Clean Harbors Announces Fourth Quarter Earnings and 1998 Year End Increase in Operating Income.

BRAINTREE, Mass.--(BUSINESS WIRE)--Feb. 3, 1999--Clean Harbors, Inc., (NASDAQ:CLHB) today announced its results for the fourth quarter and year ended December 31, l998.

Operating income for the fourth quarter 1998 increased $4,450,000 to $2,795,000 from a loss of $(1,655,000) for the same quarter in 1997. Operating income for the year 1998 increased $6,638,000 to $6,137,000 versus a loss of $(501,000) for the year ended 1997.

Revenues for the fourth quarter increased $6,695,000 to $52,588,000, an increase of 14.6% from $45,893,000 reported in the fourth quarter of 1997. Net income for the fourth quarter of 1998 was $84,000 or $0.00 per basic and diluted share as compared to a net loss of $(10,076,000) or $(1.02) per basic and diluted share for the same quarter of the prior year.

Revenues for the year l998 increased $13,672,000 to $197,439,000 an increase of 7.4% from the $183,767,000 reported for the year ended 1997. The net loss for the year ended 1998 was $(3,854,000) or $(0.42) per basic and diluted share compared to a net loss of $(13,728,000) or $(1.42) per basic and diluted share for the year ended 1997.

Announcing the results Alan S. McKim, Chairman and CEO said:

"We are very pleased with the impressive gains we made over the past year. We are particularly satisfied with the significant improvement of over $6 million in our operating income year to year. This improvement is a testimonial to the effectiveness of our cost control measures, efficiencies gained from our new information management systems, and a resurgence in revenue growth through our aggressive sales efforts."

McKim went on to say:

"It is significant to note that the 1998 revenue growth of over $13 million represents growth in our base business and in market share and is not the result of any one time event. We also note that the growth is robust across all our principal business lines.

Most importantly, we believe that we have regained our growth momentum as a Company. Our revenues are growing again because our customers place a premium on the added value we deliver with the services we provide them."

Clean Harbors, Inc. provides a wide range of environmental and waste management services to over 13,000 customers including over 300 of the Fortune 500 companies.

Services include: field service operations providing industrial maintenance and environmental emergency response activities; CleanPacking of chemicals for laboratories, hospitals, universities and government; and transportation, treatment and disposal of industrial and hazardous wastes.

The Company operates throughout the United States with offices in over 25 states and Puerto Rico and operates 12 waste management facilities throughout the country. -0-

                          CLEAN HARBORS, INC.

                   CONSOLIDATED STATEMENTS OF INCOME
                               Unaudited
                 (in thousands, except per share data)

                                Three Months Ended       Year Ended
                                   December 31,          December 31,
                                 1998      1997         1998      1997

Revenues                   $  52,588 $  45,893     $197,439  $183,767

Cost of revenues (a)          38,848    36,519      146,860   140,542

Selling, general and
 administrative
 expenses                      8,656     8,784       35,330    34,498

Depreciation and
 amortization                  2,289     2,245        9,112     9,228

Income (loss) from
 operations                    2,795    (1,655)       6,137      (501)

Other income (net)                --        --           --       800

Interest expense
 (net)                         2,621     2,259        9,631     9,182

Income (loss) before
 provision for
 income taxes                    174    (3,914)      (3,494)   (8,883)

Provision for income
 taxes (b)                        90     6,162          360     4,845

    Net income (loss)
    (a) (b)                $      84 $ (10,076)     $(3,854) $(13,728)

Basic and diluted EPS
 Net income (loss) per
 share                     $    0.00 $   (1.02)   $   (0.42)$   (1.42)

Weighted average common
 shares outstanding           10,421    10,099       10,309     9,959

Financial data:
Earnings before interest,
 income taxes, depreciation
 and amortization (EBITDA) $   5,084 $     590       15,249 $   9,527


(a)    Included in cost of revenues for the three and twelve months
       ended December 31, 1998 is a non-recurring benefit of
       $1,168,000 relating to the reimbursement of environmental
       remediation expenses, net of legal costs, from an insurance
       carrier.

(b)    Included in the provision for income taxes for the three and
       twelve months ended December 31, 1997 is a non-cash charge of
       $6,050,000 to provide a valuation reserve for net operating
       loss carry forwards.