Wednesday July 25, 6:02 am Eastern Time
Press Release
Clean Harbors Announces Record Second Quarter Revenues
BRAINTREE, Mass.--(BUSINESS WIRE)--July 25, 2001--Clean Harbors, Inc. (``Clean Harbors'') (Nasdaq: CLHB - news), a leading provider of environmental services throughout the United States and Puerto Rico, today announced its results for its second quarter ended June 30, 2001.
The company reported record revenues for the second quarter of 2001 of $62,300,000, compared with $62,242,000 for the same quarter of 2000. Revenues increased despite fewer large event opportunities in the second quarter of 2001, reflecting solid gains in the company's base customer business. Net income for the second quarter of 2001 was $2,389,000 or $0.18 per diluted share, compared with net income of $3,639,000, or $0.32 per diluted share for the same quarter of the prior year. The reduction in net income reflects the lower level of higher-margin event business and $340,000 in nonrecurring selling, general and administrative costs related to the refinancing of the Company's long-term debt.
First half revenues for 2001 were $114,118,000, compared with $114,979,000 for the same period in 2000. Net income for the first six months of 2001 was $1,357,000, or $0.09 per diluted share, compared with net income of $2,199,000, or $0.18 per diluted share for the same period in 2000.
``We are pleased to have delivered record revenue performance this quarter in the face of difficult economic conditions,'' stated Alan S. McKim, Chairman and CEO. ``This points to the underlying strength of our core business, which matched last year's very strong second-quarter revenues despite fewer large emergency response events in 2001. Clean Harbors today is in the strongest competitive position in our history, and we are receiving numerous inquiries from large potential customers looking for a stable partner to provide environmental and waste management solutions for the future.''
``During the quarter, we completed a number of initiatives which continue to strengthen our position in the marketplace,'' continued McKim. ``We secured $86 million in new funding to refinance our long-term debt and support our growth initiatives. The company opened five new locations in growing markets and strengthened our capabilities in the vital New York/New Jersey marketplace. We also furthered our industry-leading technology advantage with the roll out of our flagship Internet product, CHOICE Online, which is now used by more than 1,000 customers.''
About Clean Harbors, Inc.
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. Within its national footprint, 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. For more information, visit our Website at www.cleanharbors.com
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. These forward-looking statements 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. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2000.
CLEAN HARBORS, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
Revenues $ 62,300 $ 62,242 $ 114,118 $ 114,979
Cost of revenues 43,110 42,795 81,561 81,904
Selling, general and
administrative
expenses 11,362 10,679 21,142 20,864
Depreciation and
amortization 2,759 2,674 5,548 5,179
Income from operations 5,069 6,094 5,867 7,032
Interest expense, net 2,462 2,315 4,590 4,603
Income before provision
for income taxes 2,607 3,779 1,277 2,429
Provision for income
taxes 218 140 (80) 230
Net income $ 2,389 $ 3,639 $ 1,357 $ 2,199
Diluted earnings per
share $ 0.18 $ 0.32 $ 0.09 $ 0.18
Weighted average common
shares outstanding
plus potentially
dilutive common shares 12,703 11,107 12,052 11,138
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Contact:
Roger Koenecke
Senior Vice President and
Chief Financial Officer
Clean Harbors, Inc.
(781) 849-1800
or
Paul Sagan
Sharon Merrill Associates, Inc.
Vice President
(617) 542-5300 |
