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."
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