Clean Harbors Announces Record 2000 Earnings
Last Updated: 6:31 PM ET 2/7/2001
BRAINTREE, Mass., Feb 7, 2001 (CLHB) today announced its results for the fourth quarter and year ended December 31, 2000.
Revenues for the fourth quarter increased $5,600,000 to $58,197,000, an increase of 10.6% from the $52,597,000 for the fourth quarter of 1999. Net income for the fourth quarter of 2000 was $3,012,000 or $0.26 per basic share ($0.25 per diluted share) as compared to a net loss of $(424,000) or $(0.05) per basic and diluted share for the same quarter of the prior year. The fourth quarter results include a $2,400,000 benefit in 2000 from the reduction in valuation allowances related to deferred taxes and a $439,000 benefit in 1999 related to interest earned on a tax refund.
Revenues for the year 2000 increased $30,501,000 to $233,466,000, an increase of 15.0% from the $202,965,000 for the year ended 1999. The net income for the year ended 2000 was $7,118,000 or $0.60 per basic share ($0.59 per diluted share) compared to a net loss of $(2,244,000) or $(0.25) per basic and diluted share for the year ended 1999.
Alan S. McKim, Chairman and CEO said: "We are pleased by the return to profitability in 2000. This marks the third consecutive year of improved bottom line results. These results affirm the strategy adopted several years ago to remain competitive in the environmental services industry by enhancing systems, improving customer service and reducing costs. I believe that the successful implementation of this strategy has now set the stage for renewed growth. Clean Harbors intends to emerge as the preeminent company in the environmental services industry. While Clean Harbors has become stronger, others within the industry struggle with financial restructuring and operational issues. I expect that recent competitor announcements of facility closures will strengthen pricing and open additional market growth opportunities for our Company."
Clean Harbors, Inc. provides a wide range of environmental and waste management services to a diversified customer base including a majority of the Fortune 500 companies, thousands of smaller private entities and numerous governmental agencies. The Company currently has service and sales offices located in 27 states and Puerto Rico, and operates 12 waste management facilities strategically located throughout the country.
This press release contains forward-looking statements, which are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "estimates," "projects," or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.
CONSOLIDATED STATEMENTS OF INCOME Unaudited (in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2000 1999 2000 1999Revenues $ 58,197 $ 52,597 $ 233,466 $ 202,965Cost of revenues 42,014 38,346 166,303 149,637Selling, general and administrative expenses 10,571 10,267 42,238 37,190Depreciation and amortization 2,741 2,454 10,656 9,501Income from operations 2,871 1,530 14,269 6,637Interest expense, net 2,169 1,864 (b) 9,167 8,599 (b)Income (loss) before provision for income taxes 702 (334) 5,102 (1,962)Provision for (benefit from) income taxes (2,310) (a) 90 (2,016) (a) 282 Net income (loss) $ 3,012 $ (424) $ 7,118 $ (2,244)Basic EPS Net income (loss) per share $ 0.26 $ (0.05) $ 0.60 $ (0.25)Diluted EPS Net income (loss) per share $ 0.25 $ (0.05) $ 0.59 $ (0.25)Weighted average diluted common shares outstanding 11,381 10,793 11,305 10,649Financial data:Earnings before interest, income taxes, depreciation and amortization (EBITDA) $ 5,612 $ 3,984 $ 24,925 $ 16,138(a) Included in provision for (benefit from) income taxes for thethree months and year ended December 31, 2000 is a $2,400,000 benefitrelated to the partial reversal of a valuation allowance for deferredtax assets.(b) Included in interest expense, net for the three months and yearended December 31, 1999 is $439,000 relating to interest earned on atax refund that the Company recorded upon receipt.
CONTACT: Clean Harbors, Inc. Roger Koenecke, CFO 781/849-1800, ext. 1160 |
