-----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, MHgtrW6G+SzGlgBOTnrjyi5M+X51MWdMl+iqiYB1d/7qKI9KS5dEFDoo+RKA84yC caNJz42oLxfRPZjz27S2Og== 0001157523-04-002566.txt : 20040323 0001157523-04-002566.hdr.sgml : 20040323 20040323131406 ACCESSION NUMBER: 0001157523-04-002566 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040223 ITEM INFORMATION: FILED AS OF DATE: 20040323 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: 04684517 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 a4600030.txt GLACIER WATER SERVICES, INC. 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): March 23, 2004 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 March 23, 2004, 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: March 23, 2004 By: ------------------------------------- /s/ W. David Walters Senior Vice President, Chief Financial Officer and Secretary EX-99.1 3 a4600030ex99.txt PRESS RELEASE Exhibit 99.1 Glacier Water Announces Record Revenues and Year End Results VISTA, Calif.--(BUSINESS WIRE)--March 23, 2004--Glacier Water Services, Inc. (AMEX:HOO) announced results for the year ended December 28, 2003. Brian McInerney, Chief Executive Officer of Glacier Water, said, "Glacier recorded record revenues and earnings from operations, highlighting the Company's commitment to returning to profitability. Revenues for the year increased to $72,316,000 and income from operations for the year improved by $2,704,000 to $5,526,000. For 2004, the recent acquisition of Water Island, Inc. should provide very positive momentum." Revenues for the quarter ended December 28, 2003 increased 6.6% to $17,547,000 as compared to the same quarter a year ago. For the year ended December 28, 2003, revenues increased to $72,316,000, representing a 1.8% increase versus last year. The revenue improvement was driven primarily by the acquisition of Water Island during the fourth quarter. For the quarter ended December 28, 2003, the Company's income from operations was $770,000 as compared to $357,000 for the same period a year ago. Income from operations for the year ended December 28, 2003 was $5,526,000, representing an improvement of $2,704,000 versus the same period last year. Income from operations for the prior year included $1,364,000 of integration charges associated with the purchase of the Pure Fill assets in early 2002. The 2003 improvement was driven by increased revenues, cost containment efforts and the Water Island acquisition. The Company's net loss applicable to common stockholders for the quarter ended December 28, 2003, was $1,029,000 or $0.53 per diluted share, compared to a loss of $981,000 or $0.34 per diluted share for the same period last year. The loss of $1,029,000 included the impact of approximately $445,000 in additional depreciation associated with a change in the estimated useful life and salvage value of vending equipment. The Company's net loss applicable to common stockholders for the year ended December 28, 2003, was $1,496,000 or $0.68 per diluted share, compared to a loss of $2,701,000 or $0.95 per diluted share for the same period last year. The 2003 improvement was driven by increased revenues and cost containment efforts, partially offset by the impact of the additional depreciation and increased interest expense associated with the reissuance of Trust Preferred Securities for common shares in an exchange offer in early 2003. With approximately 15,500 machines located in 39 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. Summary Financial Information (Dollars in thousands, except per share data) (unaudited) Three Months Ended Year Ended ---------------------------------------- Dec. Dec. Dec. Dec. 28, 29, 28, 29, 2003 2002 2003 2002 ---------------------------------------- Revenues $17,547 $16,460 $72,316 $71,029 Operating costs and expenses: Operating expenses 10,352 10,476 44,222 44,698 Depreciation and amortization 3,730 3,125 12,612 12,368 ---------------------------------------- Cost of goods sold 14,082 13,601 56,834 57,066 Selling, general and administrative expenses 2,695 2,502 9,956 9,777 Integration charges -- -- -- 1,364 ---------------------------------------- Total operating costs and expenses 16,777 16,103 66,790 68,207 ---------------------------------------- Income from operations 770 357 5,526 2,822 Other expenses: Interest expense 1,923 1,503 7,016 5,968 Investment expense (income) (124) 26 (90) 20 ---------------------------------------- Total other expense 1,799 1,529 6,926 5,988 ---------------------------------------- Loss before income taxes (1,029) (1,172) (1,400) (3,166) Income tax benefit -- (223) -- (593) ---------------------------------------- Net loss (1,029) (949) (1,400) (2,573) Preferred dividends -- 32 96 128 ---------------------------------------- Net loss applicable to common stockholders $(1,029) $(981) $(1,496) $(2,701) ======================================== Basic and diluted loss per common share: Net loss applicable to common stockholders $(0.53) $(0.34) $(0.68) $(0.95) ======================================== Weighted average shares used in calculation 1,932,359 2,849,344 2,185,761 2,843,217 CONTACT: Glacier Water Services, Inc. W. David Walters, 760-560-1111 -----END PRIVACY-ENHANCED MESSAGE-----