EX-99 3 a4396908_exa.txt GLACIER WATER SERVICES EXHIBIT A Exhibit A Glacier Water Announces First Quarter Results VISTA, Calif.--(BUSINESS WIRE)--May 14, 2003--Glacier Water Services Inc. (AMEX:HOO) announced results for the quarter ended March 30, 2003. Brian McInerney, chief executive officer of Glacier Water, said, "Glacier is off to a good start in 2003. For the first quarter, revenues increased 7.3% over the prior year to $16,533,000, with positive operating income of $538,000. We remain committed to returning the company to profitability." Revenues for the quarter ended March 30, 2003 increased 7.3% to $16,533,000 as compared to $15,409,000 for the same quarter a year ago. The revenue improvement was driven by volume increases and a $0.01 per gallon increase in average price. For the quarter ended March 30, 2003, the company's income from operations improved to $538,000 as compared to a loss of $1,007,000 for the same period a year ago. The loss from operations for last year included $889,000 of integration costs associated with the Pure Fill acquisition. The company's net loss applicable to common stockholders for the quarter ended March 30, 2003, was $968,000 or $0.34 per basic and diluted share, compared to a loss of $2,147,000 or $0.76 per basic and diluted share for the same period last year. With approximately 14,000 machines located in 37 states throughout 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 December 29, 2002. FINANCIAL RESULTS GLACIER WATER SERVICES INC. FIRST QUARTER 2003 Summary Financial Information (Dollars in thousands, except per share data) (unaudited) Three Months Ended -------------------- March March 30, 31, 2003 2002 -------------------- Revenues $16,533 $15,409 Operating costs and expenses: Operating expenses 10,670 9,985 Selling, general and administrative expenses 2,364 2,428 Depreciation and amortization 2,961 3,114 Integration and restructuring costs -- 889 -------------------- Total operating costs and expenses 15,995 16,416 -------------------- Income (loss) from operations 538 (1,007) Other expenses: Interest expense 1,450 1,461 Investment loss 24 17 -------------------- Total other expenses 1,474 1,478 -------------------- Loss before income taxes (936) (2,485) Income tax benefit -- (370) -------------------- Net loss (936) (2,115) Preferred stock dividends 32 32 -------------------- Net loss applicable to common stockholders $(968) $(2,147) ==================== Basic and diluted loss per share: Net loss $(0.33) $(0.75) Preferred stock dividends (0.01) (0.01) -------------------- Net loss applicable to common stockholders $(0.34) $(0.76) ==================== Weighted average shares used in calculation 2,857,293 2,834,474 ==================== CONTACT: Glacier Water Services Inc. W. David Walters, 760/560-1111