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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." 

Stock quotes in this article: HCCI 

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