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Heritage-Crystal Clean, Inc. Announces 2012 Fourth Quarter And Full Year Financial Results

ELGIN, Ill., Feb. 20, 2013 (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 fourth quarter of fiscal 2012 and for the full fiscal year, which ended December 29, 2012.

Fourth quarter highlights include:
  • Revenues increased 41.4%, to $77.6 million, compared to $54.9 million in the fourth quarter of fiscal 2011. This increase was due to organic growth in the Environmental Services segment and the ramp up of the Oil Business segment.  
  • Loss per share was $0.01 in the fourth quarter of fiscal 2012 compared to a loss of $0.01 in the fourth quarter of fiscal 2011.  
  • Our Environmental Services segment includes parts cleaning, containerized waste, and vacuum services. During the fourth quarter, Environmental Services revenues increased $6.3 million, or 16.6% compared to the fourth quarter of fiscal 2011, primarily from organic growth. In addition, revenues for the Environmental Services segment in the fourth quarter include $1.2 million in revenues from the licensing of one of our parts washer designs for both fiscal 2012 and prior years.  
  • Same-branch sales for our Environmental Services segment increased 9.3% for the quarter, measured for the 66 branches that were in operation throughout both the fourth quarters of fiscal 2012 and 2011. Excluding the three branches in this group that gave up customers to new branch openings, the remaining 63 branches experienced an increase of $4.4 million, or 12.8% from fiscal 2011 to fiscal 2012.  
  • Average sales per working day in our Environmental Services segment was approximately $570,000, compared to $495,000 in the fourth quarter of fiscal 2011 and compared to $555,000 in the third quarter of fiscal 2012.  
  • Our Oil Business segment includes used oil collection and re-refining activities. During the fourth quarter of fiscal 2012, Oil Business revenues increased $16.4 million, to $33.2 million from $16.8 million in the fourth quarter of fiscal 2011, reflecting revenues from sales of base oil produced in our used oil re-refinery in Indianapolis, which had only produced intermediate products and byproducts in the fourth quarter of fiscal 2011. 

Fiscal year 2012 highlights include:   
  • For fiscal 2012, revenues increased 65.2% to $252.5 million, compared to $152.9 million in fiscal 2011. This increase was due to organic growth in the Environmental Services segment and production of re-refined base oil and byproducts at the used oil re-refinery.  
  • Basic and diluted earnings per share was $0.13 for fiscal 2012, compared to basic and diluted EPS of $0.10 in fiscal 2011.  
  • During fiscal 2012, Environmental Services segment revenues increased $19.6 million, or 16.4% when compared to fiscal 2011.   
  • For fiscal 2012 Environmental Services segment same-branch sales increased 11.9%, measured for the 66 branches that were in operation throughout both fiscal 2012 and fiscal 2011. Excluding the three branches in this group that gave up customers to new branch openings, the remaining 63 branches experienced an increase of $15.9 million, or 14.9% from fiscal 2011 to fiscal 2012.  
  • Average sales per working day in our Environmental Services segment was approximately $550,000, compared to $470,000 in fiscal 2011.  
  • During fiscal 2012, Oil Business revenues increased $80.0 million, or 240%. 

The Company's Founder, President, and Chief Executive Officer, Joe Chalhoub, commented, "The fourth quarter contained both achievements and challenges for the Company. In the Environmental Services segment we were able to continue to grow revenues at a double digit rate versus the prior year's fourth quarter. We also improved our margin in this segment compared to the third quarter of fiscal 2012. Commodity pricing continued to negatively impact the revenue and margin performance in our Oil Business segment. We also continue to work on improving the efficiency of our used oil collection routes, reducing the cost of transportation, and improving the efficiency of our re-refinery operations." 

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