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GLACIER WATER REPORTS HIGHER SALES, NET INCOME

 OCEANSIDE, Calif., April 19 /PRNewswire/ -- Glacier Water Services Inc. (AMEX: HOO) today reported financial results for its first quarter ended March 31, 1993.
 Sales for the three months ended March 31, 1993, increased to $6,463,000, or 11 percent over sales of $5,834,000 for the three months ended March 31, 1992. Net income for the quarter ended March 31, 1993, was $204,000, or $.06 per share, vs. net income for the quarter ended March 31, 1992, of $55,000, or $.03 per share. Duke Bushong, president and chief executive officer, said, "Typically, the first quarter is seasonally weak in our fiscal year. Although our operating results were adversely affected by the heavy rainfall in January and February in our important Southern California market, March vending sales were up 24 percent vs. 1992 while machine placements were up 20 percent. We are looking forward to another excellent year for Glacier Water."
 The company attributed the growth in sales and income to increases in the number of water vending machines in operation and a reduction in interest expense. At March 31, 1993, the company had 3,751 machines in operation, compared to 3,137 at March 31, 1992.
 Glacier Water Services Inc. is the 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, 1993 March 31, 1992
 Sales $6,463,000 $5,834,000
 Costs and expenses 6,117,000 5,258,000
 Interest and guaranty expense 8,000 484,000
 Income before provision for
 income taxes 338,000 92,000
 Provision for income taxes 134,000 37,000
 Net income $204,000 $55,000
 Net income per share $.06 $.03
 Weighted average common and
 common equivalent shares
 outstanding 3,294,677 2,185,299
 -0- 4/19/93
 /CONTACT: Duke Bushong, president and CEO of Glacier Water Services, 619-433-4072/
 (HOO)


CO: Glacier Water Services Inc. ST: California IN: SU: ERN

MS-KJ -- SD005 -- 7474 04/19/93 14:11 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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