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GLACIER WATER REPORTS HIGHER SALES, PRETAX INCOME

 GLACIER WATER REPORTS HIGHER SALES, PRETAX INCOME
 LOS ANGELES, April 16 /PRNewswire/ -- Glacier Water Services,


Inc. (AMEX: HOO) today reported financial results for its first quarter ended March 31, 1992.
 Sales for the three months ended March 31, 1992, increased to $5,834,000 or 17 percent over sales of $5,006,000 for the three months ended March 31, 1991. Income before income taxes increased 35 percent to $92,000 for the first quarter of 1992, compared to $68,000 for the same period last year.
 Net income for the quarter ended March 31, 1992 was $55,000, or $.03 per share, after a provision for income tax expense of $37,000, or 40 percent of pretax income. Net income for the quarter ended March 31, 1991, was $65,000, or $.03 per share, after a nominal provision for income tax expense of $3,000, or 4 percent of pretax income, due to the company being treated for income tax purposes as a Subchapter S Corporation until October of 1991.
 The Company attributed the growth in sales and pretax income to increases in the number of water vending machines in operation. At March 31, 1992, the Company had 3,137 machines in operation, compared to 2,559 at March 31, 1991. "These results were achieved in what is historically our seasonally low quarter, in spite of the unseasonably cold and wet weather in Southern California during the period," noted Jerry Welch, Glacier's Chief Executive Officer. Approximately 50 percent of the Company's water vending machines are currently located in Southern California.
 In addition, the Company reported that the next proceeds from its recently completed initial public offering of 2,000,000 shares, which closed on March 20, 1992, was used to retire all of the Company's bank debt and related guaranty obligations. Further, the Company stated that its underwriters had exercised their over-allotment option and purchased 276,250 shares of common stock on April 2, 1992, resulting in additional net proceeds to the Company of approximately $2.8 million which will be used for working capital purposes.
 Glacier Water Services, Inc. is a leading provider of low price, high quality drinking water dispensed to consumers through coin operated, self-service vending machines placed at supermarket and other retail locations in California, Arizona, Nevada, Texas and Florida.
 GLACIER WATER SERVICES INC.
 Summary Financial Information
 (unaudited)
 Three Months Ended
 March 31, 1992 March 31, 1991
 Sales $5,834,000 $5,006,000
 Costs and expenses 5,258,000 4,504,000
 Interest and guaranty expense 484,000 434,000
 Income before provision for
 income taxes 92,000 68,000
 Provision for income taxes 37,000 3,000
 Net income $55,000 $65,000(a)
 Net income per share $.03 $.03
 Weighted average common and common
 equivalent shares outstanding 2,171,236 1,960,736
 (a) Net income reflects a nominal provision for income tax expense of $3,000, or 4 percent of pretax income, due to the Company being treated for income taxes as a Subchapter S Corporation through October 1991.
 -0- 4/16/92
 /CONTACT: Jerry Welch of Glacier Water Services, 818-242-3887/
 (HOO) CO: Glacier Water Services Inc. ST: California IN: SU: ERN


KJ-CH -- LA017 -- 9322 04/16/92 12:53 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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