“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.
Heckmann Corporation Announces Record Second Quarter 2012 Financial Results
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