Waste Services, Inc.

0000950144-07-009710.txt : 20071030 0000950144-07-009710.hdr.sgml : 20071030 20071030172205 ACCESSION NUMBER: 0000950144-07-009710 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071030 DATE AS OF CHANGE: 20071030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WASTE SERVICES, INC. CENTRAL INDEX KEY: 0001065736 STANDARD INDUSTRIAL CLASSIFICATION: REFUSE SYSTEMS [4953] IRS NUMBER: 000000000 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25955 FILM NUMBER: 071200461 BUSINESS ADDRESS: STREET 1: 1122 INTERNATIONAL BLVD., SUITE 601 CITY: BURLINGTON STATE: A6 ZIP: L7L 6Z8 BUSINESS PHONE: 9053191237 MAIL ADDRESS: STREET 1: 1122 INTERNATIONAL BLVD., SUITE 601 CITY: BURLINGTON STATE: A6 ZIP: L7L 6Z8 FORMER COMPANY: FORMER CONFORMED NAME: CAPITAL ENVIRONMENTAL RESOURCE INC DATE OF NAME CHANGE: 19990421 8-K 1 g10171e8vk.htm WASTE SERVICES, INC. Waste Services, Inc.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) September 30, 2007

Waste Services, Inc.

(Exact name of registrant as specified in its charter)


Delaware	000-25955	01-0780204
(State or other jurisdiction of	(Commission	(IRS Employer
incorporation)	File Number)	Identification No.)


1122 International Blvd., Suite 601, Burlington, Ontario, Canada		L7L 6Z8
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (905) 319-1237

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:


o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 — Financial Information

Item 2.02 Results of Operations and Financial Condition.

Waste Services, Inc. issued a press release on October 30, 2007 announcing our results of operations for the third quarter ended September 30, 2007. A copy of the press release is furnished as an exhibit to this Form 8-K

Section 9 — Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits.

99.1

October 30, 2007 Press Release.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	WASTE SERVICES, INC.
	By:	/s/ Ivan R. Cairns
		Ivan R. Cairns
		Executive Vice President and General Counsel Date: October 30, 2007

EX-99.1 2 g10171exv99w1.htm EX-99.1 PRESS RELEASE EX-99.1 Press Release

EXHIBIT 99.1

PRESS RELEASE

WASTE SERVICES ANNOUNCES RECORD THIRD QUARTER RESULTS

	•		Record Revenue and Adjusted EBITDA.

	•		Record Adjusted EBITDA margins.

	•		Internal revenue growth from price and volume for the quarter of 4.4%.

BURLINGTON, Ontario, October 30, 2007, PRNewswire-FirstCall — Waste Services, Inc. (Nasdaq: WSII) today announced financial results for the three months ended September 30, 2007. The quarter was highlighted by strong top line growth and continued margin expansion:

	•		Revenue growth of 25.9% to $130.6 million compared to $103.7 million in 2006.

	•		Internal revenue growth was 4.4%, made up of 4.1% price, 0.3% volume.

	•		Acquisitions net of divestitures added $22.1 million of revenue or 21.3%, while the net expiration of municipal contracts accounted for a $2.9 million reduction or 2.8%.

	•		Operating income and Adjusted EBITDA expanded to $9.9 million and $31.2 million with margins of 7.6% and 23.9%, respectively.

David Sutherland-Yoest, Waste Services Chairman and Chief Executive Officer, stated, “We are pleased with our record quarterly results as we continue to execute our strategic initiatives both domestically and in Canada. While certain economic conditions in the Florida housing market continue to be challenging, we are well positioned for earnings and revenue growth both in the U.S. and Canada. Our Canadian based operations continue to exceed expectations and we are well poised to finish the year strongly.”

The September 30, 2007 year-to-date results are highlighted by:

	•		Revenue growth of 22.8% to $358.2 million compared to $291.7 million in 2006.

	•		Internal revenue growth was 5.1 %, made up of 5.0% price, 0.1% volume.

	•		Acquisitions net of divestitures added $51.7 million of revenue or 17.7%, while the expiration of low margin municipal contracts net of new higher margin municipal contracts accounted for a $4.6 million reduction or 1.6%.

	•		Operating income and Adjusted EBITDA expanded to $30.9 million and $81.3 million with margins improving to 8.6% and 22.7%, respectively.

Reconciliation of Non-GAAP Measures:

The following table reconciles the differences between net loss, as determined under US GAAP, and EBITDA from continuing operations, a non-GAAP financial measure (in thousands) (unaudited):


	For The Three Months						For The Nine Months
	Ended September 30,						Ended September 30,
	2007			2006			2007			2006
Net loss from continuing operations	$	(4,826	)	$	(8,133	)	$	(10,520	)	$	(37,138	)
Income tax provision		4,474			4,045			10,618			8,386
Preferred stock dividends and amortization of issue costs		—			4,256			—			14,793
Interest expense		10,243			7,996			30,818			22,876
Depreciation, depletion and amortization		16,143			10,602			43,234			29,694

EBITDA from continuing operations ⁽¹⁾	$	26,034		$	18,766		$	74,150		$	38,611

The following table reconciles the differences between EBITDA and Adjusted EBITDA, as defined in our credit agreement, for the three and nine months ended September 30, 2007 and 2006 (in thousands) (unaudited):


	For The Three Months				For The Nine Months
	Ended September 30,				Ended September 30,
	2007		2006		2007		2006
EBITDA from continuing operations ⁽¹⁾	$	26,034	$	18,766	$	74,150	$	38,611
Adjustments to EBITDA from continuing operations (as defined per credit agreement):
Non-cash items ⁽²⁾		1,949		1,254		2,713		10,518
Other excludable expenses ⁽³⁾		3,252		2,002		4,477		5,332

Adjusted EBITDA from continuing operations ⁽¹⁾	$	31,235	$	22,022	$	81,340	$	54,461

⁽¹⁾		EBITDA from continuing operations and EBITDA from continuing operations as defined in our credit agreement (“Adjusted EBITDA from continuing operations”) are non-GAAP measures used by management to measure performance. We also believe that EBITDA from continuing operations and Adjusted EBITDA from continuing operations may be used by certain investors to analyze and compare our operating performance between accounting periods and against the operating results of other companies that have different financing and capital structures or tax rates and to measure our ability to service our debt. In addition, management uses EBITDA from continuing operations, among other things, as an internal performance measure. Our lenders also use Adjusted EBITDA from continuing operations to measure our ability to service and/or incur additional indebtedness under our credit facilities. However, EBITDA from continuing operations and Adjusted EBITDA from continuing operations should not be considered in isolation or as a substitute for net income, cash flows or other financial statement data prepared in accordance with US GAAP or as a measure of our performance, profitability or liquidity. EBITDA from continuing operations and Adjusted EBITDA from continuing operations are not calculated under US GAAP and therefore are not necessarily comparable to similarly titled measures of other companies.

⁽²⁾		Non-cash adjustments primarily include impairment of deferred acquisition costs, stock-based compensation expense and gains and losses on foreign exchange and asset sales.

⁽³⁾		Other excludable expenses adjustments include professional fees for certain litigation, severance and other non-recurring costs.

We will host an investor and analyst conference call on Wednesday, October 31, 2007 at 8:30 a.m. (ET) to discuss the results of today’s earnings announcement. If you wish to participate in this call, please phone 866-761-0749 (US and Canada) or 617-614-2707 (International) and enter passcode number 49978114. To hear a web cast of the call over the Internet, access the Home page of our website at www.wasteservicesinc.com. A post-view of the call will be available until November 14, 2007 by phoning 888-286-8010 (US and Canada) or 617-801-6888 (International) and entering passcode number 97716015. The web cast will also be available on our website.

Safe Harbor for Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements describe the company’s future plans, objectives and goals. These forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from the plans, objectives and goals set forth in this press release. Factors which could materially affect such forward-looking statements can be found in the company’s periodic reports filed with the Securities and Exchange Commission, including risk factors detailed in the company’s Form 10-K for the year ended December 31, 2006. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

The forward-looking statements made in this press release are only made as of the date hereof and Waste Services undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

This release does not constitute an offer to sell or the solicitation of any offer to buy any securities. The company’s securities may not be offered or sold in the United States absent a registration or applicable exemption from registration requirements under applicable state and federal securities laws.

Waste Services, Inc., a Delaware corporation, is a multi-regional, integrated solid waste services company that provides collection, transfer, disposal and recycling services in the United States and Canada. The company’s website is http://www.wasteservicesinc.com. Information on the company’s website does not form part of this press release.

For information contact:

Edwin D. Johnson
Executive Vice President and Chief Financial Officer
Waste Services, Inc.
561-237-3400

WASTE SERVICES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)


	Three Months Ended						Twelve Months Ended
	September 30,						September 30,
	2007			2006			2007			2006

Revenue	$	130,605		$	103,739		$	358,158		$	291,703

Operating and other expenses:
Cost of operations (exclusive of depreciation, depletion and amortization)		85,346			70,312			235,478			201,373
Selling, general and administrative expense (exclusive of depreciation, depletion and amortization)		18,587			14,753			48,479			44,083
Deferred acquisition costs		—			—			—			5,612
Depreciation, depletion and amortization		16,143			10,602			43,234			29,694
Foreign exchange loss (gain) and other		638			(92	)		51			2,024


Income from operations		9,891			8,164			30,916			8,917
Interest expense		10,243			7,996			30,818			22,876
Cumulative mandatorily redeemable preferred stock dividends and amortization of issue costs		—			4,256			—			14,793


Income (loss) from continuing operations before income taxes		(352	)		(4,088	)		98			(28,752	)
Income tax provision		4,474			4,045			10,618			8,386


Net loss from continuing operations		(4,826	)		(8,133	)		(10,520	)		(37,138	)
Net loss from discontinued operations, net of tax of $0		—			(460	)		(1,130	)		(1,297	)
Loss on sale of discontinued operations, net of tax of $0		(198	)		—			(11,452	)		—

Net loss	$	(5,024	)	$	(8,593	)	$	(23,102	)	$	(38,435	)


Basic and diluted loss per share:
Loss per share — continuing operations	$	(0.11	)	$	(0.23	)	$	(0.23	)	$	(1.08	)
Loss per share — discontinued operations		—			(0.01	)		(0.27	)		(0.03	)

Basic and diluted loss per share	$	(0.11	)	$	(0.24	)	$	(0.50	)	$	(1.11	)


Weighted average common shares outstanding — basic and diluted		46,007			36,066			45,984			34,534

WASTE SERVICES, INC.
SUPPLEMENTAL UNAUDITED BALANCE SHEET AND CASH FLOW DATA
(In thousands)


	September 30,		December 31,
	2007		2006
Balance Sheet Data:
Cash	$	15,998	$	8,532
Current assets	$	97,318	$	71,119
Total assets	$	938,042	$	865,063
Current liabilities	$	98,395	$	86,358
Debt:
Senior secured credit facilities:
Revolver	$	—	$	—
Term loan		273,910		245,260
Senior subordinated notes		160,000		160,000
Other notes		10,827		4,828

Total debt	$	444,737	$	410,088
Shareholders’ equity	$	349,230	$	339,357


	Period Ended September 30,
	2007			2006
Cash Flow Data:
Cash flows provided by continuing operations	$	45,786		$	24,700
Cash flows used in investing activities for continuing operations	$	(72,901	)	$	(61,980	)
Cash flows from financing activities of continuing operations	$	33,961		$	28,608
Capital expenditures from continuing operations	$	48,624		$	37,007

WASTE SERVICES, INC.
SUPPLEMENTAL UNAUDITED INTERNAL GROWTH RATES AND COUNTRY DATA
(In thousands)

Waste Services, Inc.
Internal Revenue Growth
For The Quarter Ended September 30, 2007
(in thousands)


Total Revenue, September 30, 2006	$	103,739
Impact on revenue from changes in:
Price		4,252		4.1	%
Volume		327		0.3	%
Acquisition / Disposition		22,100		21.3	%
Gain / Loss of Contracts		(2,933	)	-2.8	%
Other		(461	)	-0.4	%
Foreign currency impact		3,581		3.5	%

Total Revenue, September 30, 2007	$	130,605

Waste Services, Inc.
Internal Revenue Growth
For The Nine Months Ended September 30, 2007
(in thousands)


Total Revenue, September 30, 2006	$	291,703
Impact on revenue from changes in:
Price		14,706		5.0	%
Volume		240		0.1	%
Acquisition / Disposition		51,734		17.7	%
Gain / Loss of Contracts		(4,558	)	-1.6	%
Other		514		0.2	%
Foreign currency impact		3,819		1.3	%

Total Revenue, September 30, 2007	$	358,158

COUNTRY DATA
(In thousands)


	Three Months Ended September 30, 2007
	US				Canada					Total
Revenue	$	70,616	100.0	%	$	59,989		100.0	%	$	130,605	100.0	%
Operating expenses:
Cost of operations		45,701	64.7	%		39,645		66.1	%		85,346	65.3	%
Selling, general and administrative expense		7,720	10.9	%		6,872		11.5	%		14,592	11.2	%
Severance and related costs		3,995	5.7	%		—		0.0	%		3,995	3.1	%
Depreciation, depletion and amortization		11,004	15.6	%		5,139		8.6	%		16,143	12.4	%
Foreign exchange gain and other		672	0.9	%		(34	)	-0.1	%		638	0.4	%

Income from continuing operations	$	1,524	2.2	%	$	8,367		13.9	%	$	9,891	7.6	%


	Three Months Ended September 30, 2006
	US					Canada					Total
Revenue	$	51,910		100.0	%	$	51,829		100.0	%	$	103,739		100.0	%
Operating expenses:
Cost of operations		35,122		67.6	%		35,190		67.9	%		70,312		67.8	%
Selling, general and administrative expense		9,088		17.5	%		5,665		10.9	%		14,753		14.2	%
Depreciation, depletion and amortization		6,103		11.8	%		4,499		8.7	%		10,602		10.2	%
Foreign exchange (gain) loss and other		(62	)	-0.1	%		(30	)	-0.1	%		(92	)	-0.1	%

Income from continuing operations	$	1,659		3.2	%	$	6,505		12.6	%	$	8,164		7.9	%

WASTE SERVICES, INC.
COUNTRY DATA- (Continued)
(In thousands)


	Nine Months Ended September 30, 2007
	US				Canada					Total
Revenue	$	197,510	100.0	%	$	160,648		100.0	%	$	358,158	100.0	%
Operating expenses:
Cost of operations		128,404	65.0	%		107,074		66.7	%		235,478	65.7	%
Selling, general and administrative expense		24,680	12.5	%		19,804		12.3	%		44,484	12.4	%
Severance and related costs		3,995	2.0	%		—		0.0	%		3,995	1.1	%
Depreciation, depletion and amortization		29,158	14.8	%		14,076		8.8	%		43,234	12.1	%
Foreign exchange gain and other		338	0.2	%		(287	)	-0.2	%		51	0.1	%

Income from continuing operations	$	10,935	5.5	%	$	19,981		12.4	%	$	30,916	8.6	%


	Nine Months Ended September 30, 2006
	US				Canada				Total
Revenue	$	152,940	100.0	%	$	138,763	100.0	%	$	291,703	100.0	%
Operating expenses:
Cost of operations		106,196	69.4	%		95,177	68.6	%		201,373	69.0	%
Selling, general and administrative expense		26,616	17.4	%		17,467	12.6	%		44,083	15.1	%
Deferred acquisition costs		439	0.3	%		5,173	3.7	%		5,612	1.9	%
Depreciation, depletion and amortization		16,976	11.1	%		12,718	9.2	%		29,694	10.2	%
Foreign exchange (gain) loss and other		28	0.0	%		1,996	1.4	%		2,024	0.7	%

Income (loss) from continuing operations	$	2,685	1.8	%	$	6,232	4.5	%	$	8,917	3.1	%

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