Waste Connections reports second quarter
Waste Connections, Inc. announced its results for
the second quarter 2006. Revenue totaled $207.0 million, a 14.8%
increase over revenue of $180.3 million a year ago.
Operating income was $40.8 million versus $43.6
million in the second quarter of 2005. Net income was $19.2 million,
or $0.41 per share on a diluted basis of 46.9 million shares.
Waste Connections noted three items in the second
quarter 2006 results which combined to decrease diluted earnings
per share by approximately $0.05:
- Additional development costs for insurance claims from prior
years of $3.8 million ($2.4 million net of taxes).
- Stock-based compensation costs of $1.0 million ($0.6 million
net of taxes).
- Reduced interest expense due to the redemption of convertible
notes of $1.0 million ($0.6 million net of taxes).