This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

ELGIN, Ill., Oct. 16, 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 third quarter of fiscal 2013, which ended September 7, 2013.

Third quarter highlights include:
  • Revenues increased 8.9%, to $67.6 million, compared to $62.1 million in the third quarter of fiscal 2012. For the first three quarters of fiscal 2013, revenues increased 9.3% to $191.2 million, compared to $174.8 million in the first three quarters of fiscal 2012. This increase was due to organic growth and acquisitions 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 third quarter, Environmental Services revenues increased $4.5 million, or 14.1% compared to the third quarter of fiscal 2012. Third quarter revenue growth in the segment was generated by organic growth and acquisitions. For the first three quarters of fiscal 2013, Environmental Services revenues increased $12.6 million, or 13.3% compared to the same period in fiscal 2012.  
  • Same-branch revenues for our Environmental Services segment increased 9.7% for the quarter, measured for the 70 branches that were in operation throughout both the third 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 9.9% from the third quarter of fiscal 2012 to the third quarter of fiscal 2013. On a year-to-date basis, same branch sales increased 10.4%, 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 10.9% for the first three quarters of fiscal 2013.  
  • Average revenues per working day in the third quarter of fiscal 2013 in our Environmental Services segment were approximately $625,000, compared to $555,000 in the third quarter of fiscal 2012 and compared to $600,000 in the second quarter of fiscal 2013. Average revenues per working day in this segment were $600,000 for the first three quarters of fiscal 2013.  
  • Our Oil Business segment includes used oil collection and re-refining activities. During the third quarter of fiscal 2013, Oil Business revenues increased $1.0 million, to $30.9 million from $29.9 million in the third quarter of fiscal 2012. For the first three quarters of fiscal 2013, Oil Business revenues increased $3.7 million, or 4.6%, from the first three quarters of fiscal 2012 from increased activity at the used oil re-refinery.  
  • Production at our re-refinery during the third quarter was 113% of the original nameplate capacity of the re-refinery.  
  • Net income attributable to common stockholders for the third quarter was $1.3 million compared to $1.0 million for the year earlier quarter. Net income attributable to common stockholders for the first three quarters of 2013 was $1.9 million compared to $2.5 million for the first three quarters of 2012.  Earnings per share was $0.07 in the third quarter of fiscal 2013 compared to $0.06 in the third quarter of fiscal 2012. Earnings per share for the first three quarters of fiscal 2013 was $0.10, compared to earnings per share of $0.15 in the first three quarters of fiscal 2012.

The Company's Founder, President, and Chief Executive Officer, Joe Chalhoub, commented, "We are pleased with the improved results in our Oil Business. During the third quarter our revenue increased from the previous year's third quarter, and we recorded a profit before corporate SG&A expense in this segment for the first time in fiscal 2013. Improved profitability was achieved due to efficiency gains resulting from increased throughput at the re-refinery as we began our project to expand the capacity of the plant. Near the end of the third quarter, a portion of the increased capacity came on stream, allowing us to boost production to record levels. For the final four weeks of the third quarter, we were able to process feedstock at an annualized rate of over 60 million gallons. Upon completion of the project, planned for mid next year, the plant should be able to process 75 million gallons of used oil annually which will represent a 50% increase compared to our original nameplate capacity of 50 million gallons per year. Our margins in the Oil Business continue to be negatively impacted by depressed market prices for base lube oil." 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs