Second Quarter 2012 Financial Review
Total revenues for the second quarter of 2012 were $90.8 million, compared with $39.2 million for the second quarter of 2011.
Net income from continuing operations was $10.7 million, or $0.07 per share (based on 145,359,846 basic weighted average common shares outstanding and including the deferred tax benefit), compared with $0.3 million, or breakeven per share (based on 113,530,367 basic weighted average common shares outstanding) for the second quarter of 2011.
Adjusted EBITDA was $19.3 million, compared with $9.4 million for the second quarter of 2011.Revenues for the six months ended June 30, 2012 were $145.7 million, compared with $57.4 million for the six months ended June 30, 2011. On a pro-forma basis, including the effect of HES for the first quarter of 2012, revenues for the first six months of 2012 were $175.7 million. Net income from continuing operations for the first six months of 2012 was $6.9 million, or $0.05 per share (based on 135,266,282 basic weighted average common shares outstanding and including the deferred tax benefit), compared with a net loss from continuing operations of ($0.2) million, or breakeven per share (based on 112,393,028 basic weighted average shares outstanding) for the comparable 2011 period. Adjusted EBITDA for the six months ended June 30, 2012 was $29.5 million, compared with $13.5 million for the six months ended June 30, 2011. On a pro-forma basis, including the effect of HES for the first quarter of 2012, adjusted EBITDA for the first six months of 2012 was $35.5 million. As of June 30, 2012, Heckmann Corporation’s total assets were $810.0 million, and equity totaled $458.7 million. On March 30, 2012, the Company completed a public offering of 18.2 million shares of its common stock for net proceeds of approximately $74.4 million. On April 10, 2012, Heckmann completed a private placement of $250.0 million in senior unsecured notes and entered into a new senior secured revolving credit facility of $150.0 million with an accordion feature. The proceeds from these capital markets transactions were used to fund the cash portion of the TFI acquisition and, together with cash on hand and marketable securities held by the Company, to pay off the Company’s existing term loan and revolving credit facility. Transaction costs for the acquisitions and the extinguishment of deferred bank financing costs are reflected in adjusted EBITDA along with the costs of startup and hiring of personnel involved in our expansion.
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