-----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, FNHNWwe1bUHOXW6PVBfuXgAYDMDguqI8fZaUbH3Ue+mMMO34+/z6V+9OMFcdN/8R /Q/yY+djO5P+AZskMrre9w== 0001157523-05-003031.txt : 20050404 0001157523-05-003031.hdr.sgml : 20050404 20050401210229 ACCESSION NUMBER: 0001157523-05-003031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050401 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050404 DATE AS OF CHANGE: 20050401 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: 05727321 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 a4854805.txt GLACIER WATER SERVICES, INC. 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): April 1, 2005 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 April 1, 2005, 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: April 1, 2005 By: /s/ W. David Walters ------------------------------------- Senior Vice President, Chief Financial Officer and Secretary EX-99.1 2 a4854805ex991.txt EXHIBIT 99.1 Exhibit 99.1 Glacier Water Announces Record Revenues and Year End Results VISTA, Calif.--(BUSINESS WIRE)--April 1, 2005--Glacier Water Services, Inc. (Amex:HOO) announced results for the year ended January 2, 2005. Brian McInerney, Chief Executive Officer of Glacier Water, said, "Glacier recorded record revenues in 2004. Revenues for the year increased to $76,261,000 in part as a result of the acquisition of Water Island, Inc. The Company has made significant progress with a major initiative to upgrade its outside water vending machines. The upgrade results in the next generation water vending 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 six months." Revenues for the quarter ended January 2, 2005 increased 3.4% to $18,137,000 as compared to the same quarter a year ago. For the year ended January 2, 2005, revenues increased to $76,261,000, representing a 5.5% increase versus last year. The 2004 revenue increase was driven primarily by revenues associated with the 2003 Water Island acquisition and an extra 53rd week of sales in 2004 versus 52 weeks in 2003. These increases were offset partially by the impact of the Southern California grocery strike during the first quarter of 2004, the cooler than normal summer in California and the negative impact of the Florida hurricanes Charley, Frances, Ivan, and Jeanne. For the quarter ended January 2, 2005, the Company's income from operations was $155,000 as compared to $770,000 for the same period a year ago. The decrease in income from operations during the quarter was driven by higher operating expenses during 2004. Income from operations for the year ended January 2, 2005 was relatively flat at $5,503,000 versus $5,526,000 for the same period last year. The Company's net loss applicable to common stockholders for the quarter ended January 2, 2005, was $1,961,000 or $0.91 per diluted share, compared to a loss of $1,029,000 or $0.53 per diluted share for the same period last year. The Company's net loss applicable to common stockholders for the year ended January 2, 2005, was $2,357,000 or $1.10 per diluted share, compared to a loss of $1,496,000 or $0.68 per diluted share for the same period last year. The 2004 net loss was impacted by an increase of $844,000 in interest expense associated with the re-issuance of Trust Preferred Securities for common shares in an exchange offer in early 2003 and higher outstanding borrowings to support the G-2 project. With approximately 15,300 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. Summary Financial Information (Dollars in thousands, except per share data) (unaudited) Three Months Ended Year Ended --------------------- --------------------- Jan 2, Dec. 28, Jan 2, Dec. 28, 2005 2003 2005 2003 ---------- ---------- ---------- ---------- Revenues $18,137 $17,547 $76,261 $72,316 Operating costs and expenses: Operating expenses 11,700 10,352 48,614 44,222 Depreciation and amortization 3,700 3,730 11,533 12,612 ---------- ---------- ---------- ---------- Cost of goods sold 15,400 14,082 60,147 56,834 Selling, general and administrative expenses 2,582 2,695 10,611 9,956 ---------- ---------- ---------- ---------- Total operating costs and expenses 17,982 16,777 70,758 66,790 ---------- ---------- ---------- ---------- Income from operations 155 770 5,503 5,526 Other expenses: Interest expense 2,116 1,923 7,860 7,016 Investment expense (income) -- (124) -- (90) ---------- ---------- ---------- ---------- Total other expense 2,116 1,799 7,860 6,926 ---------- ---------- ---------- ---------- Loss before income taxes (1,961) (1,029) (2,357) (1,400) Income tax benefit -- -- -- -- ---------- ---------- ---------- ---------- Net loss (1,961) (1,029) (2,357) (1,400) Preferred dividends -- -- -- 96 ---------- ---------- ---------- ---------- Net loss applicable to common stockholders $(1,961) $(1,029) $(2,357) $(1,496) ========== ========== ========== ========== Basic and diluted loss per common share: Net loss applicable to common stockholders $(0.91) $(0.53) $(1.10) $(0.68) ========== ========== ========== ========== Weighted average shares used in calculation 2,159,169 1,932,359 2,136,508 2,185,761 CONTACT: Glacier Water Services, Inc. W. David Walters, 760-560-1111 -----END PRIVACY-ENHANCED MESSAGE-----