/PRNewswire-FirstCall/ -- Waste Services, Inc. (Nasdaq: WSII) today announced financial results for the fourth quarter and for the year ended
December 31, 2009
. Fully diluted earnings per share were
for the quarter as compared to a loss of
in the fourth quarter of 2008. The reported results include expenses relating to the pending merger with IESI-BFC Ltd. (NYSE, TSX: BIN), a charge for the change in the valuation of warrants caused by the rise in our stock price, costs relating to tax restructuring activities and certain acquisition costs expensed in the period. Excluding these charges, fully diluted earnings per share would have been
Revenue for the quarter was
for the same quarter in 2008. The results for the quarter are highlighted by:
- Internal revenue growth generated from price increases was 4.6%.
- Internal revenue growth relating to volume was negative 1.6%.
- Foreign currency translation accounted for $8.8 million in reported revenue increase and acquisitions added $6.0 million in revenue.
- Adjusted EBITDA was $30.5 million as compared to $24.3 million in the fourth quarter of the prior year and the company's previous best quarter result of $29.4 million (third quarter, 2007).
For the full year 2009, the company reported revenue of
as compared to
for 2008. Fully diluted earnings per share for the year were
as compared to a loss of
for 2008. Excluding the expenses relating to the merger, costs relating to tax restructuring activities, acquisition costs and the fourth quarter change in warrant valuation, fully diluted earnings per share would have been
per share. The results for the year ended
December 31, 2009
are highlighted by:
- Internal revenue growth generated from price increases was 3.9%.
- Internal revenue growth relating to volume was negative 4.4%.
- Foreign currency translation caused a decrease of $16.1 million in reported revenue, partially offset by revenue from acquisitions of $7.1 million.
- Adjusted EBITDA was $105.4 million with a record Adjusted EBITDA margin of 24.3%.
, Waste Services President and Chief Executive Officer, stated, "We are pleased to again be reporting record financial results for a quarter as the company continues to improve margins and profitability. As our business continues to improve on a stand-alone basis, the pending merger with IESI-BFC Ltd. has been well received by the market and brought substantial benefits to our shareholders, both in share price and trading liquidity. We look forward to the completion of the deal, working to realize the anticipated synergies between the two companies and an outstanding 2010 for the combined shareholder group."
Waste Services also announced today the following stand-alone guidance for 2010, excluding any effects of the contemplated merger with IESI-BFC Ltd.:
- Revenue in the range of $480 million to $500 million.
- Organic revenue growth of 4% to 5%, primarily from price.
- Adjusted EBITDA in the range of $120 million to $125 million.
- Adjusted EBITDA margins of 25 to 27 percent.
- EPS from continuing operations in the range of $0.50 to $0.55 per share.
- Capital spending in the range of $30 million to $35 million.
- Free cash flow(1) of $50 to $55 million.
This guidance assumes: (i) no significant deterioration in economic conditions in
, and (ii) no significant change in exchange rates. Guidance will be adjusted upon announcement of any unusual or non-recurring items as the year progresses.
(1) Free Cash Flow is defined as net cash flows provided by continuing operations less capital expenditures from continuing operations.