for both the quarter and nine-month period is a result of these increases in servicing costs, as well as the effect of softer revenues in the third quarter, discussed above. Selling, general and administrative ("SG&A") expenses for the quarter increased to $1,992,000, or 11.6% of revenues, compared to $1,408,000, or 10.3% of revenues in the third quarter of 1996. SG&A expenses for the nine month period increased to $5,461,000, or 12.3% of revenues, compared to $4,155,000, or 11.6% of revenues in 1996. The increase in total dollars is due to an increase in the Company's activities supporting and promoting the in-store machine program, as well as additional administrative expenses incurred as a result of the Aqua-Vend acquisition. The increase in SG&A as a percentage of revenues for both the quarter and nine-month period resulted primarily from the effect of softer sales in the third quarter, discussed above. Depreciation and amortization expense for the quarter increased to $2,317,000, compared to $1,704,000 in the third quarter of 1996. Depreciation and amortization expense for the nine-month period increased to $6,515,000, compared to $4,991,000 in the prior year. The increases are the result of the net installation of approximately 875 new Glacier machines and the addition of approximately 2,400 Aqua-Vend machines since September 30, 1996. The Company had expected to incur a total of approximately $3.5 million in non-recurring expenses related to the integration of Aqua-Vend's operations with Glacier's. Specifically, the integration plan included costs to close certain Glacier locations and write-off obsolete assets, to upgrade the Aqua-Vend machines to Glacier's servicing and operability standards, to rationalize and relocate equipment between Aqua-Vend and Glacier locations and to change the signage on Aqua-Vend machines to that used by Glacier. As of October 5, 1997, the Company has completed substantially all of these activities at a total cost of $3,062,000. The Company does not expect to incur any additional costs related to the integration project in the fourth quarter. Interest expense for the quarter increased to $532,000, compared to $174,000 in the third quarter of 1996. Interest expense for the nine-month period increased to $1,370,000 compared to $553,000 in the prior year. The increases are due to the higher outstanding balances on the Company's bank line of credit throughout 1997. Borrowings throughout the year were used to finance the Company's investment in new machines, and to finance the acquisition of Aqua-Vend. In the third quarter, the Company recorded an income tax benefit to reflect the cumulative effect of reducing the effective tax rate from 37.5% to 31% for the nine-month period ended October 5, 1997. The Company reduced its tax rate to reflect the impact of certain tax credits, and it expects the tax rate to approximate 31% for fiscal year 1997. In the third quarter of 1996, the Company's effective tax 8 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS - (Continued) rate of 26.6% reflects a similar cumulative adjustment to reduce the tax rate to 33% for the nine-month period ended September 30, 1996. As a result of the foregoing, net income for the quarter ended October 5, 1997 declined to $32,000, or $.01 per share, from $1,556,000, or $.46 per share in the prior year. For the nine-month period ended October 5, 1997, net income declined to $319,000, or $.10 per share, from $2,715,000, or $.80 per share for the same period last year. LIQUIDITY AND CAPITAL RESOURCES The Company's primary sources of liquidity and capital resources are cash flows from operations and funds available under the Company's bank credit agreement. The credit agreement provides for borrowings of up to $35 million and requires monthly interest payments at the bank's prime rate (8.5% per annum at October 5, 1997) or LIBOR plus 1.75%. The credit agreement provides for a two-year interest-only revolving period which converts to a five-year term note due and payable July 1, 2003. The agreement is collateralized by substantially all assets of the Company and requires, among other things, that the Company maintain certain debt coverage and other financial ratios. For the nine-month period ended October 5, 1997, net cash provided by operations was approximately $6.8 million, the Company made capital investments in vending machines and other equipment of approximately $8.2 million, and invested approximately $9.4 million in the purchase of Aqua-Vend. As of October 5, 1997, the Company had a deficit in working capital of $1.4 million. Because the Company does not have significant trade accounts receivable and product inventories, working capital will vary from time to time depending on the timing of payables. Approximately $26.0 million of borrowings were outstanding and $9.0 million was available under the credit agreement. The purchase price of the Aqua-Vend assets was funded by additional borrowings under the Company's credit agreement. The Company believes its cash flow generated from operations and borrowings available under its credit agreement will be sufficient to meet its anticipated operating and capital requirements, including its investment in vending equipment, for at least the next twelve months. STATEMENTS IN THIS REPORT 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 INVOLVE RISKS AND UNCERTAINTIES INCLUDING, BUT NOT LIMITED TO, TRADE RELATIONS, DEPENDENCE ON CERTAIN LOCATIONS AND COMPETITION. FURTHER INFORMATION ON POTENTIAL FACTORS WHICH COULD AFFECT THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF THE COMPANY ARE INCLUDED 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 DECEMBER 31, 1996. 9 PART II - OTHER INFORMATION ITEM 5. OTHER INFORMATION On October 28, 1997, the Company filed a lawsuit against Pure-Fill Corporation ("Pure-Fill") and Dennis E. Disanto, an officer and owner of Pure-Fill, in the United States District Court for the Southern District of California. Mr. Disanto currently holds two patents issued by the United States Patent and Trademark Office which pertain to water vending equipment. Mr. Disanto has communicated to the Company that certain features of the Company's indoor water vending machines violate his patents. On the advice of patent counsel to the Company, the lawsuit was filed by the Company as a defensive measure against Pure-Fill and Mr. Disanto, seeking a declaration that the patents held by Mr. Disanto and used by Pure-Fill relating to water vending machines are invalid under United States patent law and that the Company's water vending machines do not infringe any valid claim of the patents. The Company believes that this litigation will not have a material adverse effect on the Company's business, financial condition or operating results. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a. EXHIBITS Exhibit 27. Financial Data Schedule b. REPORTS ON FORM 8-K None. 10 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GLACIER WATER SERVICES, INC. Date: November 13, 1997 By: /s/ Jerry A. Gordon -------------------- ------------------------------ Jerry A. Gordon President and Chief Operating Officer Date: November 13, 1997 By: /s/ Brenda K. Foster -------------------- ------------------------------ Brenda K. Foster Vice President, Controller 11 EX-27 2 EXHIBIT 27
5 1,000 9-MOS JAN-04-1998 JAN-01-1997 OCT-05-1997 10 0 0 0 2,251 3,595 70,350 (21,731) 58,515 5,012 0 0 0 34 24,468 24,502 44,352 44,352 0 42,520 0 0 1,370 462 143 319 0 0 0 319 .10 .10
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