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WCA Waste Corporation Announces Results For The Quarter Ended September 30, 2010

  • Revenues increased 19.6% compared to the third quarter of 2009, boosted by acquisitions
  • Completed four tuck-in acquisitions
  • Interest rate swap expires on November 1, 2010, which will improve annual cash flow by $6.7 million

HOUSTON, Oct. 28, 2010 (GLOBE NEWSWIRE) -- WCA Waste Corporation (Nasdaq:WCAA) announced today financial results for the three and nine months ended September 30, 2010.

WCA Logo EPR

For the third quarter of 2010:

  • Revenue was $59.3 million, up 19.6% from $49.5 million in the third quarter of 2009.
  • Operating income was $6.7 million compared to $7.0 million in the same quarter last year.
  • Net loss available to common stockholders was $0.02 per share while adjusted net loss available to common stockholders was $0.01 per share.

For the first nine months of 2010:

  • Revenue was $171.9 million, up 16.2% from $147.9 million in the nine months ended September 30, 2009.
  • Operating income was $17.9 million compared to $20.3 million in the prior year period.
  • Net loss available to common stockholders was $0.10 per share while adjusted net loss available to common stockholders was $0.08 per share.

WCA completed four tuck-in acquisitions (three around Houston, Texas and one in Oklahoma) with approximately $7 million in total annualized revenue. Two of the four acquisitions were closed on October 1, 2010. Our interest rate swap will expire on November 1, 2010, which will improve annual cash flow by approximately $6.7 million. Our operating cash flow was $22.9 million and our capital spending (excluding acquisition capital) was $20.4 million during the nine months ended September 30, 2010.

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