Date: May 2, 2006
Source: PR Newswire
Waste Industries USA, Inc. (Nasdaq: WWIN), a regional, non-hazardous solid waste services company, today reported preliminary financial results for the first quarter ended, March 31, 2006.
For the quarter ended March 31, 2006, revenue increased 16.0% to $79.2 million, compared to $68.3 million for the quarter ended March 31, 2005. Operating income for the first quarter 2006 increased 13.4% to $7.8 million, compared to $6.9 million for the same period in 2005.
Income from continuing operations for the first quarter 2006 was $3.4 million, or $0.24 per diluted share, a 22.7% increase from income from continuing operations of $2.7 million, or $0.20 per diluted share, for the first quarter of 2005. Income from discontinued operations (net of income taxes) was $19,000 in the first quarter 2006, compared to income of $25,000 in the first quarter of 2005.
Jim W. Perry, President and CEO of the Company, stated, "We are pleased with our overall performance for the quarter. Revenues increased 16% primarily as a result of our strategic acquisitions and the improving pricing environment, which enabled us to cover the higher costs incurred in service delivery. These factors, coupled with increased waste internalization and improved operating efficiencies, contributed to the improvement in gross margin versus the prior year, which helped offset the significant costs we have experienced related to Sarbanes-Oxley implementation."
All periods have been restated to present the results of certain discontinued operations in the Atlanta area market, which were sold in 2005, and the Old Kings Road construction and demolition landfill operation in Jacksonville, Florida, which was sold effective April 1, 2006. The March 31, 2006 balance sheet reflects our preliminary determination of the assets and liabilities associated with the Old Kings Road operations identified as held- for-sale as of that date.
The Company will host a conference call to discuss its first quarter results on May 3, 2006 at 2:00 PM (Eastern Time). The call number is (800) 811-0667 and the confirmation number is 9481952. The conference call will also be broadcast live over the Internet at www.waste-ind.com under the "Investor Relations" tab. A replay of the call will be available through May 17, 2006 and may be accessed by calling (888) 203-1112 and using confirmation number 9481952.
More information: www.waste-ind.com.
Sign up to receive our free Weekly News Bulletin