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Heritage-Crystal Clean, Inc. Announces 2013 First Quarter Financial Results

Stocks in this article: HCCI

ELGIN, Ill., May 2, 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 first quarter of fiscal 2013, which ended March 23, 2013.

First quarter highlights include:

  • Revenues increased 18.8%, to $60.0 million, compared to $50.5 million in the first quarter of fiscal 2012. 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 $0.02 in the first quarter of fiscal 2013 compared to earnings per share of $0.02 in the first quarter of fiscal 2012.  
  • Our Environmental Services segment includes parts cleaning, containerized waste, and vacuum services. During the first quarter, Environmental Services revenues increased $4.3 million, or 14.0% compared to the first quarter of fiscal 2012, primarily from organic growth.  
  • Same-branch revenues for our Environmental Services segment increased 11.8% for the quarter, measured for the 69 branches that were in operation throughout both the first quarters of fiscal 2013 and 2012. Excluding the three branches in this group that gave up customers to new branch openings, the remaining 66 branches experienced an increase of $3.5 million, or 12.4% from the first quarter of fiscal 2012 to the first quarter of fiscal 2013.  
  • Average revenues per working day in our Environmental Services segment was approximately $580,000, compared to $515,000 in the first quarter of fiscal 2012 and compared to $570,000 in the fourth quarter of fiscal 2012.  
  • Our Oil Business segment includes used oil collection and re-refining activities. During the first quarter of fiscal 2013, Oil Business revenues increased $5.2 million, to $25.2 million from $20.0 million in the first quarter of fiscal 2012, reflecting revenues from sales of base oil produced in our used oil re-refinery in Indianapolis, which operated at a much higher rate during the first quarter of fiscal 2013 than the year-ago quarter.

The Company's Founder, President, and Chief Executive Officer, Joe Chalhoub, commented, "During the first quarter of 2013 the negative impact of unfavorable commodity prices continued to weigh on the profitability of our Oil Business segment and on our overall profitability. Base oil pricing continued to decline during most of the quarter. Fortunately, we believe that the unsustainable economic conditions present in the industry during the first quarter have begun to subside." 

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