“As a part of the Thermo Fluids Inc. (TFI) acquisition, we were able to take advantage of TFI’s deferred tax position and reduce our historical income tax valuation allowance. The result was a $20.0 million benefit to our second quarter provision for income taxes.
“The TFI acquisition, now Heckmann Environmental Services (HES), is everything we expected it to be, and assimilation of their strong executive team has been smooth. As we work to integrate services for our customers, we see multiple opportunities for bundling our environmental service offerings and for taking advantage of the economies of scale available to us. The stability, low capital intensity and strength of that business combined with the exciting growth characteristics and expanding markets in the water business provide our company with a unique combination of complementary services, as well as strong and growing cash flow. To that end as detailed below, we have started up a water treatment and re-use plant in Texas and are acquiring a majority interest in a water treatment plant in Pennsylvania.
“We recently rolled out our industry leading HEKnet™ water management technology. HEKnet is our proprietary technology that allows us to deliver operational efficiency by paperless collection and submission of safety and compliance records, electronic invoicing and other related data with complete customer transparency. We have transitioned one of our major water customers to this proprietary automation system, eliminating the cost and inefficiency associated with the former practices, which utilized approximately 35,000 pieces of paper and over 1,400 hours per month. In one example, we will reduce the number of invoices annually from 18,000 to 48. We are currently proceeding with conversion of other major customers to our proprietary technology to drive back-office efficiencies for HWR as well as our customers, as we continue to expand our total environmental services business,” concluded Mr. Heckmann.
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