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Reddy Ice Corp.

(Public)  
Food
2,500 - 5,000 employees  |  
Overview
Reddyice® was born of simple beginnings, an ice company staffed by hard working folks with a desire to please their customers. Providing a product people needed at a fair price and with excellent service was a recipe for success. As the business of ice making progressed from an industry based on animal power and harvesting ice from rivers in winter, to a technology based industry with the capacity for year-round production, Reddyice® was there.

Who we are:

Reddyice® has a nationwide presence, three times larger than our nearest competitor, servicing approximately 82,000 customer locations in 31 states and the District of Columbia. To accomplish this, our 58 manufacturing facilities are capable of producing approximately 17 thousand tons of ice daily. In addition to our manufacturing facilities we have a network of 52 distribution centers, which together distribute through all significant channels to supermarkets, convenience stores, club and mass merchandisers, drug outlets, restaurants, special entertainment events, commercial users and the agricultural sector. Reddyice® also owns 2 cold storage warehouses.
Benefits
At Reddy Ice, we believe people make the difference and are pleased to invest in them and their future. This is why we offer a rich complement of standard and voluntary benefit plans. We continually evaluate our plans to ensure we are offering competitive and value added benefits to our most valuable asset. The benefits listed below are available to all full-time Reddy Ice employees: Standard:
  • Medical – We offer a choice of two health care plans (PPO or HMO/POS.)
  • Dental – You are automatically enrolled when you sign up for health coverage.
  • Short & Long term disability - Custom tailor your disability program to fit your family needs.
  • Basic Life & AD&D – We provide coverage for you, your spouse and minor dependents
Voluntary:
  • 401k – Our retirement savings plan offers 19 funds to choose from and a company match. In addition, you have the ability to manage your account on-line daily.
  • Flexible Spending Accounts – You can pay for certain health and dependent care expenses with pre-tax dollars.
  • Full featured life Insurance – You can supplement the basic coverage through easy payroll deductions.
  • Long Term Care – Pre-purchase long-term health/hospice care for a parent, grandparent or other eligible person
Other Benefit Offerings:
  • Management Development Program
  • Service Award Program
  • Tuition Reimbursement
  • Credit Union Membership
  • Direct deposit payroll option
  • Vacation, Holiday and Sick Pay
  • Career Opportunities
    Revenues for the third quarter of 2006 were $126.1 million, compared to $126.6 million in the same quarter of 2005. The Company's net income was $15.1 million in the third quarter of 2006, compared to a net loss of $3.1 million in the same quarter of 2005. Diluted net income per share was $0.69 in the third quarter of 2006 compared to a diluted net loss per share of $0.17 in the third quarter of 2005. Results for the third quarter of 2006 include a $3.3 million non-cash goodwill impairment charge related to the Company's non-ice business segment. Results for the third quarter of 2005 and the nine months ended September 30, 2005 include a $28.1 million loss on extinguishment of debt and $6.2 million of expenses associated with the Company's initial public offering in August 2005. Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortization, and the effects of certain other items, was $42.5 million in the third quarter of 2006, compared to $45.2 million in the third quarter of 2005. Available Cash for the third quarter of 2006 was $34.5 million. A discussion regarding the presentation of Adjusted EBITDA and Available Cash in this press release, including reconciliations of Adjusted EBITDA to EBITDA and net income (loss) and the calculation of Available Cash, is set forth below in the section titled, "SUPPLEMENTAL DISCLOSURE REGARDING NON-GAAP FINANCIAL INFORMATION."

    "The third quarter of 2006 proved to be challenging as compared to last year," commented Chairman and Chief Executive Officer William P. Brick. "Our results were noticeably impacted by below average weather patterns during the month of September, in contrast to the exceptional challenges and opportunities the company experienced as a result of weather and hurricane activity in September 2005. However, our nine month performance continues to exceed our original expectations for 2006 and we look forward to completing a successful year."

    Revenues in the first nine months of 2006 were $284.4 million, compared to $258.9 million in the same period of 2005. The Company's net income was $19.5 million in the first nine months of 2006, compared to a net loss of $7.9 million in the first nine months of 2005. Diluted net income per share was $0.90 in the first nine months of 2006, compared to a diluted net loss per share of $0.52 in the same period of 2005. Results for the first nine months of 2006 and 2005 include non cash goodwill impairment charges of $3.3 million and $5.7 million, respectively, related to the Company's non-ice business segment. Adjusted EBITDA was $80.3 million in the first nine months of 2006, compared to $75.6 million in the first nine months of 2005.

    The Company completed two acquisitions during the third quarter of 2006, bringing the year-to-date total to nine. These nine acquisitions had an aggregate acquisition cost of approximately $12.8 million. Annual revenues and Adjusted EBITDA associated with these acquisitions are approximately $8.2 million and $2.3 million, respectively. "We are pleased that we have been able to continue to identify and complete attractive acquisitions that provide immediate benefits," commented Mr. Brick. "We expect continued acquisitions of this type as we move into next year."
    Products & Services
  • Reddyice Cocktail Ice
  • Crystal Cubes
  • Reddyice Snow Ice
  • Reddyice Block Ice
  • Reddyice Dry Ice
  • Ice Factory
  • Distribution
  • Equipment
  • Cold Storage
  • Merchandising
  • Contact
    Reddy Ice Holdings, Inc.
    8750 N. Central Expressway
    Suite 1800
    Dallas, Texas 75231
    information@reddyice.com