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Heckmann Management Discusses Q2 2012 Results - Earnings Call Transcript

Joining us on the call today from Heckmann Corporation are Dick Heckmann, Chairman and Chief Executive Officer; Chris Chisholm, Chief Financial Officer; James Devlin, President and Chief Operating Officer of Heckmann Environmental Services; Chuck Gordon, President and Chief Operating Officer of Heckmann Water Resources; and Brian Anderson, Executive Vice President of Finance.

With that, I would now like to turn the call over to Dick Heckmann.

Richard J. Heckmann

Good afternoon, everybody. I went back over the weekend and read previous quarter earnings and releases and the comments and questions and concluded that building a company from scratch is fairly messy business. I do understand some of the confusion as to what we're doing, so I'm going to try and bring some perspective to our actions and show you where we're headed through the rest of the decade.

Our second quarter reported revenues of $91 million, and adjusted EBITDA of $19.3 million was a bit shy of our projections given 5 months ago, primarily because several completion jobs slid into July after the Fourth of July holiday. However, we do expect them to be back online in the second half. Without question, our customers have pulled back capital spending and competition for the remaining jobs has intensified.

But as you'll hear on this call, we think we're well-positioned to ride it out. It continues to be difficult finding, recruiting and retaining people, especially in the remote areas in which we operate, and internal growth as fast as we're experiencing is just difficult to manage. Along with the significant swings in price of oil and gas over the last 6 months, we've delayed action on several transactions until we get a better view of economic conditions generally and pricing conditions in each basin. But managing growth beats the hell out of the alternative.

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