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GLACIER WATER SERVICES REPORTS SECOND QUARTER AND FIRST-HALF RESULTS

 OCEANSIDE, Calif., July 16 /PRNewswire/ -- Glacier Water Services Inc. (AMEX: HOO) today reported results for the second quarter and six months ended June 30, 1993.
 Revenues for the second quarter of 1993 increased to $7,673,000, or 18 percent over revenues of $6,500,000 for the second quarter ended June 30, 1992. Net income for the quarter ended June 30, 1993, was $464,000, or $.14 per share, compared to net income of $452,000, or $.14 per share last year.
 For the six-month period of 1993, sales increased 15 percent to $14,136,000 from $12,334,000 for the six months ended June 30, 1992. Net income for the first half of 1993 increased 32 percent to $668,000, or $.20 per share, compared to net income of $507,000, or $.19 per share, last year.
 The company attributed the growth to an increase in the number of water vending machines in operation. At June 30, 1993, the company had 4,009 machines in operation, compared to 3,232 at June 30, 1992.
 Duke Bushong, president and chief executive officer, said, "Our second quarter net earnings were reduced approximately $.03 per share due to professional fees associated with various regulatory filings and start-up costs for a limited international test of our water vending machines. Our machine roll out is slightly ahead of schedule with earnings and sales trends much improved over that experienced in the first quarter of this year. We continue to experience strong growth in existing markets and are excited about our prospects for the second half of 1993."
 Glacier Water is the leading provider of low-price, high-quality drinking water purified through a combination of micron filtration, reverse osmosis, deionization, and ultraviolet sterilization and dispensed to consumers through coin-operated, self-service vending machines placed in supermarket and other retail locations in California, Arizona, Nevada, Texas and Florida.
 GLACIER WATER SERVICES INC.
 Summary
 Financial Information
 (Unaudited)
 Three Months Ended
 June 30, 1993 June 30, 1992
 Sales $7,673,000 $6,500,000
 Costs and expenses 6,898,000 5,747,000
 Income before income taxes 775,000 753,000
 Provision for income taxes 311,000 301,000
 Net income $464,000 $452,000
 Net income per share $.14 $.14
 Weighted average common and
 common equivalent shares
 outstanding 3,291,105 3,305,797
 Six Months Ended
 June 30, 1993 June 30, 1992
 Sales $14,136,000 $12,334,000
 Costs and expenses 13,023,000 11,489,000
 Income before income taxes 1,113,000 845,000
 Provision for income taxes 445,000 338,000
 Net income $668,000 $507,000
 Net income per share $.20 $.19
 Weighted average common and
 common equivalent shares
 outstanding 3,289,165 2,737,438
 -0- 7/16/93
 /CONTACT: Kathleen M. Fisher, VP-finance of Glacier Water, 619-433-4072/
 (HOO)


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

JB-EH -- SD003 -- 2525 07/16/93 14:00 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
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