Clean Harbors Names Andrea Robertson to Board of Directors.Business Editors BRAINTREE, Mass.--(BUSINESS WIRE)--June 15, 2004 Company Reaffirms Second-Quarter 2004 Financial Guidance; Expects to Achieve Middle to Upper Levels of 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 Range Clean Harbors, Inc. ("Clean Harbors") (Nasdaq: CLHB CLHB Cardiff Local Health Board (UK) ), the leading provider of 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. and environmental 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 named Andrea Robertson, 47, as a new member on its Board of Directors. With the appointment, the Company now has nine directors, eight of whom are independent. Robertson will serve on the Board's Audit Committee. "I am pleased to welcome Andrea to the Board," said Alan S. McKim, chairman and chief executive officer. "Her background in finance as a Certified Public Accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. and practical experience as both an auditor and financial executive with several multi-billion-dollar corporations will be invaluable to Clean Harbors going forward." Ms. Robertson is currently Senior Vice President, Treasurer of MasterCard International. Prior to joining MasterCard, she held financial management positions with RR Donnelley and IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , and served as an auditor with Coopers & Lybrand. Ms. Robertson received her B.S. in Accounting from Merrimack College and an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration in Finance/Management Information Systems from the University of Chicago. Guidance Update Clean Harbors also announced that it is updating its EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
"At this point in the second quarter, we are clearly seeing the seasonal strength we cited as a key potential catalyst for growth," said McKim. "We expect this growth, along with continued execution of our cost reduction initiatives, to favorably influence Clean Harbors' EBITDA during the quarter." Clean Harbors reports EBITDA results, which are non-GAAP, as a complement to results provided in accordance with accounting principles generally accepted in the United States (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), and believes that such information provides investors with an additional tool for measuring the Company's performance. Clean Harbors defines EBITDA in accordance with its outstanding loan agreements. About Clean Harbors, Inc. Clean Harbors, Inc. through its subsidiaries provides a wide range of environmental and waste management services to a diversified customer base including a majority of the Fortune 500 companies, thousands of smaller private entities and numerous governmental agencies. Within its international footprint, Clean Harbors has service and sales offices located in 36 states, six Canadian provinces, Mexico, and Puerto Rico, and operates 52 waste management facilities strategically located throughout North America. For more information, visit our Web site at 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. 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 effects of the embedded derivative of the Company's 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. on earnings per share; -- 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 successfully complete the integration of 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 which became effective in September 2002 and to manage the significant environmental liabilities which it assumed in connection with that acquisition; -- The availability and costs of liability insurance and financial assurances 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 Item 7, for the fiscal year ended December 31, 2003, and its Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2004. |
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