Waste Services’ first quarter 2010 exceeds expectations
Waste Services, Inc. announced financial results
for the first quarter ended March 31, 2010. Fully diluted earnings
per share before merger charges and other unusual items were
$0.14 for the quarter as compared to $0.03 in the first quarter
of 2009. The reported results include expenses relating to the
pending merger with IESI-BFC Ltd. and a gain in the valuation
of warrants. Including these items, fully diluted earnings per
share were $0.12.
Revenue for the quarter was up 24.6 percent to $119.4 million
compared to $95.8 million for the same quarter in 2009. The results
for the quarter are highlighted by:
- Internal revenue growth generated from price increases
was 5 percent.
- Internal revenue growth relating to volume was 2.4 percent.
- Positive organic growth in both Florida and Canada.
Foreign currency translation accounted for $10.0 million in reported
revenue increase. Acquisitions added $6.1 million in revenue.
Adjusted EBITDA was $32.2 million as compared to $20.5 million
in the first quarter of the prior year and the company’s previous
best quarter result of $30.5 million (fourth quarter, 2009).