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

ELGIN, Ill., July 23, 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 second quarter of fiscal 2014, which ended June 14, 2014.

Second quarter and first half highlights include:
  • Revenues rose 22.9%, to $78.1 million, compared to $63.6 million in the second quarter of fiscal 2013. Year-to-date revenues grew 16.6%, to $144.0 million, compared to $123.6 million in the first half of fiscal 2013. This increase was due mainly to organic growth in the Environmental Services segment and as a result of additional output at our re-refinery in the Oil Business segment.  
  • Our Environmental Services segment includes parts cleaning, containerized waste, and vacuum services. During the second quarter, Environmental Services revenues increased $5.8 million, or 16.2% compared to the second quarter of fiscal 2013. Environmental Services revenues rose $9.9 million, or 14.1% in the first half of fiscal 2014 compared to the first half of fiscal 2013. The increase in revenues in the segment was generated mainly by organic growth.  
  • Same-branch revenues for our Environmental Services segment increased 11.3% for the quarter, measured for the 73 branches that were in operation throughout both the second quarters of fiscal 2014 and 2013. Same-branch revenues for our Environmental Services segment increased 8.8% for the first half of the year.  
  • Average revenues per working day in our Environmental Services segment were approximately $700,000 in the second quarter of fiscal 2014 compared to $600,000 in the second quarter of fiscal 2013 and compared to $655,000 in the first quarter of fiscal 2014.   
  • Our Oil Business segment includes used oil collection and re-refining activities. During the second quarter of fiscal 2014, Oil Business revenues grew 31.4%, to $36.4 million from $27.7 million in the second quarter of fiscal 2013. During the first half of fiscal 2014, Oil Business revenues increased 19.9%, to $63.5 million from $52.9 million in the first half of fiscal 2013. The increase in Oil Business revenues is the result of increased volume at our used oil re-refinery.  
  • As a result of incremental improvements in the operating capabilities of our re-refinery, the new annual nameplate capacity of our used oil re-refinery is approximately 65 million gallons, up from 50 million gallons in the second quarter of fiscal 2013. During the second quarter of fiscal 2014, we produced base oil at a rate of approximately 100% of the new nameplate capacity.   
  • Net income attributable to common stockholders for the second quarter was $1.9 million compared to $1.0 million for the year earlier quarter. Income per share was $0.10 in the second quarter of fiscal 2014 compared to $0.06 in the second quarter of fiscal 2013. Net income attributable to common stockholders for the first half of the year was $0.3 million compared to $0.6 million for the first half of fiscal 2013. Income per share was $0.01 in the first half of fiscal 2014 compared to $0.03 in the first half of fiscal 2013. 

The Company's Founder, President, and Chief Executive Officer, Joe Chalhoub, commented, "Our results in the second quarter of 2014 represent a strong improvement compared to the first quarter when severe winter weather negatively impacted our performance. Revenue grew considerably during the second quarter in our Oil Business segment as a result of the expanded capacity at our re-refinery. However, while we saw some improvement in the market price of base oil at the end of the second quarter, the market still remains challenging.

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