Date: May 8, 2006
Source: PrimeZone
First Quarter Revenue Increased 51.5 Percent
First Quarter Operating Income Increased 103.3 Percent
First Quarter Internal Growth 15.8 Percent
WCA Waste Corporation (Nasdaq: WCAA) announced today financial results for the first quarter 2006. For the first quarter 2006, revenue increased 51.5% to $34.7 million over the $22.9 million that was reported for the same period last year. Operating income increased 103.3% to $5.1 million over the $2.5 million that was reported over the quarter ended March 31, 2005. Operating margins increased to 14.8% of revenue versus 11.0% for the same quarter last year. Net income for the quarter was $0.6 million, or $0.04 per share. During the quarter average borrowing costs increased to 8.38% versus 5.06% for the same quarter of 2005. This increase and the incremental interest expense affected net income by $0.05 per share for the first quarter of 2006.
Tom Fatjo, Chairman of WCA Waste Corporation, stated, "The Company is pleased with the financial and operational results for the first quarter of 2006. We are on target with the following forecast for 2006, which does not include the impact of acquisitions:
Revenue in excess of $140 million, a 23% increase over 2005;
Operating Income in excess of $21 million, a 24% increase over 2005;
EBITDA in excess of $40 million, a 25% increase over 2005." EBITDA increased to 28.0% of revenue versus the 23.4% for the same period of 2005.
As previously announced, the Company has initiated a process of exploring a variety of strategic alternatives which has been a primary focus of certain members of management and the Board. We are optimistic about the selection of one or a combination of such alternatives in the near future.
WCA Waste Corporation will be hosting a conference call to discuss the first quarter 2006 earnings at 8:30 am Eastern Time on May 9, 2006.
WCA Waste Corporation is an integrated company engaged in the transportation, processing and disposal of non-hazardous solid waste. The Company's operations consists of twenty landfills, twenty-one transfer stations/material recovery facilities and twenty-four collection operations located throughout Alabama, Arkansas, Colorado, Florida, Kansas, Missouri, New Mexico, North Carolina, South Carolina, Tennessee and Texas. The Company's common stock is traded on the NASDAQ National Market System under the symbol "WCAA."
More information: www.wcawaste.com.
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