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Heritage-Crystal Clean, Inc. Announces 2014 First Quarter Financial Results

Stocks in this article: HCCI

ELGIN, Ill., April 30, 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 first quarter of fiscal 2014, which ended March 22, 2014.

First quarter highlights include:

  • Revenues increased 9.9%, to $66.0 million, compared to $60.0 million in the first quarter of fiscal 2013. This increase was due to organic growth and acquisitions in the Environmental Services segment and increased output due to the expansion of our re-refining capacity in the Oil Business segment.
  • Our Environmental Services segment includes parts cleaning, containerized waste, and vacuum services. During the first quarter, Environmental Services revenues increased $4.1 million, or 11.8% compared to the first quarter of fiscal 2013. First quarter revenue growth in the segment was generated by organic growth and acquisitions. 
  • Same-branch revenues for our Environmental Services segment increased 6.2% for the quarter, measured for the 73 branches that were in operation throughout both the first quarters of fiscal 2014 and 2013. 
  • Average revenues per working day in the first quarter of fiscal 2014 in our Environmental Services segment were approximately $655,000, compared to $580,000 in the first quarter of fiscal 2013 and compared to $650,000 in the fourth quarter of fiscal 2013. 
  • Our Oil Business segment includes used oil collection and re-refining activities. During the first quarter of fiscal 2014, Oil Business revenues increased $1.8 million, to $27.1 million from $25.2 million in the first quarter of fiscal 2013 from increased volume at our used oil re-refinery.
  • Net loss attributable to common stockholders for the first quarter was $1.7 million compared to $0.4 million for the year earlier quarter. Loss per share was $0.09 in the first quarter of fiscal 2014 compared to $0.02 in the first quarter of fiscal 2013. 

The Company's Founder, President, and Chief Executive Officer, Joe Chalhoub, commented, "The first quarter of 2014 was challenging for our Company. In our Oil Business segment, extreme winter weather impeded our ability to collect used oil and operate our re-refinery in an efficient manner. We ran our re-refinery at 85% of its current 60 million gallon annual nameplate capacity during the first quarter."

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