Glacier Water Announces Record Revenues and Year End Results
Glacier Water Services, Inc., has recorded record revenues of $60,345,000 for the year ended Dec. 30, 2001.
Brian McInerney, chief executive officer of Glacier Water, said, "We are pleased to report that 2001 was a record sales year for Glacier Water. Despite being one of the coldest years on record, we were able to grow our business by 2 percent. We believe that the fourth quarter revenue improvement of 7 percent is indicative of very positive momentum for the business as we enter 2002. We also have made good progress on the cost side of the business, and believe we are on the path to improved profitability. As announced previously, we have completed the acquisition of the Pure Fill Corporation. We are moving forward rapidly to integrate the Pure Fill organization into our business and expect significant operational improvements as a result."
Revenues for the quarter ended Dec. 30, 2001, increased 7.2 percent to $14,184,000 as compared to the same quarter a year ago. For the year ended Dec. 30, 2001, revenues increased to a new record high of $60,345,000. This represents a 2.0 percent increase versus last year. Excluding Mexico, which ceased operations in 2000, the revenues for the year increased $1,495,000 or 2.5 percent. The company realized revenue improvements from the maturing of inside machines and the overall maturing of new markets.
Income from operations for the year ended Dec. 30, 2001, was $268,000, representing an improvement of $1,878,000 versus the same period last year. The improvement was driven by increased revenues, cost containment efforts and the impact of the discontinuance of the Mexico operation last year, which included a related $1,400,000 charge in the third quarter of last year. For the quarter ended Dec. 30, 2001, the company's loss from operations was $1,069,000 as compared to a loss of $523,000 for the same period a year ago. The increased loss in the quarter was driven by higher workers' compensation costs and other employee-related expenses, costs associated with the refurbishment of machines and higher depreciation and amortization expenses.
For the year ended Dec. 30, 2001, the company's net loss before the extraordinary gain from the early retirement of debt was $5,498,000. This represents an improvement of $4,698,000 versus the same period a year ago. For the quarter ended Dec. 30, 2001, the net loss before the extraordinary gain from the early retirement of debt was $2,508,000. This represents an improvement of $2,160,000 versus the same quarter a year ago. The improvement was driven by increased revenues, cost containment efforts, reduced net interest expense and the elimination of costs associated with the Mexico operation.
The net loss after interest, taxes and the extraordinary gain from the early retirement of debt for the year ended Dec. 30, 2001 was $5,494,000 or $1.94 per diluted share and the loss applicable to the common stockholders was $5,560,000. This compares to a net loss of $5,998,000 or $2.11 per diluted share for the year ended Dec. 31, 2000. The net loss after interest, taxes and the extraordinary gain from the early retirement of debt for the quarter ended Dec. 30, 2001 was $2,508,000 or $0.88 per diluted share and the loss applicable to the common stockholders after the payment of preferred dividends was $2,476,000. This compares to a net loss of $2,321,000 or $0.82 per diluted share for the quarter ended Dec. 31, 2000.
With over 13,000 machines located in 35 states throughout the United States, Glacier is a leading provider of high quality, low-priced drinking water dispensed to consumers through self-service vending machines located at supermarkets and other retail locations.
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