-----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, GKcmuKvzfP0THP9pV9XJc1uPjupLK7ZXi8rYfePVfNLVNCaHaQLW+WRQwa/kqf5A ywZ04X6bsMj120KtmVsbmw== 0001157523-04-010305.txt : 20041104 0001157523-04-010305.hdr.sgml : 20041104 20041103174028 ACCESSION NUMBER: 0001157523-04-010305 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041103 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20041104 DATE AS OF CHANGE: 20041103 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: 041117371 BUSINESS ADDRESS: STREET 1: 1385 PARK CENTER DRIVE CITY: VISTA STATE: CA ZIP: 92081-8338 BUSINESS PHONE: 7605601111 MAIL ADDRESS: STREET 1: 1385 PARK CENTER DRIVE CITY: VISTA STATE: CA ZIP: 92081-8338 8-K 1 a4757167.txt GLACIER WATER SERVICES 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 3, 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.) 1385 Park Center Drive Vista, California 92081-8338 - --------------------------------------- -------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (760) 560-1111 ================================================================================ Item 2.02 Results of Operations and Financial Condition. On November 3, 2004, the registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1. 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 3, 2004 By: /s/ W. David Walters -------------------------------------- W. David Walters Senior Vice President, Chief Financial Officer and Secretary EX-99.1 2 a4757167ex991.txt PRESS RELEASE EXHIBIT 99.1 Glacier Water Announces Third Quarter and Year to Date Results VISTA, Calif.--(BUSINESS WIRE)--Nov. 3, 2004--Glacier Water Services, Inc. (AMEX:HOO) announced results for the quarter ended September 26, 2004. Brian McInerney, Chief Executive Officer of Glacier Water, said, "We are pleased to report increased revenues for the third quarter and the nine months that ended September 26, 2004. Despite the impact of the major hurricane activity in Florida and the unusually cool summer in California, revenues increased by 4.3% during the third quarter. The Company has made significant progress with a major initiative to upgrade its outside water vending machines. The upgrade results in the next generation machine (`G-2') with a new modern appearance and increased functionality. The Company plans to complete the upgrade of approximately 11,000 outside machines over the next 12 months." Revenues for the quarter ended September 26, 2004 increased 4.3% to $21,332,000 compared to $20,447,000 for the same quarter a year ago. For the nine-month period ended September 26, 2004 revenues increased 6.1% to $58,123,000 compared to $54,770,000 for the same period a year ago. The increase in revenues for the three- and nine-month periods was driven primarily by revenues associated with the Water Island acquisition in October 2003, offset partially by the impact of the cooler than normal summer in California and the negative impact of hurricanes Charley, Frances, Ivan, and Jeanne, which temporarily shut down several hundred of the Company's machines. All machines have since been put back into service. The Company's income from operations for the quarter ended September 26, 2004 was $2,895,000 compared to $3,029,000 in the same period last year. For the nine-month period ended September 26, 2004, income from operations was $5,348,000 compared to $4,756,000 for the same period last year, representing a $592,000 or 12.4% improvement. The Company's net income applicable to common stockholders for the quarter ended September 26, 2004, was $986,000, or $0.46 per basic and $0.38 per diluted share, compared to income of $1,160,000, or $0.61 per basic and $0.51 per diluted share, for the same period last year. For the nine-month period ended September 26, 2004, the net loss applicable to common stockholders was $396,000, or $0.19 per basic and diluted share, compared to a loss of $467,000, or $0.21 per basic and diluted share, for the same period last year. With approximately 15,200 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 28, 2003. FINANCIAL RESULTS GLACIER WATER SERVICES, INC. - ----------------- THIRD QUARTER 2004 ------------------ Consolidated Statements of Operations (Dollars in thousands, except shares and per share data) (unaudited) Three Months Ended Nine Months Ended --------------------- --------------------- September September September September 26, 28, 26, 28, 2004 2003 2004 2003 ---------- ---------- ---------- ---------- Revenues $21,332 $20,447 $58,123 $54,770 Operating costs and expenses: Operating expenses 13,080 12,223 36,913 33,869 Depreciation and amortization 2,733 3,004 7,834 8,882 ---------- ---------- ---------- ---------- Cost of goods sold 15,813 15,227 44,747 42,751 Selling, general and administrative expenses 2,624 2,191 8,028 7,263 ---------- ---------- ---------- ---------- Total operating costs and expenses 18,437 17,418 52,775 50,014 ---------- ---------- ---------- ---------- Income from operations 2,895 3,029 5,348 4,756 Other expenses: Interest expense 1,909 1,855 5,744 5,093 Investment (income) expense -- (18) -- 34 ---------- ---------- ---------- ---------- Total other expense 1,909 1,837 5,744 5,127 ---------- ---------- ---------- ---------- Income (loss) before income taxes 986 1,192 (396) (371) Income tax benefit -- -- -- -- ---------- ---------- ---------- ---------- Net income (loss) 986 1,192 (396) (371) Preferred stock dividends -- 32 -- 96 ---------- ---------- ---------- ---------- Net income (loss) applicable to common stockholders $986 $1,160 $(396) $(467) ========== ========== ========== ========== Basic income (loss) per common share: Net income (loss) applicable to common stockholders $0.46 $0.61 $(0.19) $(0.21) ========== ========== ========== ========== Weighted average shares used in calculation 2,145,848 1,913,550 2,128,374 2,270,228 Diluted income (loss) per common share: Net income (loss) applicable to common stockholders $0.38 $0.51 $(0.19) $(0.21) ========== ========== ========== ========== Weighted average shares used in calculation 2,581,257 2,267,351 2,128,374 2,270,228 CONTACT: Glacier Water Services, Inc. W. David Walters, 760-560-1111 -----END PRIVACY-ENHANCED MESSAGE-----