Date: April 25, 2006
Source: PR Newswire
Waste Services, Inc. (Nasdaq: WSII) today reported financial results for the three months ended March 31, 2006. Revenue for the quarter was $95.7 million, an increase of $6.7 million, or 7.5% over the same period last year. The increase in revenue was primarily driven by pricing increases of $5.9 million or 6.6%, of which $2.0 million or 2.2% related to fuel surcharges, increased volumes at our landfill sites of $2.3 million, and increased collection and transfer station volumes of $3.3 million. Offsetting these increases were decreases related to the expiration or assignment of certain residential contracts and divestitures of previously acquired operations totaling $6.9 million. The favorable effects of foreign exchange rate movements increased revenue by $2.3 million. EBITDA* was $5.3 million for the quarter ended March 31, 2006, compared to $9.3 million for the same period last year. Adjusted EBITDA* (as defined in our credit agreement) was $13.5 million for the quarter ended March 31, 2006. Net loss for the quarter ended March 31, 2006 was $18.8 million, or $0.19 per share, versus a loss of $14.3 million, or $0.15 per share, for the comparable period last year.
David Sutherland-Yoest, Chairman and Chief Executive Officer, stated "We were pleased with our first quarter results, which were above internal expectations. We remain comfortable with our previously provided adjusted EBITDA guidance of $70 to $75 million driven by expected significant improvements in our U.S. operations and continued growth in our Canadian operations. For the second quarter, with the normal seasonal upturn in our Canadian business, we expect a significant increase in adjusted EBITDA versus the first quarter. This guidance does not include the impact from the Liberty, Sun Country or Taft acquisitions."
More information: www.wasteservicesinc.com.