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Heritage-Crystal Clean, Inc. Announces 2010 Fourth Quarter And Fiscal Year Financial Results

Stocks in this article: HCCI

ELGIN, Ill., Feb. 24, 2011 (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 fourth quarter and fiscal year 2010, which ended January 1, 2011.

Fourth quarter highlights include:                                                      

  • Sales increased 20%, to $36.0 million, compared to $30.0 million in the fourth quarter of fiscal 2009. 
  • Average sales per working day was approximately $475,000, compared to $390,000 in the fourth quarter of fiscal 2009 and compared to $460,000 in the third quarter of fiscal 2010.
  • Same-branch sales increased 19%, measured for the 58 branches that were in operation throughout both the fourth fiscal quarters of 2010 and 2009. 
  • EPS (basic and diluted) was $0.07 compared to $0.05 in the fourth quarter of fiscal 2009. The weighted average shares outstanding (basic) in the fourth quarter of fiscal 2010 was 14.2 million compared to 10.7 million in the fourth fiscal quarter of 2009. The increase in shares was due to our June 2010 offering.

Fiscal year 2010 highlights include:                                                     

  • Sales for fiscal 2010 increased 14%, to $112.1 million, compared to $98.4 million during fiscal 2009.
  • Average sales per working day was approximately $440,000, compared to $390,000 in fiscal 2009.
  • Same-branch sales increased 12%, measured for the 58 branches that were in operation throughout both fiscal 2010 and 2009.
  • EPS (basic and diluted) for fiscal 2010 increased to $0.26 compared to $0.17 in fiscal 2009. The weighted average shares outstanding (basic) in fiscal 2010 was 12.6 million compared to 10.7 million in fiscal 2009.  The increase in shares was due to our June 2010 offering.
  • We continued to expand our customer base, counting 44,000 active customer locations at the end of 2010 compared to 41,000 one year ago.

Mr. Joseph Chalhoub, President and Chief Executive Officer of Heritage-Crystal Clean, Inc., commented, "We are quite pleased with our strong finish to fiscal 2010. Our top line sales growth of 20% for the latest quarter, and 14% for the full year, was possible due to the recovery in the service requirements of our customer base. Our field organization did a great job selling our services; as a result, we added approximately 3,000 net new customer locations during the past year."

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