Clean Harbors Announces Fourth Quarter and 1999 Earnings.Business Editors BRAINTREE, Mass.--(BUSINESS WIRE)--Feb. 3, 2000 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) ) today announced its results for the fourth quarter and year ended December 31, 1999. Revenues for the fourth quarter were flat at $52,597,000 as compared to $52,588,000 for the fourth quarter of 1998. Net loss for the fourth quarter of 1999 was $(424,000) or $(0.05) per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share as compared to a net profit of $84,000 or $0.00 per basic and diluted share for the same quarter of the prior year. Revenues for the year 1999 increased $5,526,000 to $202,965,000 an increase of 2.8% from the $197,439,000 reported for the year ended 1998. The net loss for the year ended 1999 was $(2,244,000) or $(0.25) per basic and diluted share compared to a net loss of $(3,854,000) or $(0.42) per basic and diluted share for the year ended 1998. Alan S. McKim, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said: &uot;We are pleased with the progress we made this past year in increasing top line revenue growth by over $5.5 million and improving our bottom line results from last year. The increase in SG& reflects strategic steps taken to introduce new service offerings such as our Harbor Industrial Services division, Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 preparations and expansions into new market areas. We enter Year 2000 with the start-up Start-up The earliest stage of a new business venture. costs of these initiatives behind us, and with major system enhancements in place to allow us to leverage these investments in the forthcoming year.&uot; Mr. McKim also announced expansions of the Company's E-Commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. initiatives by stating: &uot;We are also continuing to enhance our Internet functionality in the areas of order fulfillment Order fulfillment (in BE also: order fulfilment) is in the most general sense the complete process from point of sales inquiry to delivery of a product to the customer. Sometimes Order fulfillment , waste profiling and transportation scheduling. Additionally, we are now moving forward to become an Application Service Provider (ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). ) with our environmental software program CHOICE(TM). Clean Harbors, Inc. provides a wide range of environmental and waste management services to over 13,000 customers including over 350 of the Fortune 500 companies. The Company operates throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with offices in 22 states 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. and operates 12 waste management facilities throughout the country. Visit our Web Site @ www.cleanharbors.com
CLEAN HARBORS, INC
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
Revenues $ 52,597 $ 52,588 $ 202,965 $ 197,439
Cost of revenues 38,346 38,848(a) 149,637 147,214(a)
Selling, general and
administrative
expenses 10,267 8,656 37,190 34,976
Depreciation and
amortization 2,454 2,289 9,501 9,112
Income from operations 1,530 2,795 6,637 6,137
Interest expense, net 1,864(b) 2,621 8,599(b) 9,631
Income (loss) before
provision for
income taxes (334) 174 (1,962) (3,494)
Provision for
income taxes 90 90 282 360
Net income (loss) $ (424) $ 84 $ (2,244) $ (3,854)
Basic and diluted EPS
Net income (loss)
per share $ (0.05) $ 0.00 $ (0.25) $ (0.42)
Weighted average
common shares
outstanding 10,793 10,421 10,649 10,309
Financial data:
Earnings before
interest,
income taxes,
depreciation and
amortization (EBITDA)$ 3,984 $ 5,084 $ 16,138 $ 15,249
(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 interest expense, net for the three months and year
ended December 31, 1999 is $439,000 relating to interest earned on a
tax refund that the Company recorded upon receipt.
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