Reddy Ice announces financial results

Reddy Ice Holdings Inc, a major distributor of packaged ice in the United States, has reported financial results for the third quarter ended Sept 30,

from staff and wire reports

Nov. 12, 2003

Reddy Ice Holdings Inc, a major distributor of packaged ice in the United States, has reported financial results for the third quarter ended Sept 30, 2003.

On Aug 15, 2003, Packaged Ice Inc was renamed Reddy Ice Group Inc and became a wholly owned subsidiary of Reddy Ice Holdings. Financial figures are based on combined results of Reddy Ice Holdings for May 8, 2003, to Sept 30, 2003, and Packaged Ice for Jan 1, 2003, through Aug 14, 2003.

Revenues in third-quarter 2003 totaled $86.6 million, compared with $86.5 million in the same quarter of 2002. Net income before preferred dividends was $18.6 million in the third quarter of 2003, versus net income before preferred dividends of $14.3 million in third-quarter 2002.

For the first nine months of 2003, revenues were $189.9 million, compared with $192.7 million in the comparable period of 2002. Net income before preferred dividends was $12.4 million in the first nine months of 2003, in contrast to a net loss before preferred dividends of $66.1 million in the same period of 2002.