Clean Harbors Delays Release Of Fourth-Quarter Results

Date: March 13, 2003

Source: News Room

Clean Harbors Inc. (Nasdaq: CLHB), which disposes of hazardous materials, last week announced it was delaying the release of 2002 fourth-quarter and full-year results, sending its shares down 23 percent in early trading. Clean Harbors said it needs additional time to work through issues relating to the acquisition of the Chemical Services Division, which it purchased from Safety-Kleen Corp in September. Those issues include discounting of environmental liabilities and the amount of reserves the company has set aside to cover those liabilities. Clean Harbors said it would release them in its 10-K regulatory filing, which is due by March 31. Clean Harbors said its environmental liabilities are expected to be about $43 million lower than the $266 million originally anticipated.
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