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Heritage-Crystal Clean, Inc. Announces 2013 Fourth Quarter And Full Year Financial Results

ELGIN, Ill., Feb. 20, 2014 (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 2013 and for the full fiscal year, which ended December 28, 2013.

Fourth quarter and full year highlights include:
  • Revenues for the quarter increased 18.5%, to $92.0 million, compared to $77.6 million in the fourth quarter of fiscal 2012. For fiscal 2013, revenues increased 12.1% to $283.1 million, compared to $252.5 million in fiscal 2012. This increase was due to organic growth and acquisitions in the Environmental Services segment and the expansion of our re-refining capacity in the Oil Business segment.  
  • Our Environmental Services segment includes parts cleaning, containerized waste, vacuum services, and antifreeze recycling. During the fourth quarter, Environmental Services revenues increased $5.5 million, or 12.4% compared to the fourth quarter of fiscal 2012. During fiscal 2013, Environmental Services segment revenues increased $18.1 million, or 13.0% when compared to fiscal 2012.  
  • Same-branch revenues for our Environmental Services segment increased 8.8% for the fourth quarter, measured for the 70 branches that were in operation throughout both the fourth quarters of fiscal 2013 and 2012. Excluding the three branches in this group that gave up customers to new branch openings, the remaining 67 branches experienced an increase of $3.7 million, or 9.0% from the fourth quarter of fiscal 2012 to the fourth quarter of fiscal 2013. For fiscal 2013 Environmental Services segment same-branch revenues increased 9.9%, measured for the 70 branches that were in operation throughout both fiscal 2013 and fiscal 2012. Excluding the three branches in this group that gave up customers to new branch openings, the remaining 67 branches experienced an increase of $13.3 million, or 10.3% from fiscal 2012 to fiscal 2013.  
  • In the fourth quarter of fiscal 2013, average revenues per working day in our Environmental Services segment were approximately $650,000, compared to $570,000 in the fourth quarter of fiscal 2012 and compared to $625,000 in the third quarter of fiscal 2013. For fiscal 2013, average revenues per working day in our Environmental Services segment were approximately $615,000, compared to $550,000 in fiscal 2012.  
  • Our Oil Business segment includes used oil collection and re-refining activities. During the fourth quarter of fiscal 2013, Oil Business revenues increased 26.5%, to $42.0 million from $33.2 million in the fourth quarter of fiscal 2012, reflecting increased volume of sales at our used oil re-refinery in Indianapolis compared to the fourth quarter of fiscal 2012. During fiscal 2013, Oil Business revenues increased $12.5 million, or 11.0%.  
  • As a result of completion of the first phase of our current expansion project, the annual nameplate capacity of our used oil re-refinery during the fourth quarter was approximately 60 million gallons. During the fourth quarter of fiscal 2013, we produced base oil at a rate of 94% of the new nameplate capacity of the re-refinery.  
  • Basic earnings per share were $0.15 and diluted EPS were $0.14 in the fourth quarter of fiscal 2013, compared to a loss of $0.01 in the fourth quarter of fiscal 2012. Basic earnings per share were $0.25 and diluted EPS were $0.24 for fiscal 2013, compared to basic and diluted EPS of $0.13 in fiscal 2012.

The Company's Founder, President, and Chief Executive Officer, Joe Chalhoub, commented, " Although we faced unfavorable market conditions for Group II base oil, we were able to show improved profitability in our Oil Business segment during the second half of 2013. The improvement in our Oil Business was driven primarily by the increase in the annual capacity of our re-refinery from our original nameplate capacity of 50 million gallons to approximately 60 million gallons."

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