EX-99.1
2
a4854805ex991.txt
EXHIBIT 99.1

                                                                    Exhibit 99.1

     Glacier Water Announces Record Revenues and Year End Results

    VISTA, Calif.--(BUSINESS WIRE)--April 1, 2005--Glacier Water
Services, Inc. (Amex:HOO) announced results for the year ended January
2, 2005.
    Brian McInerney, Chief Executive Officer of Glacier Water, said,
"Glacier recorded record revenues in 2004. Revenues for the year
increased to $76,261,000 in part as a result of the acquisition of
Water Island, Inc. The Company has made significant progress with a
major initiative to upgrade its outside water vending machines. The
upgrade results in the next generation water vending machine (`G-2')
with a new modern appearance and increased functionality. The Company
plans to complete the upgrade of approximately 11,000 outside machines
over the next six months."
    Revenues for the quarter ended January 2, 2005 increased 3.4% to
$18,137,000 as compared to the same quarter a year ago. For the year
ended January 2, 2005, revenues increased to $76,261,000, representing
a 5.5% increase versus last year. The 2004 revenue increase was driven
primarily by revenues associated with the 2003 Water Island
acquisition and an extra 53rd week of sales in 2004 versus 52 weeks in
2003. These increases were offset partially by the impact of the
Southern California grocery strike during the first quarter of 2004,
the cooler than normal summer in California and the negative impact of
the Florida hurricanes Charley, Frances, Ivan, and Jeanne.
    For the quarter ended January 2, 2005, the Company's income from
operations was $155,000 as compared to $770,000 for the same period a
year ago. The decrease in income from operations during the quarter
was driven by higher operating expenses during 2004. Income from
operations for the year ended January 2, 2005 was relatively flat at
$5,503,000 versus $5,526,000 for the same period last year.
    The Company's net loss applicable to common stockholders for the
quarter ended January 2, 2005, was $1,961,000 or $0.91 per diluted
share, compared to a loss of $1,029,000 or $0.53 per diluted share for
the same period last year. The Company's net loss applicable to common
stockholders for the year ended January 2, 2005, was $2,357,000 or
$1.10 per diluted share, compared to a loss of $1,496,000 or $0.68 per
diluted share for the same period last year. The 2004 net loss was
impacted by an increase of $844,000 in interest expense associated
with the re-issuance of Trust Preferred Securities for common shares
in an exchange offer in early 2003 and higher outstanding borrowings
to support the G-2 project.
    With approximately 15,300 machines located in 39 states throughout
the United States, Glacier is the leading provider of high quality,
low-priced drinking water dispensed to consumers through self-service
vending machines located at supermarkets and other retail locations.

    Statements in this announcement that are not purely historical are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements with respect to the financial condition and results of
operations of the Company which involve risks and uncertainties which
are detailed further in the filings of the Company with the Securities
and Exchange Commission, including, but not limited to, the Company's
Annual Report on Form 10-K for the year ended December 28, 2003.


FINANCIAL RESULTS                         GLACIER WATER SERVICES, INC.

                     Summary Financial Information
             (Dollars in thousands, except per share data)
                              (unaudited)

                             Three Months Ended        Year Ended
                           --------------------- ---------------------
                              Jan 2,    Dec. 28,    Jan 2,    Dec. 28,
                               2005       2003       2005       2003
                           ---------- ---------- ---------- ----------

Revenues                     $18,137    $17,547    $76,261    $72,316

Operating costs and
 expenses:
  Operating expenses          11,700     10,352     48,614     44,222
  Depreciation and
   amortization                3,700      3,730     11,533     12,612
                           ---------- ---------- ---------- ----------
    Cost of goods sold        15,400     14,082     60,147     56,834

  Selling, general and
   administrative expenses     2,582      2,695     10,611      9,956
                           ---------- ---------- ---------- ----------
    Total operating costs
     and expenses             17,982     16,777     70,758     66,790
                           ---------- ---------- ---------- ----------

Income from operations           155        770      5,503      5,526

Other expenses:
  Interest expense             2,116      1,923      7,860      7,016
  Investment expense
   (income)                       --       (124)        --        (90)
                           ---------- ---------- ---------- ----------
   Total other expense         2,116      1,799      7,860      6,926
                           ---------- ---------- ---------- ----------

Loss before income taxes      (1,961)    (1,029)    (2,357)    (1,400)

Income tax benefit                --         --         --         --
                           ---------- ---------- ---------- ----------

Net loss                      (1,961)    (1,029)    (2,357)    (1,400)

Preferred dividends               --         --         --         96
                           ---------- ---------- ---------- ----------

Net loss applicable to
 common stockholders         $(1,961)   $(1,029)   $(2,357)   $(1,496)
                           ========== ========== ========== ==========

Basic and diluted loss per
 common share:
  Net loss applicable to
   common stockholders        $(0.91)    $(0.53)    $(1.10)    $(0.68)
                           ========== ========== ========== ==========
    Weighted average shares
     used in calculation   2,159,169  1,932,359  2,136,508  2,185,761

    CONTACT: Glacier Water Services, Inc.
             W. David Walters, 760-560-1111



The following information was filed by Glacier Water Services Inc (GWSV) on Monday, April 4, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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