EX-99.1
2
a4885456-ex991.txt
EXHIBIT 99.1

                                                                    Exhibit 99.1


Glacier Water Announces First Quarter Results

    VISTA, Calif.--(BUSINESS WIRE)--May 12, 2005--Glacier Water Services, Inc.
(Amex:HOO) announced financial results for the quarter ended April 3,
2005.
    Brian McInerney, Chief Executive Officer of Glacier Water, said,
"While revenues for the quarter were flat versus prior year at
$17,543,000, we continued our investment for the future in the form of
a major initiative to upgrade our outside water vending machines. The
upgrade results in the next generation water vending machine ("G-2")
with a new modern appearance and increased functionality. To date, the
Company has upgraded over 8,500 machines. We expect to complete
upgrades on a total of approximately 11,000 machines by early third
quarter."
    Revenues for the quarter ended April 3, 2005 were $17,543,000,
flat versus the same quarter a year ago. For the quarter ended April
3, 2005, the Company's income from operations was $107,000 as compared
to $729,000 for the same period a year ago. The decrease in income
from operations was driven by increased depreciation associated with
the G-2 capital expenditures.
    The Company's net loss applicable to common stockholders for the
quarter ended March 28, 2004, was $1,973,000 or $0.91 per basic and
diluted share, compared to a loss of $1,201,000 or $0.57 per basic and
diluted share for the same quarter last year. The decrease was driven
primarily by increased depreciation expense and increased interest
expense resulting from higher outstanding borrowings on the Company's
credit facility as a result of the G-2 initiative.
    With approximately 15,100 machines located in 39 states throughout
the United States, Glacier is the leading provider of high quality,
great tasting drinking water dispensed to consumers through
self-service bottled water 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 January 3, 2005.


FINANCIAL RESULTS                       GLACIER WATER SERVICES, INC.


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

                                                  Three Months Ended
                                                 ---------------------
                                                  April 3,  March 28,
                                                    2005       2004
                                                 ---------- ----------
Revenues                                           $17,543    $17,546
Operating costs and expenses:
     Operating expenses                             11,434     11,676
     Depreciation and amortization                   3,302      2,510
                                                 ---------- ----------
          Cost of goods sold                        14,736     14,186

     Selling, general and administrative
      expenses                                       2,700      2,631
                                                 ---------- ----------
          Total operating costs and expenses        17,436     16,817
                                                 ---------- ----------
Income from operations                                 107        729
Other expenses:
     Interest expense                                2,080      1,930
                                                 ---------- ----------
Loss before income taxes                            (1,973)    (1,201)
Income tax benefit                                      --         --
                                                 ---------- ----------
Net loss                                            (1,973)    (1,201)
Basic and diluted loss per common share:
     Net loss applicable to common stockholders     $(0.91)    $(0.57)
                                                 ========== ==========
           Weighted average shares used in
            calculation                          2,172,055  2,119,483


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




The following information was filed by Glacier Water Services Inc (GWSV) on Thursday, May 12, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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