-----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, JS/uIiHH6iJiAkoyaDd1RpQmEHOYWqZPqjShjMTk53K6qIiNwWZiQX/2nxVdhdXB D2Z+8EFSSUMYTSMxEEVINQ== 0001157523-03-006752.txt : 20031117 0001157523-03-006752.hdr.sgml : 20031117 20031117134914 ACCESSION NUMBER: 0001157523-03-006752 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031112 ITEM INFORMATION: FILED AS OF DATE: 20031117 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11012 FILM NUMBER: 031007480 BUSINESS ADDRESS: STREET 1: 2651 LA MIRADA DRIVE, SUITE 100 CITY: VISTA STATE: CA ZIP: 92083-8435 BUSINESS PHONE: 7605601111 MAIL ADDRESS: STREET 1: 2651 LA MIRADA DRIVE, SUITE 100 CITY: VISTA STATE: CA ZIP: 92083-8435 8-K 1 a4515001.txt GLACIER WATER 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 12, 2003 Glacier Water Services, Inc. (Exact Name of Registrant as Specified in Charter) Delaware ---------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-11012 33-0493559 ------------------------ --------------------------------- (Commission File Number) (IRS Employer Identification No.) 2651 La Mirada Drive, Suite 100 Vista, California 92081-8435 ---------------------------------------- ----------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (760) 560-1111 Item 12. Results of Operations and Financial Condition. On November 12, 2003, the registrant issued a press release, a copy of which is attached hereto as Exhibit A. This Form 8-K and the attached exhibit are furnished to, but not filed with, the Commission. 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 hereunto duly authorized. GLACIER WATER SERVICES, INC. Date: November 12, 2003 By: ---------------------------------------- /s/ W. David Walters Senior Vice President, Chief Financial Officer and Secretary EX-99 3 a4515001_ex991.txt GLACIER WATER EXHIBIT 99.1 Glacier Water Announces Third Quarter Results VISTA, Calif.--(BUSINESS WIRE)--Nov. 12, 2003--Glacier Water Services Inc. (Amex: HOO) announced results for the quarter ended September 28, 2003. Brian McInerney, chief executive officer of Glacier Water, said, "Despite a slight decline in revenues versus last year, we are pleased to report increased earnings from operations for the third quarter and the nine months that ended September 28, 2003. We continue to see earnings improvement and we remain committed to returning the company to profitability. As announced previously, we completed the acquisition of Water Island Inc. in early October and are working diligently to integrate the Water Island organization into our business." Revenues for the quarter ended September 28, 2003 decreased 1.3% to $20,447,000 compared to $20,720,000 for the same quarter a year ago. For the nine-month period ended September 28, 2003, revenues increased 0.4% to $54,770,000 compared to $54,568,000 for the same period a year ago. Unusually heavy rainfall and cool temperatures across the United States adversely affected the company's revenues during the second and third quarters this year. The company's income from operations for the quarter ended September 28, 2003 was $3,029,000, representing an improvement of $471,000 from $2,558,000 in the same period last year. For the nine-month period ended September 28, 2003, income from operations was $4,756,000 compared to $2,465,000 for the same period last year. Last year's income from operations for the nine-month period included one-time integration costs of $1,364,000 associated with the Pure Fill acquisition. The company's net income applicable to common stockholders for the quarter ended September 28, 2003, was $1,160,000 or $0.61 per basic share and $0.51 per diluted share compared to $1,041,000 or $0.37 per basic share and $0.34 per diluted share for the same period last year. For the nine-month period ended September 28, 2003, the net loss applicable to common stockholders was $467,000 or $0.21 per basic and diluted share, compared to a loss of $1,720,000 or $0.61 per basic and diluted share for the same period last year. With approximately 14,000 machines located in 36 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. THIRD QUARTER 2003 Consolidated Statements of Operations (Dollars in Thousands, Except Per Share Data) (Unaudited) Three Months Ended Nine Months Ended --------------------- --------------------- September September September September 28, 2003 29, 2002 28, 2003 29, 2002 ---------- ---------- ---------- ---------- Revenues $20,447 $20,720 $54,770 $54,568 Operating costs and expenses: Operating expenses 12,223 12,616 33,869 34,221 Depreciation and amortization 3,004 3,084 8,882 9,243 ---------- ---------- ---------- ---------- Cost of goods sold 15,227 15,700 42,751 43,464 Selling, general and administrative expenses 2,191 2,462 7,263 7,275 Integration and restructuring costs -- -- -- 1,364 ---------- ---------- ---------- ---------- Total operating costs and expenses 17,418 18,162 50,014 52,103 ---------- ---------- ---------- ---------- Income from operations 3,029 2,558 4,756 2,465 Other expenses: Interest expense 1,855 1,496 5,093 4,465 Investment expense (income) (18) (11) 34 (6) ---------- ---------- ---------- ---------- Total other expense 1,837 1,485 5,127 4,459 ---------- ---------- ---------- ---------- Income (loss) before income taxes 1,192 1,073 (371) (1,994) Income tax provision (benefit) -- -- -- (370) ---------- ---------- ---------- ---------- Net income (loss) 1,192 1,073 (371) (1,624) Preferred dividends 32 32 96 96 ---------- ---------- ---------- ---------- Net income (loss) applicable to common stockholders $1,160 $1,041 $(467) $(1,720) ========== ========== ========== ========== Basic income (loss) per common share: Net income (loss) applicable to common stockholders $0.61 $0.37 $(0.21) $(0.61) ========== ========== ========== ========== Weighted average shares used in calculation 1,913,550 2,848,184 2,270,228 2,841,175 Diluted income (loss) per common share: Net income (loss) applicable to common stockholders $0.51 $0.34 $(0.21) $(0.61) ========== ========== ========== ========== Weighted average shares used in calculation 2,267,351 3,066,719 2,270,228 2,841,175 CONTACT: Glacier Water Services Inc., Vista W. David Walters, 760-560-1111 -----END PRIVACY-ENHANCED MESSAGE-----