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).