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Heckmann Corporation Announces Record Second Quarter 2012 Financial Results

These non-GAAP financial measures are provided because management of the Company uses these financial measures in maintaining and evaluating the Company’s ongoing financial results and trends. Management uses this non-GAAP information as an indicator of business performance, and evaluates overall management with respect to such indicators. Management believes that excluding items such as acquisition expenses, amortization of intangible assets and stock-based compensation, among other items that are inconsistent in amount and frequency (as with acquisition expenses), or determined pursuant to complex formulas that incorporate factors, such as market volatility, that are beyond our control (as with stock-based compensation), for purposes of calculating these non-GAAP financial measures facilitates a more meaningful evaluation of the Company’s current operating performance and comparisons to the past and future operating performance. The Company believes that providing non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income (loss), and adjusted net income (loss) per share, in addition to related GAAP financial measures, provides investors with greater transparency to the information used by the Company’s management in its financial and operational decision-making. These non-GAAP measures should be considered in addition to, but not as a substitute for, measures of financial performance prepared in accordance with GAAP.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in the press release include, without limitation forecasts of growth, revenues, adjusted EBITDA and pipeline expansion, and other matters that involve known and unknown risks, uncertainties and other factors that may cause results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: difficulties encountered in acquiring and integrating businesses, including Thermo Fluids Inc.; whether certain markets grow as anticipated; and the competitive and regulatory environment. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, the Current Report on Form 8-K filed on April 10, 2012, as well as the Company's other reports filed with the United States Securities and Exchange Commission and are available at http://www.sec.gov/ as well as the Company's website at http://heckmanncorp.com/. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

– tables to follow –

 
HECKMANN CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
  June 30,   December 31,
2012 2011
ASSETS
Current Assets
Cash and cash equivalents $ 5,133 $ 80,194
Marketable securities - 5,169
Accounts receivable, net 78,090 47,985
Inventories 3,774 760
Prepaid expenses and other receivables 8,048 4,519
Other current assets   3,847   1,044
Total current assets   98,892   139,671
Property, plant and equipment, net 330,190 270,054
Equity investments 7,682 7,682
Intangible assets, net 76,722 29,489
Goodwill 285,248 90,008
Other   11,230   2,777
TOTAL ASSETS $ 809,964 $ 539,681
 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 32,013 $ 19,992
Accrued expenses 16,546 11,002
Accrued interest 5,614 691
Current portion of contingent consideration 15,114 5,730
Current portion of long-term debt   4,562   11,914
Total current liabilities 73,849 49,329
Deferred income taxes 7,242 6,880
Long-term debt, less current portion 265,669 132,156
Long-term contingent consideration 3,082 7,867
Other long-term liabilities 1,466 1,639
 
Commitments and contingencies
 
Equity:
 

Preferred stock, $0.001 par value, 1,000,000 shares authorized;no shares issued or outstanding

- -

Common stock, $0.001 par value: 500,000,000 authorized,166,015,320 shares issued and 151,706,757 shares outstandingat June 30, 2012 and 139,163,067 shares issued and 124,854,504shares outstanding at December 31, 2011

165 139
Additional paid-in capital 924,823 814,875
Purchased warrants (6,844) (6,844)
Treasury stock (19,503) (19,503)
Accumulated deficit (439,985) (446,865)
Accumulated other comprehensive income   -   8
Total equity of Heckmann Corporation   458,656   341,810
TOTAL LIABILITIES AND EQUITY $ 809,964 $ 539,681
 

HECKMANN CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations
(In thousands)
(Unaudited)
       
Three Months Ended June 30, Six Months Ended June 30,
2012 2011 2012 2011
 
Revenue $ 90,769 $ 39,167 $ 145,728 $ 57,398
Cost of goods sold   75,710   29,055   123,683   42,876
Gross profit 15,059 10,112 22,045 14,522

General and administrative expenses

  14,916   8,718   23,170   13,655
Income (loss) from operations 143 1,394 (1,125) 867
Interest income (expense), net (6,816) (896) (8,962) (1,147)
Loss from equity method investment - (422) - (462)
Other, net   (2,887)   343   (2,916)   397
Income (loss) before income taxes

(9,560)

419 (13,003) (345)
Income tax benefit (expense)   20,303   (102)   19,883   123
Net Income (loss) from continuing operations

10,743

317 6,880 (222)
Income (loss) from discontinued operations, net of tax   - (134) - 815
Net income ( loss) attributable to common stockholders $

10,743

$ 183 $ 6,880 $ 593
 
HECKMANN CORPORATION AND SUBSIDIARIES
Adjusted EBITDA from continuing operations
(millions)
         
Pro-forma Actual Pro-forma
Three months Three months Six months Six months
March 2012 June 2012 June 2012 June 2012
 
Net income (loss) from continuing operations $ (2.9 ) $ 10.7 $ 6.8 $ 7.8
Income tax (benefit) expense 2.0 (20.3 ) (19.9 ) (18.3 )
Add: interest expense 3.3 6.8 8.9 10.1
depreciation 8.6 10.0 18.0 18.6
amortization   2.6     4.9     6.2     7.5  
EBITDA   13.6     12.1     20.0     25.7  
Stock based compensation 0.7 0.8 1.5 1.5
Transaction costs and other 0.8 1.9 2.4 2.7
Start-up & training costs 1.1 2.0 3.1 3.1
Write off of deferred financing costs   -     2.5     2.5     2.5  
Adjusted EBITDA from continuing operations $ 16.2   $ 19.3   $ 29.5   $ 35.5  
 
 
 
Three months Six months
June 2011 June 2011
 
Net income (loss) from continuing operations $ 0.4 $ (0.2 )
Income tax benefit (0.1 ) (0.2 )
Add: interest expense 0.9 1.1
depreciation 5.1 8.2
amortization   0.6     1.0  
EBITDA   6.9     9.9  
Stock based compensation 0.4 0.8
Transaction costs and other   2.1     2.8  
Adjusted EBITDA from continuing operations $ 9.4   $ 13.5  




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