As reported by the U.S.-based Waste Business Journal, Waste Connections, Inc. recently announced its results for the first quarter of 2010.
The company reported revenues totaling $307.5 million, a 17.1 per cent increase over revenues of $262.7 million from the year ago period.
Operating income was $59.6 million, or 19.4 per cent of revenue, versus $47.6 million in the first quarter of 2009. Net income attributable to Waste Connections in the quarter was $27.6 million, or $0.35 per share on a diluted basis of 78.7 million shares.
In the year ago period, the company reported net income attributable to Waste Connections of $22 million, or $0.27 per share on a diluted basis of 80.8 million shares.
Net income attributable to Waste Connections in the quarter includes an approximate $1.5 million, or $0.02 per share, increase in the income tax provision associated with an adjustment in deferred tax liabilities primarily resulting from a voter-approved increase in Oregon state income tax rates in the period.
Results in the prior year period included approximately $3 million ($1.8 million net of taxes, or approximately $0.02 per share) primarily related to acquisition-related costs expensed due to the implementation of new accounting guidance for business combinations effective January 1, 2009, and a loss on the company’s prior corporate office lease due to the relocation of its corporate offices.
Non-cash costs for equity-based compensation, amortization of acquisition-related intangibles, and amortization of debt discount related to convertible debt instruments in connection with the adoption of new accounting guidance on January 1, 2009, were $7.8 million ($4.8 million net of taxes, or approximately $0.06 per share) in the quarter compared to $5.8 million ($3.5 million net of taxes, or approximately $0.04 per share) in the year ago period.
“We are extremely pleased with our results in the quarter as we once again exceeded the upper end of our expectations,” says Ronald Mittelstaedt, Waste Connections’ chairman and CEO.
Waste Connections is an integrated solid waste services company that provides solid waste collection, transfer, disposal and recycling services in mostly secondary markets in the Western and Southern U.S.