Clean Harbors Announces CFO's Departure, Effective April 29, 2005; Company Reaffirms First-Quarter 2005 Guidance; Sets Conference Call Date for April 28.BRAINTREE, Mass. -- Clean Harbors, 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 : CLHB CLHB Cardiff Local Health Board (UK) ), the leading provider of environmental and hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. management services throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , today announced that its Executive Vice President of Administration and Chief Financial Officer Mark Burgess Mark Burgess may refer to:
In making the announcement, Burgess said, "I have enjoyed my time with Clean Harbors and believe that the Company is on firm financial ground with a promising future. While leaving such a talented team is a difficult personal decision, I am doing so because of a unique opportunity that I must pursue at this point in my career." Clean Harbors has retained the services of an executive recruitment firm, and the search for a successor to Mr. Burgess is underway. In the interim, the Company's financial operations will continue to be overseen by Carl Paschetag, Treasurer and Controller; Stephen Moynihan, Senior Vice President of Strategic Planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. ; and Roger Koenecke, the Company's former CFO who has been serving as a financial consultant to Clean Harbors through its Sarbanes-Oxley 404 certification process. Alan S. McKim, the Company's Chairman, President and Chief Executive Officer, said, "We are fortunate to have a seasoned financial team in place to ensure that the Company continues to meet its financial goals while we search for a new CFO." "We thank Mark for his service and contributions to Clean Harbors," McKim continued. "During his tenure, Mark helped us integrate a significant acquisition, implement many successful cost reduction programs and return the Company to profitable operations. As a result, Clean Harbors is in excellent shape both operationally and financially. We wish him well in his new position." Clean Harbors also announced today that it expects to report first-quarter 2005 financial results at or above the upper range of the guidance the Company provided on March 15, 2005, which called for year-over-year revenue growth of 10% to 11% and 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 in the range of $15.5 million to $17.0 million. Clean Harbors will report its first-quarter 2005 financial results before the open of market on Thursday, April 28, 2005. In conjunction with that announcement, the Company will host a conference call, which will be broadcast live over the Internet at 9:00 a.m. ET on April 28. On the call, Alan S. McKim and Mark Burgess will discuss Clean Harbors' financial results, business outlook and growth strategy. Those who wish to listen to the first-quarter conference call should visit the investor section of the Company's website at www.cleanharbors.com. In addition, if you are unable to listen to the live webcast, the call will be archived on the investor section of Clean Harbors' website. About Clean Harbors, Inc. Clean Harbors, Inc. is North America's leading provider of environmental and hazardous waste management services. With an unmatched infrastructure of 48 waste management facilities, including nine landfills, five incineration incineration the act of burning to ashes. locations and seven wastewater treatment centers, the Company provides essential services to over 45,000 customers, including more than 175 Fortune 500 companies, thousands of smaller private entities and numerous federal, state and local governmental agencies. Headquartered in Braintree, Massachusetts For geographic and demographic information on the census-designated place Braintree, please see the article Braintree (CDP), Massachusetts. Braintree is a town in Norfolk County, Massachusetts, United States. The population was 33,828 at the 2000 census. , Clean Harbors has more than 100 locations strategically positioned throughout North America in 36 U.S. states, six Canadian provinces, Mexico and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . For more information, visit www.cleanharbors.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. Furthermore, all financial information in this press release is unaudited, and may change materially upon completion of the audit of the Company's financial statements. A variety of factors beyond the control of the Company affect the Company's performance, including, but not limited to: --The effects of general economic conditions in the United States, Canada and other territories and countries where the Company does business; --The effect of economic forces and competition in specific marketplaces where the Company competes; --The possible impact of new regulations or laws pertaining to all activities of the Company's operations; --The outcome of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. or threatened litigation or regulatory actions; --The effect of commodity pricing on overall revenues and profitability; --The possibility that the Sarbanes-Oxley 404 review process will reveal material weaknesses in the Company's financial controls; --Possible fluctuations in quarterly or annual results or adverse impacts on the Company's results caused by the adoption of new accounting standards or interpretations or regulatory rules and regulations; --The effect of weather conditions or other aspects of the forces of nature on field or facility operations; --The effects of industry trends in the environmental services and waste handling marketplace; --The effects of conditions in the financial services industry on the availability of capital and financing; --The Company's ability to manage the significant environmental liabilities which it assumed in connection with the CSD CSD Commission on Sustainable Development CSD Serbian Dinar (ISO currency code) CSD Christopher Street Day CSD Circuit Switched Data (Sprint) CSD Computer Science Department CSD Community School District acquisition; and --The availability and costs of liability insurance and financial assurance required by governmental entities relating to our facilities. Any of the above factors and numerous others not listed nor foreseen may adversely impact the Company's financial performance. Additional 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , in its entirety and specifically Factors That May Affect Future Results under Item 7, for the fiscal year ended December 31, 2004, which is filed with the SEC. |
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