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

ELGIN, Ill., July 24, 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 second quarter of fiscal 2013, which ended June 15, 2013.

Second quarter highlights include:

  • Revenues increased 2.1%, to $63.6 million, compared to $62.3 million in the second quarter of fiscal 2012. For the first half of fiscal 2013, revenues increased 9.6% to $123.6 million, compared to $112.8 million in the first half of fiscal 2012. This increase was due to organic growth in the Environmental Services segment and the ramp up of the Oil Business segment.  
  • Our Environmental Services segment includes parts cleaning, containerized waste, and vacuum services. During the second quarter, Environmental Services revenues increased $3.8 million, or 11.8% compared to the second quarter of fiscal 2012, primarily from organic growth. For the first half of fiscal 2013, Environmental Services revenues increased $8.1 million, or 12.9% compared to the same period in fiscal 2012.  
  • Same-branch revenues for our Environmental Services segment increased 9.6% for the quarter, measured for the 70 branches that were in operation throughout both the second quarters of fiscal 2013 and 2012. Excluding the branches in this group that gave up customers to new branch openings, the remaining 67 branches experienced an increase of 10.5% from the second quarter of fiscal 2012 to the second quarter of fiscal 2013. On a year-to-date basis, same branch sales increased 10.7%, for the 70 branches that were in operation during both years. Excluding the branches in this group that gave up customers to new branch openings, the remaining 67 branches experienced an increase of 11.4% for the first half of fiscal 2013.  
  • Average revenues per working day in the second quarter of fiscal 2013 in our Environmental Services segment were approximately $600,000, compared to $545,000 in the second quarter of fiscal 2012 and compared to $580,000 in the first quarter of fiscal 2013. Average revenues per working day in this segment were $590,000 for the first half of fiscal 2013.  
  • Our Oil Business segment includes used oil collection and re-refining activities. During the second quarter of fiscal 2013, Oil Business revenues decreased $2.5 million, to $27.7 million from $30.2 million in the second quarter of fiscal 2012, as a result of lower base oil pricing. For the first half of fiscal 2013, Oil Business revenues increased $2.7 million, or 5.4%, from the first half of fiscal 2012 from increased activity at the used oil re-refinery in the first half of fiscal 2013.  
  • Net income for the second quarter was $1.0 million compared to $1.2 million for the year earlier quarter. Net income for the first half of 2013 was $0.6 million compared to $1.5 million for the first half of 2012. Earnings per share was $0.06 in the second quarter of fiscal 2013 compared to $0.07 in the second quarter of fiscal 2012. Earnings per share for the first half of fiscal 2013 was $0.03, compared to basic earnings per share of $0.10 in the first half of fiscal 2012.

The Company's Founder, President, and Chief Executive Officer, Joe Chalhoub, commented, "We continued to improve the performance of our Environmental Services segment during the second quarter. We continued growing our revenue in this segment at a double digit rate during the quarter and we are especially pleased that we continued improving our segment margin during the quarter as well."

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