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Press Release For More Information, Call: For Release Immediately W. David Walters, Chief Financial Officer March 30, 2007 (760) 560-1111 G LACIER W ATER A NNOUNCES Y EAR E ND R ESULTS WITH R ECORD R EVENUES VISTA, Calif., March 30, 2007 – Glacier Water Services, Inc. (GWSV.pk) announced results for the year ended December 31, 2006. Brian McInerney, Chief Executive Officer of Glacier Water, said, “ Glacier achieved record revenues in 2006 of $87,154,000, up 10.7% over the prior year. This revenue growth resulted in a $3,052,000 year- over-year increase in income from operations. At the end of the year, Glacier had more than 15,900 machines at retailers across the United States and Canada. ” Revenues for the year ended December 31, 2006, increased to $87,154,000 from $78,718,000, representing a 10.7% increase versus last year. The 2006 revenue increase was due primarily to higher machine productivity resulting from the investment in the new “ G-2 ” machines, a warm summer across the country and the additional $1,137,000 in revenues associated with the Canadian operations acquired in the fourth quarter of 2005. The Company ’ s income from operations for the year ended December 31, 2006 increased to $4,577,000 compared to $1,525,000 for the same period last year. Increased income from operations was driven primarily by the revenue growth noted above. Additionally, the comparison was positively impacted by a one-time 2005 non-cash stock compensation expense of $1,142,000 as a result of the cashless stock option exercise by two of the Company ’ s executives. These increases were offset slightly by increased depreciation and amortization expense of $1,336,000. The Company ’ s net loss applicable to common stockholders for the year ended December 31, 2006, decreased to $4,708,000, or $1.93 per basic and diluted share, compared to a loss of $7,240,000, or $3.21 per basic and diluted share for the same period last year. With approximately 15,900 machines located in 41 states throughout the United States and Canada, Glacier is the leading provider of high quality, low-priced 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. A copy of the Company ’ s audited financial statements for the year ended December 31, 2006 are available on the Company ’ s website, www.glacierwater.com, or can be obtained by contacting W. David Walters at (760) 560-1111. 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Consolidated Balance Sheets (In thousands, except share data) December 31, January 1, Assets 2006 2006 Current assets: Cash and cash equivalents $ 3,841 $ 3,563 Accounts receivable, net of allowance for doubtful accounts of $96 and $182 as of December 31, 2006 and January 1, 2006, respectively 2,119 2,034 Repair parts 2,180 2,261 Prepaid expenses and other 1,099 1,050 Total current assets 9,239 8,908 Property and equipment, net 54,459 61,962 Goodwill 7,080 7,080 Intangible assets, net of accumulated amortization of $1,178 and $925 as of December 31, 2006 and January 1, 2006, respectively 151 409 Investment in Glacier Water Trust I Common Securities 2,629 2,629 Investment in Glacier Water Trust I Preferred Securities 3,357 3,357 Other assets 5,213 5,702 Total assets $ 82,128 $ 90,047 Liabilities and Stockholders ’ Deficit Current liabilities: Accounts payable $ 1,016 $ 1,112 Accrued commissions 2,353 2,044 Accrued liabilities 4,237 2,431 Bank overdraft 1,750 - Current portion of long-term notes payable 112 104 Current portion of deferred rent 52 26 Current portion of obligations under capital lease 404 661 Total current liabilities 9,924 6,378 Long-term debt 87,629 87,629 Long-term notes payable 19,599 27,166 Long-term portion of deferred rent 111 142 Total liabilities 117,263 121,315 Commitments and contingencies Stockholders ’ deficit: Common stock, $0.01 par value. Authorized 10,000,000 shares, issued and outstanding 2,590,405, and 2,322,766 shares at December 31, 2006 and January 1, 2006, respectively 43 39 Additional paid-in capital 22,379 21,529 Retained deficit (24,999) (20,291) Treasury stock, at cost, 1,587,606 shares at December 31, 2006 and January 1, 2006 (32,562) (32,562) Accumulated other comprehensive income 4 17 Total stockholders ’ deficit (35,135) (31,268) Total liabilities and stockholders ’ deficit $ 82,128 $ 90,047 sxW]lUlm41TVѕ *-؆٪YYTğ0Ƭ*bLZPE>?J];3wz g{;{@DHK |.{&p5*鯞v)2%QŮCH9ilF1(E&m&"}D*AfMcⷱJc?iǍq~,~0g;ԣ .O?eVz\FJ_@D~qrq2}hp>.ZaV$=I#3\#D.sl3||5^dYSZ$/ADUb[o(|<{8b|o52=k_`&<}2&nc"~Ddz۬*chA*5k3mf^oRvXف؁v22L>c:%kJ{Ġ]F1CCq$$:YK.ڳ)Yq/I2W>-YդR6]w\_Q ~?@Bp3` Hoж8~F!> @Zb,GFj8^\ьF1-"^J~?:3#kJI@pF$#F.JitҶc9"˝~`DFZ<U=AZO; qJtn*pɱ5e ܝ\w1snUٙw=3OHR..j|~]gZu}Nƞ(%~ã]ʜ[Q>O({,N,啌əcLBy3="8a{Oٺ}}cbO /C?.woG;<6Ir}rkrsv9Yv0הgh? :*bdui%~ !&e{qGwIR?\ʘz7O1 zs_#VE^)2E\$q!יM] #P'(gU3Y܄AorNd_썘C&Θ;nwtꎢd}Vy딟/Ԯ ¹seW{P>:VvOe}u|q/"ח6+}TS<_%?M ]z>=N*VjWre{<_|>}3#v @؁a ;v @؁. 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