Date: August 1, 2006
Source: Waste Industries USA, Inc.
Waste Industries USA, Inc. Reports Second Quarter 2006 Financial Results
Waste Industries USA, Inc. (Nasdaq: WWIN), a regional, non-hazardous solid waste services company, today reported preliminary financial results for the second quarter ended June 30, 2006.
For the quarter ended June 30, 2006, revenue increased 8.8% to $82.6 million, compared to $75.9 million for the quarter ended June 30, 2005. Operating income for the second quarter 2006 increased 69.2% to $9.6 million, compared to $5.7 million for the same period in 2005. Income from continuing operations for the second quarter 2006 was $4.5 million, or $0.32 per diluted share, a 136.6% increase from income from continuing operations of $1.9 million, or $0.14 per diluted share, for the second quarter of 2005. Income from discontinued operations (net of income taxes) was $2.3 million, or $0.16 per diluted share, for the second quarter of 2006, compared to $0.5 million or $0.03 per diluted share for the same period in 2005.
For the six months ended June 30, 2006, revenue increased 12.2% to $161.7 million, compared to $144.2 million for the same period in 2005. Operating income increased 38.7% to $17.4 million, compared to $12.5 million for the six months ended June 30, 2005. Income from continuing operations was $7.9 million, or $0.56 per diluted share, a 69.3% increase from income from continuing operations of $4.7 million, or $0.34 per diluted share, for the six months ended June 30, 2005. Income from discontinued operations (net of income taxes) was $2.3 million, or $0.17 per diluted share, for the six months ended June 30, 2006, compared to $0.5 million, or $0.04 per diluted share, for the same period in 2005.
Jim W. Perry, President and CEO of the Company, stated, "The results of operations for the quarter and year-to-date reflect our continued focus on improving productivity, reducing operating cost and effectively pricing collection and disposal work to reflect the rising cost of labor, fuel, steel and regulatory requirements. Our results also reinforce our previous strategy to divest underperforming operations while concentrating our resources and energies in markets where we can be successful at internalizing more of our waste stream and where we can further leverage our extensive asset base and infrastructure."
All periods have been restated to present the results of certain discontinued operations in the Atlanta area market and the Old Kings Road construction and demolition landfill operation in Jacksonville, Florida. Included in income from discontinued operations for the three and six months ended June 30, 2006 is a gain of approximately $2.2 million (net of income taxes) related to the sale of the Jacksonville landfill operation.
The Company will host a conference call to discuss its second quarter results on August 2, 2006 at 2:00 P.M. (Eastern Time). The call number is (800) 946-0742 and the confirmation number is 7498454. 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 August 16, 2006 and may be accessed by calling (888) 203-1112 and using confirmation number 7498454.
Waste Industries USA, Inc. is a vertically integrated solid waste services company that provides collection, transfer, disposal and recycling services to commercial, industrial and residential customer locations in the states of North Carolina, South Carolina, Virginia, Tennessee, Mississippi and Georgia.
For more information visit: www.waste-ind.com.
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