This Day On The Street
Continue to site
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

Heckmann Corporation Announces First Quarter 2012 Financial Results

Heckmann Corporation (NYSE: HEK) today announced the following financial results for the first quarter ended March 31, 2012: 1

  • Heckmann Water Resources (HWR) revenues tripled to $55.0 million, compared with $18.2 million for the same period in the previous year.
  • Adjusted EBITDA 2 more than doubled to $10.2 million, compared with $4.1 million for both the first quarter of 2011 and the fourth quarter of 2011.
  • On a pro-forma basis, which includes the effect of Heckmann Environmental Services (HES – formerly Thermo Fluids Inc., or TFI) 3, revenues were $82.4 million and adjusted EBITDA was $16.2 million.

“We had a strong start to the year, reporting our sixth consecutive quarter of record revenues and our adjusted EBITDA more than doubled for both the same quarter a year ago and our previous quarter,” said Mr. Richard J. Heckmann, Chairman and Chief Executive Officer of Heckmann Corporation. “We exceeded our quarterly guidance and all of the expansion in our water business is a result of new contracts or customers, primarily in the liquid-rich shale areas. Our two business segments are well positioned for future growth with good momentum. Historically, both segments are seasonally slowest in the first quarter, and we expect the second quarter revenues to increase over first quarter 2012 pro-forma results by more than 15%.

“We remain confident in our ability to achieve our financial and strategic goals for the year. Our water solutions segment has grown over the past 12 months from operations exclusively in the Haynesville Shale area to now include operations in seven additional oil, liquid-rich and natural gas shale areas in seven states and continues to grow significantly serving the domestic U.S. energy industry. It is important to remember that our water solutions business is less than three years old. The considerable management and asset intensive infrastructure necessary to produce what we believe will be over one quarter of a billion dollars of water-related revenues in 2012 has a significant start-up component to it. Our results in the first quarter were driven by the securing of long-term service contracts with major customers, servicing higher volumes of produced water in the gas basins and proactive repositioning of a number of assets from dry gas basins to oil and liquid-rich basins. We hired 175 truck drivers and numerous water transfer and well testing technicians in the first quarter, and, as they are relocated and trained, our organic growth will continue, and margins will continue to expand. Additionally, we expect to hire over 100 new drivers this quarter to meet the demand for our expanding water solutions segment.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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 18,110.14 +72.17 0.40%
S&P 500 2,114.76 +5.84 0.28%
NASDAQ 5,055.4220 -4.8240 -0.10%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs