Glacier Water : OCEANSIDE

Nature of business: Dispenses purified drinking water through vending machines Total employees: 186 In San Diego County: 55 Stock listing in The Times: On AMEX as “GlcWtr” Ticker symbol: “HOO” Friday’s close: $11.50 One-week change: Up $0.38 Analyst review: “This company attracts savvy, value-oriented investors. Vending machine distribution allows it to take all its profits in cash. There is also no product inventory since it distributes municipal water run through a purification process. I believe it will continue to grow and profit. It had a slow first quarter but this is normal, since demand drops in winter. The company is expanding into other parts of the U.S. and is considering international expansion. It has the wind at its back by being the industry leader with the lowest price. It has a strong balance sheet with solid cash equity, nominal long-term debt and the ability to fund it’s own growth. -- William Gibson, senior analyst, Cruttenden & Co., Santa Barbara Dollar amounts in millions

1990 1991 1992 1992 1993 Revenue 20.2 23.2 27.2 5.8 6.5 Profit .573 -.681 1.6 .055 .204

Corporate outlook: “Concern about the quality of municipal water supplies has increased demand for alternative sources of clean drinking water. As the leading supplier of vending-machine distributed water, we are in a unique position. Our product is significantly less expensive than water purchased off the shelf or delivered to the home and is of equal, perhaps even greater, quality.” -- Duke Bushong, president and CEO RETURN ON INVESTMENT: 3-YEAR SUMMARY AND YEAR-TO-DATE

Fiscal year ending Dec. 31 Dec. 31 Dec. 31 1ST qtr. 1990 1991 1992 1992 52-week high* N/A N/A $15.88 $12.38 52-week low* N/A N/A 8.00 $10.50 Book value per share N/A N/A $4.90 $6.84 Price per share* N/A N/A $11.25 $11.88 Net earnings (loss) per share $0.17 ($0.33) $0.54 $0.03 Price-to-earnings ratio N/A N/A 21:1 22:1 Avg. return on investor equity 10.5% N/A 11% .005%

Fiscal year ending 1ST qtr. 1993 52-week high* $5.88 52-week low* $3.00 Book value per share $6.12 Price per share* $11.38 Net earnings (loss) per share $0.06 Price-to-earnings ratio 21:1 Avg. return on investor equity 1.3%

* Glacier Water sold 2 million shares in its initial public offering March 13, 1992; net proceeds: $12 million. For information, write, Glacier Water Services: 3219 Roymar Road, Oceanside, Calif. 92054. (619) 433-4072 Researched by JANICE L. JONES / Los Angeles Times