Heritage-Crystal Clean, Inc. Announces 2010 Third Quarter Financial Results
ELGIN, Ill., Oct. 20, 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 third fiscal quarter of 2010, which ended September 11, 2010.
Third quarter highlights include:
- Sales increased 20%, to $26.7 million, compared to $22.3 million in the third quarter of fiscal 2009. For the first three quarters of fiscal 2010, sales increased 11%, to $76.1 million, compared to $68.4 million in the first three quarters of fiscal 2009.
- Average sales per working day was approximately $460,000, compared to $380,000 in the third quarter of fiscal 2009 and compared to $430,000 in the second quarter of fiscal 2010.
- Same-branch sales increased 18%, measured for the 58 branches that were in operation throughout both the third fiscal quarters of 2010 and 2009. For the first three quarters of fiscal 2010, same-branch sales increased 9%, measured for the 58 branches that were in operation throughout both first three quarters of 2010 and 2009.
- EPS (diluted) was $0.05 compared to $0.05 in the third quarter of fiscal 2009. The weighted average shares outstanding in the third quarter of fiscal 2010 was 14.2 million compared to 12.0 million in the third fiscal quarter of 2009. The increase in shares was due to our June 2010 offering.
Mr. Joseph Chalhoub, President and Chief Executive Officer of Heritage-Crystal Clean, Inc. commented, "We are pleased with the sales growth we achieved in the latest quarter. We feel that many of our customers have resumed more normal levels of activity following the recession, and we hope that this will continue. As a cautionary note, we point out that this latest quarter is compared to the third quarter of 2009, when we were at a low point in the recessionary cycle. Our used oil re-refining project continues on plan with respect to schedule and budget."
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