This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 2014 Second Quarter Financial Results

Stocks in this article: HCCI

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.

1 of 4

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 17,195.42 +221.11 1.30%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,566.1380 +16.9120 0.37%

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