Date: November 1, 2006
Source: WCA Waste Corp.
WCA Waste Corporation Announces Third Quarter 2006 Results
Third Quarter Revenue Increased 32.9%
-- Third Quarter Operating Income Increased 26.6%
-- Third Quarter Internal Growth of 13.6% (including fuel surcharge of 3.3%)
WCA Waste Corporation (Nasdaq: WCAA) announced today financial results for the third quarter ended September 30, 2006. For the third quarter of 2006, revenue increased 32.9% to $39.2 million over the $29.5 million that was reported for the same period last year. Operating income increased 26.6% to $6.2 million over the $4.9 million that was reported for the quarter ended September 30, 2005. The Company reported a net loss available to common stockholders for the quarter of $3.4 million, or $0.21 per share, compared to net income of $1.3 million, or $0.09 per share, for the third quarter last year. After adjustments to exclude the write-off of deferred financing costs and debt discount, and the gains (losses) on interest rate swap agreements, net income available to common stockholders would be $0.8 million, or $0.05 per share, for the three months ended September 30, 2006.
For the nine months ended September 30, 2006, revenue increased 37.7% to $112.1 million over the $81.4 million for the same period last year. Operating income increased 43.2% to $18.2 million over the $12.7 million for the nine months ended September 30, 2005. Net income available to common stockholders for the nine months ended September 30, 2006 was $1.1 million, or $0.07 per share, compared to $2.9 million, or $0.19 per share, for the same period in 2005. After adjustments to exclude the write-off of deferred financing costs and debt discount, and the gains (losses) on interest rate swap agreements, net income available to common stockholders would be $3.0 million, or $0.18 per share, for the nine months ended September 30, 2006.
Tom Fatjo, Chairman of WCA Waste Corporation, stated, "We are excited with our operating results for the quarter. Our revenue continues to grow while producing one of the highest EBITDA margins in the industry. With the refinancing that was completed during the third quarter of 2006, which gives the Company approximately $225 million of additional capital available, we remain focused on building a growth company through the completion of tuck-in acquisitions and strategic acquisition of landfills in new markets."
The following tables provide more detailed information about our third quarter earnings. In these tables, EBITDA, and a second non-GAAP measure, are each reconciled to our net income (loss) available to common stockholders. WCA Waste Corporation will be hosting a conference call to discuss the third quarter 2006 earnings at 8:30 am Eastern Time on November 2, 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 20 landfills, 23 transfer stations/materials recovery facilities and 24 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 Global Market under the symbol "WCAA."
For more information, visit: www.wcawaste.com.
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