-----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, PPZmSGmRdHFiol9wFYZCPjH29xyr+1pwj+BQIa/cUAocR9TQir03jcKQCGPN8AlU E5TT5KTX5JUU7Pgm/ScJ2g== 0001157523-05-004676.txt : 20050512 0001157523-05-004676.hdr.sgml : 20050512 20050512132342 ACCESSION NUMBER: 0001157523-05-004676 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050512 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050512 DATE AS OF CHANGE: 20050512 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: 05823483 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 a4885456.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): May 12, 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 May 12, 2005, 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: May 12, 2005 By: /s/ W. David Walters ------------------------------------- W. David Walters Senior Vice President, Chief Financial Officer and Secretary EX-99.1 2 a4885456-ex991.txt EXHIBIT 99.1 Exhibit 99.1 Glacier Water Announces First Quarter Results VISTA, Calif.--(BUSINESS WIRE)--May 12, 2005--Glacier Water Services, Inc. (Amex:HOO) announced financial results for the quarter ended April 3, 2005. Brian McInerney, Chief Executive Officer of Glacier Water, said, "While revenues for the quarter were flat versus prior year at $17,543,000, we continued our investment for the future in the form of a major initiative to upgrade our outside water vending machines. The upgrade results in the next generation water vending machine ("G-2") with a new modern appearance and increased functionality. To date, the Company has upgraded over 8,500 machines. We expect to complete upgrades on a total of approximately 11,000 machines by early third quarter." Revenues for the quarter ended April 3, 2005 were $17,543,000, flat versus the same quarter a year ago. For the quarter ended April 3, 2005, the Company's income from operations was $107,000 as compared to $729,000 for the same period a year ago. The decrease in income from operations was driven by increased depreciation associated with the G-2 capital expenditures. The Company's net loss applicable to common stockholders for the quarter ended March 28, 2004, was $1,973,000 or $0.91 per basic and diluted share, compared to a loss of $1,201,000 or $0.57 per basic and diluted share for the same quarter last year. The decrease was driven primarily by increased depreciation expense and increased interest expense resulting from higher outstanding borrowings on the Company's credit facility as a result of the G-2 initiative. With approximately 15,100 machines located in 39 states throughout the United States, Glacier is the leading provider of high quality, great tasting drinking water dispensed to consumers through self-service bottled water 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 January 3, 2005. FINANCIAL RESULTS GLACIER WATER SERVICES, INC. Summary Financial Information (Dollars in thousands, except share data) (unaudited) Three Months Ended --------------------- April 3, March 28, 2005 2004 ---------- ---------- Revenues $17,543 $17,546 Operating costs and expenses: Operating expenses 11,434 11,676 Depreciation and amortization 3,302 2,510 ---------- ---------- Cost of goods sold 14,736 14,186 Selling, general and administrative expenses 2,700 2,631 ---------- ---------- Total operating costs and expenses 17,436 16,817 ---------- ---------- Income from operations 107 729 Other expenses: Interest expense 2,080 1,930 ---------- ---------- Loss before income taxes (1,973) (1,201) Income tax benefit -- -- ---------- ---------- Net loss (1,973) (1,201) Basic and diluted loss per common share: Net loss applicable to common stockholders $(0.91) $(0.57) ========== ========== Weighted average shares used in calculation 2,172,055 2,119,483 CONTACT: Glacier Water Services, Inc. W. David Walters, 760-560-1111 -----END PRIVACY-ENHANCED MESSAGE-----