Clean Harbors, Inc. (�Clean Harbors�) (NASDAQ: CLHB), the leading
provider of environmental and hazardous waste management services
throughout North America, today announced financial results for the
first quarter ended March 31, 2008. For the first quarter of 2008,
Clean Harbors reported an 18 percent increase in revenue to $242.5
million from $205.0 million in the first quarter of 2007. Income
from operations rose 88 percent to $20.0 million from $10.7 million
in the first quarter of 2007. First quarter 2008 net income
attributable to common shareholders increased 160 percent to $8.9
million, or $0.43 per diluted share, from $3.4 million, or $0.17
per diluted share, in the first quarter of 2007. EBITDA (see
description below) increased 50 percent to $33.1 million in the
first quarter of 2008, from $22.1 million in the comparable period
of 2007. Comments on the First Quarter �In the first quarter, we
extended the momentum we generated throughout 2007 and delivered
another solid quarter of revenue and profitability growth,� said
Alan S. McKim, Chairman and Chief Executive Officer. �Once again,
we experienced growth across both Technical Services and Site
Services as we achieved a double�digit increase in revenue. We saw
strength within many of our vertical markets in the quarter,
particularly refineries, pharmaceuticals and chemicals. Utilization
at our incinerators remained high at nearly 93 percent with healthy
contributions from both our U.S. and Canadian locations. In
addition, our landfill volumes increased 40 percent from the year
earlier period. The first quarter did not involve any significant
emergency response events. Overall, we were pleased that our
first-quarter growth was broad based, as all of our geographic
regions were above plan.� �Our business model is centered around
our extensive network of disposal assets, which affords us
substantial leverage,� McKim said. �As a result of this leverage
and our ongoing cost control initiatives, our 18 percent revenue
growth translated into a 50 percent increase in EBITDA for the
quarter. While we are facing ongoing cost pressures related to
fuel, healthcare and raw materials, we continued to be proactive
with our fuel recovery surcharges and the implementation of price
increases to offset some of these expenses. Advances in procurement
and other cost containment strategies also are helping to
incrementally improve our margins.� �The expansion of our
incineration capacity remained on plan as we added 7,000 tons
during the quarter,� McKim continued. �We continue to target the
next phase by adding 14,000 tons by the middle of the third
quarter, with the remaining 29,000 additional tons coming online
sometime between year-end and mid-2009 depending upon the
permitting process. We also recently completed the first phase of
construction at our solvent recovery plant at our El Dorado,
Arkansas facility, and we�ve just been awarded our first job. We�re
eager to commence commercial operations at the facility and expect
that location, along with recently acquired solvent recovery
facilities in Chicago, Illinois and Hebron, Ohio to be steady
contributors to growth in the years ahead.� �Within our Site
Services segment, we continued to execute against our growth
strategy, which combines acquisitions with internally generated
growth,� said McKim. �We opened a new branch in Milwaukee during
the first quarter and are excited to capitalize on the prospects in
that market. Toward the end of the quarter, we announced the
acquisition of Universal Environmental and its seasoned team of
nearly 100 employees. The acquisition provided us with two mature
service branches in California and Nevada, and greatly enhanced our
footprint in the West. These types of locally entrenched service
organizations are ideal additions to our Site Services business
because they not only provide us a base from which to grow, but
afford us the opportunity to cross-sell to our Technical Services
accounts and generate higher volumes at our disposal facilities.�
Non-GAAP First-Quarter Results Clean Harbors reports EBITDA
results, which are non-GAAP financial measures, as a complement to
results provided in accordance with accounting principles generally
accepted in the United States (GAAP) and believes that such
information provides additional useful information to investors
since the Company�s loan covenants are based upon levels of EBITDA
achieved. The Company defines EBITDA in accordance with its
outstanding credit agreement, as described in the following
reconciliation showing the differences between reported net income
and EBITDA for 2008 and 2007 (in thousands): � For the three months
ended: March 31, � March 31, 2008 2007 � Net income $8,922 $3,501
Accretion of environmental liabilities 2,670 2,474 Depreciation and
amortization 10,475 8,938 Interest expense, net 3,385 3,184
Provision for income taxes 7,589 3,974 Other (income) expense 104
(6) EBITDA $33,145 $22,065 Business Outlook and Financial Guidance
�Going forward, we plan to continue our comprehensive growth
strategy,� concluded McKim. �Through our successful public offering
in April, we now have considerable financial flexibility with more
than $250 million in cash and equivalents. The pipeline for
potential acquisitions is robust and we will continue to carefully
evaluate prospects across a variety of areas. As the established
leader in the environmental services marketplace, we are in a
strong position � benefiting from favorable industry trends and
significant economies of scale. We are on track to achieve our goal
of one billion dollars in annual revenue.� For the second quarter
of 2008, the Company expects revenue in the range of $260 million
to $263 million. The Company expects to generate EBITDA for the
second quarter of 2008 in the range of $41 million to $43 million.
Clean Harbors has also updated its full-year 2008 guidance. The
Company now expects to increase revenues in the range of 8 percent
to 10 percent, and achieve EBITDA growth in the range of 20 percent
to 22 percent. The Company previously anticipated full year 2008
revenue growth in the range of 6 percent to 8 percent, and EBITDA
growth in the range of 17 percent to 20 percent. Conference Call
Information Clean Harbors will conduct a conference call for
investors to discuss the information contained in this press
release today, Wednesday, May 7, 2008 at 9:00 a.m. (ET). On the
call, Chairman, President and Chief Executive Officer Alan S. McKim
and Executive Vice President and Chief Financial Officer James M.
Rutledge will discuss Clean Harbors� financial results, business
outlook and growth strategy. Investors who wish to listen to the
first-quarter webcast should log onto
www.cleanharbors.com/investor_relations. The live call also can be
accessed by dialing (877) 407-5790 or (201) 689-8328 prior to the
start of the call. If you are unable to listen to the live call,
the webcast will be archived on the Company�s website. About Clean
Harbors, Inc. Clean Harbors is North America's leading provider of
environmental and hazardous waste management services. With an
unmatched infrastructure of 51 waste management facilities,
including nine landfills, six incineration locations, six
wastewater treatment centers and two solvent recovery facilities,
the Company provides essential services to over 45,000 customers,
including more than 325 Fortune 500 companies, thousands of smaller
private entities and numerous federal, state and local governmental
agencies. Headquartered in Norwell, Massachusetts, Clean Harbors
has more than 100 locations strategically positioned throughout
North America in 36 U.S. states, six Canadian provinces, Mexico and
Puerto Rico. For more information, visit www.cleanharbors.com. Safe
Harbor Statement Any statements contained herein that are not
historical facts are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act 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 other than through its various filings with the
Securities and Exchange Commission. Furthermore, all financial
information in this press release is based on preliminary data and
is subject to the final closing of the Company�s books and records.
A variety of factors beyond the control of the Company may affect
the Company�s performance, including, but not limited to: The
Company�s ability to manage the significant environmental
liabilities that it assumed in connection with the CSD and other
acquisitions; The availability and costs of liability insurance and
financial assurance required by governmental entities relating to
our facilities; 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
or threatened litigation or regulatory actions; The effect of
commodity pricing on overall revenues and profitability; 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; and The effects of conditions in the financial
services industry on the availability of capital and financing. 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, which may be
viewed on www.cleanharbors.com/investor_relations. CLEAN HARBORS,
INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands except per share amounts) � � For the
three months ended: March 31, � March 31, 2008 2007 Revenues
$242,509 $205,024 Cost of revenues (exclusive of items shown
separately below) 170,194 151,604 Selling, general and
administrative expenses 39,170 31,355 Accretion of environmental
liabilities 2,670 2,474 Depreciation and amortization 10,475 8,938
Income from operations 20,000 10,653 Other income (expense) (104) 6
Interest expense, net (3,385) (3,184) Income before provision for
income taxes 16,511 7,475 Provision for income taxes 7,589 3,974
Net income 8,922 3,501 Dividends on Series B Preferred Stock � 69
Net income attributable to common shareholders $8,922 $3,432 �
Earnings per share: Basic earnings attributable to common
shareholders $0.44 $0.17 Diluted earnings attributable to common
shareholders $0.43 $0.17 � Weighted average common shares
outstanding 20,357 19,750 Weighted average common shares
outstanding plus potentially dilutive common shares � 20,910 20,637
CLEAN HARBORS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS ASSETS (in thousands) � � March 31,
December 31, � 2008 � 2007 Current assets: Cash and cash
equivalents $ 86,153 $ 119,538 Marketable securities 1,500 850
Accounts receivable, net 180,411 193,126 Unbilled accounts
receivable 15,051 14,703 Deferred costs 6,136 7,359 Prepaid
expenses and other current assets 12,918 10,098 Supplies
inventories 23,395 22,363 Deferred tax assets 11,497 11,491
Properties held for sale � 374 � 910 Total current assets � 337,435
� 380,438 � Property, plant and equipment, net � 288,254 � 262,601
� Other assets: Long-term investments 6,116 8,500 Deferred
financing costs 5,306 5,881 Goodwill 24,809 21,572 Permits and
other intangibles, net 82,553 74,809 Deferred tax assets 12,317
12,176 Other � 4,052 � 3,911 � 135,153 � 126,849 Total assets $
760,842 $ 769,888 CLEAN HARBORS, INC. AND SUBSIDIARIES UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS�
EQUITY (in thousands) � March 31, December 31, � 2008 � 2007
Current liabilities: Uncashed checks $ 6,854 $ 5,489 Current
portion of capital lease obligations 478 1,251 Accounts payable
74,509 81,309 Deferred revenue 25,061 29,730 Other accrued expenses
60,346 65,789 Current portion of closure, post-closure and remedial
liabilities 22,061 18,858 Income taxes payable � 3,651 � 8,427
Total current liabilities � 192,960 � 210,853 Other liabilities:
Closure and post-closure liabilities, less current portion 25,134
24,202 Remedial liabilities, less current portion 139,329 141,428
Long-term obligations 120,746 120,712 Capital lease obligations,
less current portion 616 1,520 Unrecognized tax benefits and other
long-term liabilities � 70,550 � 68,276 Total other liabilities �
356,375 � 356,138 Total stockholders� equity, net � 211,507 �
202,897 Total liabilities and stockholders� equity $ 760,842 $
769,888
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