Allied Waste Industries announces third quarter results.SCOTTSDALE Scottsdale, city (1990 pop. 130,069), Maricopa co., central Ariz.; settled in 1895 by Winfield Scott, inc. 1951. It is a resort and retirement center in the Phoenix metropolitan area. , Ariz.--(BUSINESS WIRE)--Nov. 11, 1994--Allied Waste Industries Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AWIN AWIN Aviation Week Intelligence Network (magazine website) ) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced the results of operations for three months and nine months ended Sept. 30, 1994. For the quarter, revenues were $26.5 million, compared to $15.0 million in the third quarter of 1993. Net income was $215,000 compared to $658,000 and the loss per common share was ($0.05), after preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of $987,000, compared to $0.06 earnings per share for the third quarter last year when preferred dividends were $101,000. For the nine months, revenues were $66.5 million, net loss was ($863,000), resulting in a net loss of ($0.27) per common share after preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends of $2.7 million. For the same period in 1993, revenues were $39.0 million, net income was $1.8 million, and earnings per share were $0.16, after preferred dividends of $253,000. Roger A. Ramsey Ramsey, residential borough (1990 pop. 13,228), Bergen co., NE N.J.; settled 1846, inc. 1908. Dairy and truck farms are in the area. , Allied's chairman, said, "At nearly $7.5 million, third quarter EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become was more than three times EBITDA in the first quarter of this year. We are pleased with the improvement, which is on target with our expectations, and expect the momentum to continue into 1995. "Allied invested heavily in new assets this year and five new landfills and five new transfer stations have either been completed or were in process by the end of the third quarter. These assets are just beginning to provide revenues and earnings, and we expect to begin to reap full benefits from these investments some time next year." Allied Waste Industries Inc., headquartered in Scottsdale, is a rapidly growing solid waste management company providing waste collection, recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. and disposal services in selected regional markets. -0-
Allied Waste Industries Inc.
Consolidated Statements of Income
(in thousands, except per share data and number of shares)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1993 1994 1993 1994
Revenues $14,977 $26,519 $39,010 $66,528
Cost of operations 8,968 17,062 23,579 43,395
Gross profit 6,009 9,457 15,431 23,133
SG&A expenses 3,178 5,536 7,950 15,746
Operating income/EBIT 2,831 3,921 7,481 7,387
Interest expense, net 1,672 2,577 4,187 7,960
Nonrecurring (income)
expense (201) 0 (120) 334
Income taxes (benefit) 696 1,127 1,641 (44)
Minority interest 6 2 14 0
Net income (loss) $658 $215 $1,759 $(863)
Net income (loss) $658 $215 $1,759 $(863)
Less preferred stock
dividends (101) (987) (253) (2,686)
Net income (loss)
available to common
stockholders 557 (772) 1,506 (3,549)
Earnings (loss) per
common and common
equivalent share 0.06 (0.05) 0.16 (0.27)
Weighted average common
and common equivalent
shares 12,986,593 14,054,098 12,663,058 13,040,518
EBITDA 4,364 7,418 11,452 15,428
Gross profit margin % 40.1 35.7 39.6 34.8
Operating margin % 18.9 14.8 19.2 11.1
Net income (loss) margin % 4.4 0.8 4.5 (1.3)
EBITDA margin % 29.1 28.0 29.4 23.2
CONTACT: Allied Waste Industries Inc., Scottsdale Luke Luke early Christian; the “beloved physician.” [N.T.: Luke] See : Evangelism Botica, 602/423-AWIN |
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