This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Heritage-Crystal Clean, Inc. Announces 2010 Second Quarter Financial Results

ELGIN, Ill., July 28, 2010 (GLOBE NEWSWIRE) -- Heritage-Crystal Clean, Inc. (Nasdaq:HCCI), a leading provider of parts cleaning and hazardous and non-hazardous waste services to small and mid-sized customers, today announced results for the second fiscal quarter of 2010, which ended June 19, 2010.

Second quarter highlights include:                                                      

  • Sales increased 13%, to $25.3 million, compared to $22.4 million in the second quarter of fiscal 2009. For the first half of fiscal 2010, sales increased 7%, to $49.3 million, compared to $46.2 million in the first half of fiscal 2009.  
  • Average sales per working day was approximately $430,000, compared to $380,000 in the second  quarter of fiscal 2009 and compared to $400,000 in the first quarter of fiscal 2010.  
  • Same-branch sales increased 11%, measured for the 58 branches that were in operation throughout both the second fiscal quarters of 2010 and 2009. For the first half of fiscal 2010, same-branch sales increased 5%, measured for the 58 branches that were in operation throughout both first halves of 2010 and 2009.   
  • EPS (diluted) increased to $0.08 compared to $0.06 in the second quarter of fiscal 2009.

Mr. Joseph Chalhoub, President and Chief Executive Officer of Heritage-Crystal Clean, Inc., commented, "We are very pleased to have posted a double-digit percentage sales increase compared to the year-ago quarter. We believe that the continuing improvement in our average sales per working day  — both on a sequential quarter and year over year basis — suggests that many of our customers are experiencing recoveries in their business and resuming demand for our services. We continue to make progress with our used oil re-refining project and recently secured the required permits and announced our selection of Indianapolis as the site."

Mr. Greg Ray, Chief Financial Officer and Vice President of Business Management, stated, "The second fiscal quarter of 2010 was a very positive quarter for us.  The financials reflect our strong sales, good cost control and leveraging of our cost structure.  During the quarter, we raised approximately $22.0 million in a public offering (with an additional $3.4 million resulting from our underwriters' exercise of their overallotment option just after the end of the quarter).  We intend to use this money to fund a portion of the construction costs for the used oil re-refinery.  Because the public offering occurred near the end of the second quarter, it had a very small impact on our weighted shares outstanding and EPS calculation for the quarter.  We believe that our balance sheet is very strong and we remain committed to our strategy to deliver growth."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs