<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended: July 2, 2000
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________________ to _________________
Commission File Number: 1-11012
-------
Glacier Water Services, Inc.
----------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 33-0493559
--------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2261 Cosmos Court, Carlsbad, California 92009
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(760) 930-2420
---------------
(Registrant's telephone number, including area code)
N/A
---
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. YES [X] NO [_]
Indicate the number of shares outstanding of each of issuer's class of
common stock as of the latest practicable date: 2,840,174 shares of common
stock, $.01 par value, outstanding at July 28, 2000.
1
<PAGE>
PART 1 - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
GLACIER WATER SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
<TABLE>
<CAPTION>
July 2, January 2,
2000 2000 *
------ ---------
Assets (unaudited)
------
<S> <C> <C>
Current assets:
Cash and cash equivalents...................................................... $ 1,560 $ 4,205
Investments, available for sale................................................ 7,372 9,826
Accounts receivable............................................................ 825 589
Inventories.................................................................... 2,801 3,249
Prepaid expenses and other..................................................... 1,652 1,779
-------- --------
Total current assets........................................................ 14,210 19,648
Property and equipment, net of accumulated depreciation........................... 55,718 58,936
Other assets...................................................................... 15,267 10,825
-------- --------
Total assets...................................................................... $ 85,195 $ 89,409
======== ========
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
Accounts payable............................................................... $ 562 $ 1,272
Accrued commissions............................................................ 2,562 2,238
Accrued liabilities............................................................ 1,470 1,478
Line of credit................................................................. 13 3,300
-------- --------
Total current liabilities................................................... 4,607 8,288
Line of credit.................................................................... 6,560 --
Long-term debt.................................................................... 71,792 76,448
Stockholders' equity:
Preferred stock, $.01 par value; 100,000 shares authorized,
no shares issued or outstanding............................................. -- --
Common stock, $.01 par value; 10,000,000 shares authorized,
2,840,174 and 2,834,174 respectively, shares issued and outstanding......... 35 34
Additional paid-in capital..................................................... 16,188 16,119
Retained earnings.............................................................. 2,676 4,771
Treasury stock, at cost, 598,026 shares........................................ (14,795) (14,795)
Accumulated other comprehensive loss........................................... (1,868) (1,456)
-------- --------
Total stockholders' equity.................................................. 2,236 4,673
-------- --------
Total liabilities and stockholders' equity........................................ $ 85,195 $ 89,409
======== ========
</TABLE>
*Amounts derived from audited information
The accompanying notes are an integral part of these consolidated financial
statements.
2
<PAGE>
GLACIER WATER SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share data)
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------------------ ------------------------------
July 2, July 4, July 2, July 4,
2000 1999 2000 1999
---- ---- ----- ----
<S> <C> <C> <C> <C>
Revenues................................................... $ 15,939 $ 14,232 $ 28,724 $ 26,855
Operating costs and expenses:
Operating expenses.................................... 10,349 9,306 18,936 17,541
Selling, general and administrative expenses.......... 2,282 2,567 4,279 4,756
Depreciation and amortization......................... 3,077 2,582 6,110 5,182
---------- ---------- ---------- ----------
Total operating costs and expenses............... 15,708 14,455 29,325 27,479
---------- ---------- ---------- ----------
Income (loss) from operations.............................. 231 (223) (601) (624)
Other (income) expenses:
Interest expense...................................... 1,785 2,011 3,568 3,991
Investment (income) loss.............................. (302) 247 (541) 1,750
---------- ---------- ---------- ----------
Total other expenses....................................... 1,483 2,258 3,027 5,741
---------- ---------- ---------- ----------
Loss before income taxes and extraordinary item............ (1,252) (2,481) (3,628) (6,365)
Income tax benefit......................................... -- (768) -- (2,059)
---------- ---------- ---------- ----------
Loss before extraordinary gain............................. (1,252) (1,713) (3,628) (4,306)
Extraordinary gain on early retirement of debt, net of tax. 460 -- 1,533 --
---------- ---------- ---------- ----------
Net loss................................................... $ (792) $ (1,713) $ (2,095) $ (4,306)
========== ========== ========== ==========
Basic and diluted loss per share:
Loss before extraordinary item............................. $ (0.44) $(0.61) $ (1.28) $(1.50)
Extraordinary gain......................................... .16 -- .54 --
---------- ---------- ---------- ----------
Net loss................................................... $ (0.28) $(0.61) $ (0.74) $(1.50)
========== ========== ========== ==========
Shares used in calculation................................. 2,843,965 2,827,301 2,834,570 2,866,820
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
3
<PAGE>
Glacier Water Services, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------ ----------------
July 2, July 4, July 2, July 4,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net loss $ (792) $(1,713) $(2,095) $(4,306)
------ ------- ------- -------
Unrealized (loss) on securities:
Unrealized holding gain (loss) arising during the period 89 869 (382) 480
Less: reclassification adjustment for losses (gains)
included in net gain (loss) 21 (716) 30 (2,702)
------ ------- ------- -------
Net unrealized gain (loss) 68 1,585 (412) 3,182
------ ------- ------- -------
Comprehensive loss $ (724) $ (128) $(2,507) $(1,124)
====== ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
4
<PAGE>
GLACIER WATER SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Six Months Ended
----------------
July 2, July 4,
2000 1999
---- ----
<S> <C> <C>
Cash flow from operating activities:
Net loss $ (2,095) $ (4,306)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
Depreciation and amortization 6,110 5,182
Loss on disposal of assets 10 --
Extraordinary gain on early retirement of debt (1,533) --
Realized (gain) loss on sales of investments (30) 2,702
Change in operating assets and liabilities:
Accounts receivable (236) 164
Inventories 448 (225)
Prepaid expenses and other 127 (403)
Payments for prepaid marketing incentives (2,289) (4,325)
Deferred income taxes -- (2,060)
Other assets 111 664
Accounts payable, accrued liabilities and accrued commissions (394) 458
-------- ---------
Total adjustments 2,324 2,157
-------- ---------
Net cash provided by (used in) operating activities 229 (2,149)
-------- ---------
Cash flows from investing activities:
Net investment in vending equipment (4,965) (6,196)
Purchase of property and equipment (364) (158)
Purchase of investments (799) (15,574)
Proceeds from sale and maturities of investments 2,812 23,692
-------- ---------
Net cash (used in) provided by investing activities (3,316) 1,764
-------- ---------
Cash flows from financing activities:
Early retirement of debt (2,900) --
Proceeds from borrowings on line of credit 10,976 11,065
Principal payments on line of credit (7,703) (6,440)
Proceeds from issuance of stock 69 --
Purchase of treasury stock -- (3,246)
-------- ---------
Net cash provided by financing activities 442 1,379
-------- ---------
Net increase (decrease) in cash and cash equivalents (2,645) 994
Cash and cash equivalents, beginning of period 4,205 109
-------- ---------
Cash and cash equivalents, end of period $ 1,560 $ 1,103
======== =========
</TABLE>
See accompanying notes
5
<PAGE>
GLACIER WATER SERVICES, INC.
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Six Months Ended
----------------
July 2, July 4,
2000 1999
---- ----
<S> <C> <C>
Cash paid for interest................................................ $ 3,384 $ 3,955
======== ========
Cash paid for income taxes............................................ $ -- $ 5
======== ========
</TABLE>
See accompanying notes
6
<PAGE>
GLACIER WATER SERVICES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
July 2, 2000
(unaudited)
1. Summary of Significant Accounting Policies
Basis of Presentation
In the opinion of the Company's management, the accompanying consolidated
financial statements reflect all adjustments (consisting only of normal
recurring accruals) necessary for a fair presentation of the consolidated
financial position of the Company and the consolidated results of its operations
and its cash flows for the three- and six-month periods ended July 2, 2000 and
July 4, 1999. Although the Company believes that the disclosures in these
financial statements are adequate to make the information presented not
misleading, certain information, including footnote information, normally
included in financial statements prepared in accordance with generally accepted
accounting principles has been condensed or omitted pursuant to the rules and
regulations of the Securities and Exchange Commission. Results of operations
for the three- and six-month period ended July 2, 2000 are not necessarily
indicative of results to be expected for the full year. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Company's Annual Report on Form 10-K for the year ended
January 2, 2000.
Reclassification
Certain prior year amounts have been reclassified to conform to the current
presentation.
2. Investments
Investments are accounted for in accordance with FASB Statement No. 115,
Accounting for Certain Investments in Debt and Equity Securities, which requires
that the Company determine the appropriate classification of investments at the
time of purchase and reevaluate such designation as of each balance sheet date.
At July 2, 2000 and January 2, 2000, the Company considered all investments as
available for use in its current operations, and therefore classified them
short-term, available-for-sale investments. Available-for-sale investments are
stated at fair value, with unrealized gains and losses, if any, reported as a
separate component of stockholders' equity. Realized gains or losses from the
sale of investments, write-downs associated with investments deemed to be
permanently impaired, interest income, and dividends are included as investment
income or loss in the accompanying statements of operations. Management reviews
the carrying values of its investments and writes such investments down to
estimated fair value by a charge to operations when such review results in
management's determination that an investment impairment is considered to be
other than temporary. As of July 2, 2000, management believes its unrealized
losses aggregating $2,257,000 to be temporary in nature. The cost of securities
sold is based on the specific identification method.
7
<PAGE>
At July 2, 2000, short-term investments consisted of the following (in
thousands):
<TABLE>
<CAPTION>
Gross Gross Estimated
Unrealized Unrealized Fair
Cost Gains Losses Value
---- ----- ------ -----
<S> <C> <C> <C> <C>
Corporate securities $ 5,992 $ 117 $ (2,250) $ 3,859
Mortgage backed securities 650 66 -- 716
------- ------ -------- -------
Total debt securities 6,642 183 (2,250) 4,575
Equity securities 2,598 206 (7) 2,797
------- ------ -------- -------
Total marketable securities $ 9,240 $ 389 $ (2,257) $ 7,372
======= ====== ======== =======
</TABLE>
The Company's primary market risk exposures are interest rate risk and
equity price risk. At July 2, 2000, the Company held a portfolio of marketable
securities with an estimated fair value equal to $7,372,000. Of that amount,
the estimated fair value of the Company's total debt investments available for
sale was $4,575,000, which included no convertible debt securities, and the
estimated fair value of the Company's total equity securities available for sale
was $2,797,000, including $1,795,000 in convertible preferred securities. The
Company's exposure to interest rate risk relates primarily to the opportunity
cost of fixed rate obligations. The Company's exposure to equity price risk
relates primarily to the risk that the market price of a security may fluctuate
or drop over time.
Proceeds from sales or maturities of marketable securities for the three-
and six-month periods ended July 2, 2000 were $1,527,000 and $2,812,000,
respectively. Gross realized gains on such sales or maturities for the three-
and six-month periods were $57,000 and $91,000, respectively. Gross realized
losses for the three- and six-month periods were $36,000 and $61,000,
respectively. Corporate securities have maturity dates from January 2001 to
February 2009. Corporate debt securities have maturity dates from February 2001
to May 2008. Mortgage backed securities have maturity dates of December 2021.
The Company's investment portfolio is managed by Kayne Anderson Investment
Management, a related party.
At January 2, 2000, investments available for sale consisted of the
following (in thousands):
<TABLE>
<CAPTION>
Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
---- ----- ------ -----
<S> <C> <C> <C> <C>
Corporate securities $ 7,196 $ 117 $ (1,336) $ 5,977
Convertible securities 318 -- (11) 307
Mortgage backed securities 721 56 -- 777
------- ------- ---------- --------
Total debt securities 8,235 173 (1,347) 7,061
Equity securities 3,047 248 (530) 2,765
------- ------- ---------- --------
Total investments available for sale $11,282 $ 421 $ (1,877) $ 9,826
======= ======= ========== ========
</TABLE>
During the quarters ended April 4, 1999 and July 4, 1999, the Company recognized
a write-down of approximately $1.6 million and $0.5 million, respectively, on
investments it considered to be permanently impaired. The Company subsequently
sold these securities.
8
<PAGE>
3. Extraordinary Item
As of July 2, 2000, the Company's Board of Directors had authorized the
Company to purchase up to 750,000, or approximately 22% of the 3,400,000 shares,
of the Glacier Water Trust Preferred Securities (AMES: HOO_pa) issued by Glacier
Water Trust I, a wholly owned subsidiary of the Company, in the open market as
part of the Company's stock repurchase plan. During the quarter ended July 2,
2000, the Company repurchased 59,500 shares of the Trust Preferred Securities at
an average price of $16.07 per share. This resulted in a net extraordinary gain
of $460,000, which was the result of a gain of $531,000, less the write-off of
$71,000 of related deferred debt costs. For the six-month period ended July 2,
2000, the Company repurchased 186,200 shares at an average price of $15.57,
which resulted in a net extraordinary gain of $1,533,000. The net extraordinary
gain of $1,533,000 was the result of a gain of $1,755,000 less the write-off of
$222,000 of related deferred debt costs.
4. New Credit Facility
On June 23, 2000, the Company entered into a new $10.0 million credit
facility with Tokai Bank of California with a maturity date of November 1, 2001.
The credit facility requires quarterly interest payments at the Bank's prime
rate (9.5% per annum at June 23, 2000) or LIBOR plus 1.90% (8.62% per annum at
June 23, 2000). As of July 2, 2000, the Company had approximately $3.5 million
of funds available under the agreement.
9
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Results of Operations
---------------------
Overview
--------
As of July 2, 2000, the Company operated 13,817 machines in the United
States and Mexico compared to 13,129 machines in service last year. As of July
2, 2000, the Company had 11,510 outside machines and 2,307 in-store machines
compared to 11,764 outside machines and 1,441 in-store machines in service at
the same time last year.
Revenues
--------
For the quarter ended July 2, 2000, revenues increased $1,707,000 or 12.0%
to $15,939,000 from $14,232,000 for the second quarter a year ago. For the six-
month period ended July 2, 2000, revenues increased $1,869,000 or 7.0% to
$28,724,000 from $26,855,000 for the same period in the prior year. The increase
in revenues for the quarter and the six-month period ended July 2, 2000 was due
to the increase in the average number of machines in operation during the six-
month period and the increase in the average revenue per machine compared to the
same period last year.
Costs and Expenses
------------------
Operating expenses for the quarter ended July 2, 2000 increased $1,043,000
to $10,349,000, or 64.9% of revenues, compared to $9,306,000, or 65.4% of
revenues in the same period last year. Operating expenses for the six-month
period ended July 2, 2000 increased to $18,936,000, or 65.9% of revenues,
compared to $17,541,000, or 65.3% of revenues in the same period last year. The
increase in total operating expenses for the quarter and the six-month period
ended July 2, 2000 was the result of increased commissions due to higher
revenues and increased servicing costs resulting from the Company's expansion
into new market areas since last year.
Selling, general and administrative ("SG&A") expenses for the quarter ended
July 2, 2000 decreased $285,000 to $2,282,000, or 14.3% of revenues, compared to
$2,567,000, or 18.0% of revenues in the same period last year. SG&A expenses
for the six-month period decreased $477,000 to $4,279,000, or 14.9% of revenues,
compared to $4,756,000, or 17.7% of revenues in the same period last year. The
decrease in total SG&A expenses for both the quarter and six-month period ended
July 2, 2000 was primarily due to a decrease in legal expenses incurred in
connection with the alleged patent infringement and anti-trust claims made
against the Company by a competitor that have since been dismissed.
Depreciation and amortization expense was $3,077,000 for the quarter ended
July 2, 2000, compared to $2,582,000 in the same period last year. Depreciation
and amortization expense was $6,110,000 for the six-month period ended July 2,
2000, compared to $5,182,000 for the same period last year. The increase in
total depreciation and amortization expense was due to the increased number of
machines placed in service since last year.
Interest expense decreased to $1,785,000, for the quarter ended July 2,
2000, compared to $2,011,000 in the same period last year. Interest expense for
the six-month period ended July 2, 2000 decreased to $3,568,000, compared to
$3,991,000 in the same period last year. The decrease in interest expense for
both the quarter and the six-month period was the result of lower debt levels
this year compared to last year. The lower debt levels were associated by the
Company's repurchase of the Trust Preferred Securities. The Company had
$302,000 of investment income in the quarter ended July 2, 2000 compared to
investment losses of $247,000 for the same quarter last year. The Company
10
<PAGE>
had $541,000 of investment income in the six-month period ended July 2, 2000
compared to $1,750,000 of investment losses in the same period last year. The
losses last year were associated with the write-down of $2.1 million for
investments of the Company deemed to be permanently impaired.
For the quarter ended July 2, 2000, the Company reported a net
extraordinary gain of $460,000 resulting from the early retirement of debt.
During the quarter ended July 2, 2000, the Company repurchased 59,500 shares of
the Trust Preferred Securities at an average price of $16.07 per share. The net
extraordinary gain of $460,000 was the result of a gain of $531,000 less the
write-off of $71,000 of related deferred debt costs. For the six-month period
ended July 2, 2000, the Company repurchased 186,200 shares at an average price
of 15.57, which resulted in a net extraordinary gain of $1,533,000. The net
extraordinary gain of $1,533,000 was the result of a gain of $1,755,000 less the
write-off of $222,000 of related deferred debt costs.
As a result of the foregoing, the Company incurred a loss before
extraordinary gain on the early retirement of debt of $1,252,000, or $.44 per
basic and diluted share for the quarter ended July 2, 2000 compared to a loss of
$1,713,000, or $0.61 per basic and diluted share for the quarter ended July 4,
1999. After giving effect to the extraordinary gain, the net loss was $792,000,
or $0.28 per basic and diluted share for the quarter ended July 2, 2000,
compared with a loss of $1,713,000, or $0.61 per share for the same quarter last
year.
For the six-months ended July 2, 2000, the Company incurred a loss before
extraordinary gain on the early retirement of debt of $3,628,000, or $1.28 per
basic and diluted share compared to a loss before extraordinary gain of
$4,306,000, or $1.50 per basic and diluted share for the same period last year.
After giving effect to the extraordinary gain, the net loss for the six-month
period was $2,095,000, or $0.74 per basic and diluted share compared to a net
loss of $4,306,000, or $1.50 per share for the same six-month period last year.
Liquidity and Capital Resources
-------------------------------
The Company's primary sources of liquidity and capital resources were cash
and investments, cash flows from operations and funds available under the
Company's Credit Facility. On June 23, 2000, the Company entered into a new
credit facility with Tokai Bank of California which provides for borrowings of
up to $10.0 million. The credit facility which has a current maturity date of
November 1, 2001 requires quarterly interest payments at the Bank's prime rate
(9.5% per annum at June 23, 2000) or LIBOR plus 1.90% (8.62% per annum at July
2, 2000). The new credit facility requires the Company to maintain certain
financial covenants throughout the term of the facility. As of July 2, 2000,
the Company had approximately $3.5 million of funds available under the credit
facility.
At July 2, 2000, the Company had cash and cash equivalents and marketable
securities of $8.9 million and working capital of $9.6 million. Net cash
provided by operating activities was $0.2 million; net cash used in investing
activities was $3.3 million; and net cash provided by financing activities was
$0.4 million for the six-month period ended July 2, 2000. The Company's
stockholders' equity as of July 2, 2000 was $2,236,000, which amount is below
the American Stock Exchange's minimum stockholders' equity requirement of $4.0
million.
The Company believes that its cash and investments on hand, cash flow from
operations and availability under its Credit Facility, will be sufficient to
meet its anticipated operating and capital requirements, including its
investment in vending machines, as well as distributions related to the Trust
Preferred Securities, for at least the next twelve months.
Through July 2, 2000, the Company had repurchased 528,000 shares of Trust
Preferred Securities at an average price of $15.95. On April 12, 2000, the
Company announced that the Company's Board of Directors authorized an increase
in the maximum number of Trust Preferred
11
<PAGE>
Securities authorized to be repurchased in the open market as part of the
Company's stock repurchase plan from 500,000 shares to 750,000 shares.
ITEM 3 - QUANTITATIVE AND QUALITIVE DISCLOSURE ABOUT MARKET RISK
The Company's primary market risk exposures are interest rate risk and
equity price risk. At July 2, 2000, the Company held a portfolio of marketable
securities with an estimated fair value equal to $7,372,000. Of that amount,
the estimated fair value of the Company's total debt investments available for
sale was $4,575,000, which included no convertible debt securities, and the
estimated fair value of the Company's total equity securities available for sale
was $2,797,000, including $1,795,000 in convertible preferred securities. The
Company's exposure to interest rate risk relates primarily to the opportunity
cost of fixed rate obligations. The Company's exposure to equity price risk
relates primarily to the risk that the market price of a security may fluctuate
or drop over time.
The Company's investment portfolio is managed by Kayne Anderson Investment
Management, a related party, primarily in fixed rate corporate bonds and
mortgage backed securities.
The table below presents principal cash flows and related weighted average
interest rates by expected maturity dates for the Company's convertible
investments:
<TABLE>
<CAPTION>
Cash Flow (in thousands)
-----------------------------------------------------------------------------------------
2000 2001 2002 2003 2004 Thereafter Total
---- ---- ---- ---- ---- ---------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Security
--------
Convertible Preferred
Stock
Principal $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Interest/(1)/ 76 152 152 152 152 /(2)/ /(2)/
Weighted average
Interest rate 9.5% 9.5% 9.5% 9.5% 9.5% 9.5%
</TABLE>
/(1)/ Dividends paid-in-kind have been included (based on their cash value) in
the calculations for the convertible preferred stock.
/(2)/ Beyond 2004, interest payments on convertible preferred stock generally
continue so long as the Company continues to hold the security.
12
<PAGE>
Statements in this report 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 involve risks and uncertainties
including, but not limited to, trade relations, dependence on certain locations
and competition. Further information on potential factors which could affect
the financial condition and results of operations of the Company is included in
the filings of the Company with the Securities and Exchange Commission,
including, but not limited to, the Company's Registration Statement on Form S-
2, as amended, (File No. 333-40335) and its Annual Report on Form 10-K for the
year ended January 2, 2000.
PART II - OTHER INFORMATION
13
<PAGE>
PART II - OTHER INFORMATION (continued)
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
--------
Exhibits 10.7 Credit Facility dated June 23, 2000 with Tokai Bank of
California
Exhibit 27.1 Financial Data Schedule.
b. Reports on Form 8-K
-------------------
None
EXHIBITS
--------
10.7 Credit Facility dated June 23, 2000 with Tokai Bank of California
27.1 Financial Data Schedule
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GLACIER WATER SERVICES, INC.
Date: August 8, 2000 By: /s/ Jerry A. Gordon
-------------------
Jerry A. Gordon
President and Chief Executive Officer
Date: August 8, 2000 By: /s/ W. David Walters
--------------------
W. David Walters
Senior Vice President and
Chief Financial Officer
14
