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GLACIER WATER SERVICES REPORTS THIRD QUARTER AND NINE MONTH RESULTS

 OCEANSIDE, Calif., Oct. 13 /PRNewswire/ -- Glacier Water Services Inc. (AMEX: HOO) today reported results for the third quarter and nine months ended Sept. 30, 1993.
 Revenues for the third quarter of 1993 increased to $8,849,000, or 9 percent over revenues of $8,141,000 for the third quarter ended Sept. 30, 1992. Net income for the quarter ended Sept. 30, 1993 increased 9 percent to $878,000, or $.27 per share compared to net income of $802,000, or $.24 per share last year.
 For the nine-month period of 1993, sales increased 12 percent to $22,985,000 as compared to $20,474,000 for the nine months ended Sept. 30, 1992. Net income for the nine months of 1993 increased 18 percent to $1,546,000, or $.47 per share, compared to net income of $1,310,000, or $.45 per share. Net income per share is based upon 3,293,667 weighted common shares outstanding for the nine months ended Sept. 30, 1993 compared to 2,910,976 weighted common shares outstanding for the same period last year.
 The company attributed the growth to an increase in the number of water vending machines in operation. At Sept. 30, 1993, the company had 4,404 machines compared to 3,448 at Sept. 30, 1992.
 Duke Bushong, president and chief executive officer, said, "The third quarter results were in line with our expectations and represent a solid improvement over an exceptional quarter last year. Our machine roll-out is ahead of plan. We expect to see our sales and earnings trend over the next several quarters improve over that experienced during the first nine months of this fiscal year."
 Glacier Water is the leading provider of low-price, high quality drinking water processed through a combination of micron filtration, reverse osmosis, carbon adsorption 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
 Sept. 30, 1993 Sept. 30, 1992
 Sales $8,849,000 $8,141,000
 Costs and expenses 7,386,000 6,804,000
 Income before income taxes 1,463,000 1,337,000
 Provision for income taxes 585,000 535,000
 Net income $878,000 $802,000
 Net income per share $.27 $.24
 Weighted average common and
 common equivalent shares
 outstanding 3,302,129 3,293,401
 (Unaudited)
 Nine Months Ended
 Sept. 30, 1993 Sept. 30, 1992
 Sales $22,985,000 $20,474,000
 Costs and expenses 20,408,000 18,292,000
 Income before income taxes 2,577,000 2,182,000
 Provision for income taxes 1,031,000 872,000
 Net income $1,546,000 $1,310,000
 Net income per share $.47 $.45
 Weighted average common and
 common equivalent shares
 outstanding 3,293,667 2,910,976
 -0- 10/13/93
 /CONTACT: Kathleen M. Fisher, VP-finance of Glacier Water Services, 619-433-4072/
 (HOO)


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

MF-LM -- SD002 -- 1510 10/13/93 09:02 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
Words:513
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