VISTA, Calif.--(BUSINESS WIRE)--Glacier Water Services, Inc. announced results for the second quarter of the fiscal year 2015, ended June 28, 2015.
Brian McInerney, Chief Executive Officer of Glacier Water, said, “Our year-to-date revenues increased 1.1% versus the comparable period last year. Same-store revenues increased 0.5% year-to-date. The Company’s first six months of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $10,599,000, an increase of 1.2%, or $130,000, over the same period last year. Income from operations for the first six months grew 23.1% to $2,182,000. At the end of the second quarter, Glacier operated approximately 23,000 machines located at retailers across the U.S. and Canada, providing high quality, great tasting drinking water or premium ice.”
Revenues for the second quarter ended June 28, 2015 increased 0.4% to $34,107,000 compared to $33,985,000 for the same period last year. For the six-month period ended June 28, 2015, revenues increased 1.1% to $65,107,000 compared to $64,367,000 for the same period last year. Sales growth for the second quarter and six-month period ended June 28, 2015 was driven primarily by growth in ice revenues and partially offset by the impact of closed stores on the water vending side of the business and cooler comparable weather versus last year in key markets.
The Company’s income from operations for the second quarter ended June 28, 2015, increased 11.9% to $1,892,000 compared to $1,691,000 for the same period last year. For the six-month period ended June 28, 2015, income from operations increased 23.1% to $2,182,000 compared to $1,773,000 for the same period last year. The increase in income from operations was driven by the margin generated from growth in revenues, lower fuel and SG&A costs, and lower depreciation and amortization of $142,000 and $245,000, respectively, offset slightly by higher machine maintenance costs.
The Company’s net loss applicable to common stockholders for the quarter ended June 28, 2015, was $1,825,000 or $0.55 per basic and diluted share, compared to a net loss of $1,474,000, or $0.45 per basic and diluted share for the same period last year. For the six-month period ended June 28, 2015, the net loss applicable to common stockholders was $4,674,000 or $1.41 per basic and diluted share, compared to a net loss of $4,463,000 or $1.35 per basic and diluted share, for the same period last year. The quarter and six-month period ending June 28, 2015 net loss included a non-recurring charge to other expense of $518,000 adjusting contingent consideration liability for a 2012 Company acquisition. Excluding the non-recurring charge, the net loss applicable to common stockholders for the six-month period was $4,156,000, or $1.25 per basic and diluted share. Net loss attributable to the non-controlling interests for the second quarter and six-month period ended June 28, 2015, were $118,000 and $302,000, respectively.
With approximately 23,000 machines located in 47 states throughout the United States and Canada, Glacier is the leading provider of high-quality, low-priced drinking water dispensed to consumers through self-service bottled water machines located at supermarkets and other retail locations. Full report.
