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
TheStreet Open House

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."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,112.17 +81.03 0.48%
S&P 500 1,996.65 +12.52 0.63%
NASDAQ 4,535.3980 +16.4960 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs