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Heritage-Crystal Clean, Inc. Announces 2012 Third Quarter Financial Results

ELGIN, Ill., Oct. 17, 2012 (GLOBE NEWSWIRE) -- Heritage-Crystal Clean, Inc. (Nasdaq:HCCI), a leading provider of parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services primarily focused on small and mid-sized customers, today announced results for the third quarter and first three quarters of fiscal 2012 which ended September 8, 2012.

Third quarter highlights include:

  • Sales increased 66.6%, to $62.1 million, compared to $37.2 million in the third quarter of fiscal 2011. For the first three quarters of fiscal 2012, sales increased 78.5% to $174.8 million, compared to $98.0 million in the first three quarters of fiscal 2011. This increase was due to organic growth in the Environmental Services segment and the ramp up of the Oil Business segment.  
  • Earnings per share (EPS) was $0.06 in the third quarter of fiscal 2012 compared to basic and diluted EPS of $0.04 in the third quarter of fiscal 2011. Earnings per share was $0.15 for the first three quarters of fiscal 2012, compared to basic and diluted EPS of $0.12 and $0.11, respectively, in the first three quarters of fiscal 2011.  
  • Our Environmental Services (ES) segment includes parts cleaning, containerized waste, and vacuum services. During the third quarter, ES sales increased $4.5 million, or 16.3% compared to the third quarter of fiscal 2011, primarily from organic growth. During the first three quarters of fiscal 2012, ES sales increased $13.3 million, or 16.4% when compared to the first three quarters of fiscal 2011.   
  • Same-branch sales for our ES segment increased 13.6% for the quarter, measured for the 66 branches that were in operation throughout both the third quarters of 2012 and 2011. For the first three quarters of fiscal 2012, same-branch sales increased 13.2%, measured for the 66 branches that were in operation for the first three quarters of both 2012 and 2011.   
  • Average sales per working day in our ES segment was approximately $555,000, compared to $475,000 in the third quarter of fiscal 2011 and compared to $545,000 in the second quarter of fiscal 2012.  
  • Our Oil Business (OB) segment includes used oil collection and re-refining activities. During the third quarter of fiscal 2012, OB sales increased $20.3 million, to $29.9 million from $9.6 million in the third quarter of fiscal 2011, reflecting sales from base oil from our used oil re-refinery in Indianapolis, which had only produced intermediate products and byproducts in the third quarter of fiscal 2011. During the first three quarters of fiscal 2012, OB sales increased $63.6 million, or 383.7%. 

The Company's Founder, President and Chief Executive Officer, Joe Chalhoub, commented, "We are pleased with the ramp up of our Oil Business segment as we showed continued progress at our Indianapolis, Indiana re-refinery. During the quarter we fed 10.0 million gallons of used oil into the re-refinery and we increased our base oil production rate to 89% of nameplate capacity, up from 69% in the previous quarter. We continue to work through the logistical and operational challenges which are typical with a new re-refinery, but we are pleased with our overall progress." 

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