Continental announces first quarter earnings and New Jersey acquisition.CLARK, N.J.--(BUSINESS WIRE)--April 24, 1996--Continental 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 : CONT CONT Continue CONT Contain CONT Continue/Continued CONT Control CONT Contents CONT Controller CONT Contractor CONT Continuous CONT Contrast CONT Container CONT Continuation Cont Contamination CONT Continent CONT Contingency CONT Contactor ) announced today first quarter 1996 earnings of $1,317,365, an increase of 29% over the $1,023,250 reported in the prior year. The company recorded revenue of $13,934,479, a 44% increase as compared to $9,708,413 of revenue reported for the quarter ended March 31, 1995. Due, in part, to planned acquisitions not closing during the quarter, earnings per share remained stable at $0.09. The earnings per share in the first quarter of 1996 was also negatively impacted by the extreme weather conditions experienced in the eastern half of 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. which impacted waste generation and landfill volumes in all economic segments, as well as higher cost levels from complying with Subtitle-D requirements for liners liners, n the liquid material applied to teeth to protect them within a cavity preparation, to seal carious tissues, or to release beneficial chemicals such as fluoride. and closure/post-closure landfill costs. During the first quarter of 1996, the company sold its operations in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. for a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain of $500,000. The gain was offset by an approximate $500,000 pre-tax charge due to the temporary suspension of operations at its Prichard Prichard (prĭch`ərd), city (1990 pop. 34,311), Mobile co., SW Ala., an industrial suburb of Mobile; settled 1900, inc. 1925. It developed as a vegetable-shipping point due to the local Mobile and Ohio railroad track. , West Va. landfill. The first quarter of 1995 earnings per share has been adjusted for a 5 for 3 stock split effected on December December: see month. 28, 1995. The 44% increase in revenue for the quarter is primarily attributable to companies acquired after the first quarter of 1995 and same store growth in the waste collection segment and primarily higher customer pricing. On April 11, 1996, the company entered into a contract to purchase Statewide Environmental Contractors Inc. (a central New Jersey waste collection and transfer/recycling operation) with approximate revenue of $13 million. The purchase price, which was not disclosed, will be paid through a combination of cash, common stock and notes. Continental believes that it will gain regulatory approval to increase permitted waste flow through the transfer/recycling facility allowing for tuck in acquisitions in the same market area. The company is conducting discussions with several companies that it believes would integrate well with the acquired company. Continental announced that it intends to be more aggressive with acquisitions during the remainder of the year. Continental provides integrated solid waste management services to residential, commercial and industrial customers concentrated in the eastern half of the United States and in Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. . These services include non-hazardous landfill disposal, solid waste collection, and transfer station operations. Continental currently owns and operates 10 landfills, eight collection operations, 13 transfer stations, three 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. facilities, and employs over 700 persons. -0-
CONTINENTAL WASTE INDUSTRIES, INC.
Consolidated Statements of Income
(Unaudited)
Quarters Ended
March 31,
1996 % 1995 %
Revenue $ 13,934,479 100% $ 9,708,413 100% Costs and expenses: Operating expenses 7,438,824 53% 4,671,750 48% General and administrative expenses 1,497,467 11% 1,271,933 13% Depreciation and amortization 2,288,292 16% 1,360,190 14% Income from operations 2,709,896 19% 2,404,540 25% Other income (expenses): Interest expense (456,200) -3% (579,190) -6% Other income (expenses), net (7,262) -0% (29,290) -0% Other income (expenses), net (463,462) -3% (608,480) -6% Income before income taxes 2,246,434 16% 1,796,060 19% Provision for income taxes (929,069) -7% (772,810) -8% Net income $1,317,365 9% $ 1,023,250 11% Earnings per share $ 0.09 $ 0.09 CONTACT: Continental Waste Industries Inc., Clark Carlos Carlos, prince of the Asturias Carlos, 1545–68, prince of the Asturias, son of Philip II of Spain and Maria of Portugal. Don Carlos, who seems to have been mentally unbalanced and subject to fits of homicidal mania, was imprisoned by his father in E. Aguero or Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Drury, 908/396-0018 |
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