CLEAN HARBORS INC - FORM 8-K - EX-99.1

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8-K - 8-K - CLEAN HARBORS INC	form8-k_862014.htm

EXHIBIT 99.1

First Quarter 2014 and Full Year 2013 Unaudited Recast Segment Information by Quarter and Full Year

The table below presents reportable segment results as recast (unaudited, in thousands):



	Summary of Operations (in thousands)
	For the Three Months Ended															For the Year Ended
	March 31, 2014			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			December 31, 2013
Third Party Revenues⁽¹⁾:
Technical Services	$	236,781		$	233,939		$	256,262		$	269,465		$	264,260		$	1,023,926
Industrial and Field Services	161,960			169,621			199,225			174,829			164,848			708,523
Oil Re-refining and Recycling	128,921			140,084			123,008			131,934			133,610			528,636
SK Environmental Services	161,388			159,802			166,523			170,166			168,517			665,008
Lodging Services	56,694			53,330			46,685			55,571			52,959			208,545
Oil and Gas Field Services	100,772			115,163			68,444			104,981			95,371			383,959
Corporate Items⁽²⁾	151			(9,776		)	381			589			(135		)	(8,941		)
Total	$	846,667		$	862,163		$	860,528		$	907,535		$	879,430		$	3,509,656
Direct Revenues⁽¹⁾:
Technical Services	$	274,614		$	259,210		$	283,390		$	305,835		$	299,380		$	1,147,815
Industrial and Field Services	150,357			155,883			186,417			166,648			154,641			663,589
Oil Re-refining and Recycling	80,805			90,058			74,747			86,368			84,454			335,627
SK Environmental Services	181,287			194,756			198,730			187,330			191,283			772,099
Lodging Services	57,089			54,048			47,993			56,528			53,816			212,385
Oil and Gas Field Services	102,873			118,907			70,133			105,160			96,305			390,505
Corporate Items⁽²⁾	(358		)	(10,699		)	(882		)	(334		)	(449		)	(12,364		)
Total	846,667			862,163			860,528			907,535			879,430			3,509,656
Cost of Revenues⁽³⁾:
Technical Services	189,775			178,693			192,072			204,425			204,282			779,472
Industrial and Field Services	119,564			127,178			137,416			126,204			122,721			513,519
Oil Re-refining and Recycling	64,109			68,345			57,980			63,355			70,225			259,905
SK Environmental Services	130,273			139,151			137,801			138,705			135,472			551,129
Lodging Services	37,933			30,381			27,471			33,678			35,729			127,259
Oil and Gas Field Services	79,149			83,180			59,609			77,772			75,098			295,659
Corporate Items⁽²⁾	4,916			9,096			1,977			2,980			1,637			15,690
Total	625,719			636,024			614,326			647,119			645,164			2,542,633
Selling, General & Administrative Expenses:
Technical Services	22,662			20,472			21,928			22,561			17,862			82,823
Industrial and Field Services	14,421			14,893			14,241			13,735			10,397			53,266
Oil Re-refining and Recycling	4,113			6,367			4,015			4,361			3,976			18,719
SK Environmental Services	28,189			28,599			26,853			25,433			27,363			108,248
Lodging Services	1,419			1,366			1,263			1,140			999			4,768
Oil and Gas Field Services	7,393			7,943			6,380			6,858			5,810			26,991
Corporate Items	40,765			48,830			47,932			40,376			38,524			175,662
Total	118,962			128,470			122,612			114,464			104,931			470,477
Adjusted EBITDA:
Technical Services	62,177			60,045			69,390			78,849			77,236			285,520
Industrial and Field Services	16,372			13,812			34,760			26,709			21,523			96,804
Oil Re-refining and Recycling	12,583			15,346			12,752			18,652			10,253			57,003
SK Environmental Services	22,825			27,006			34,076			23,192			28,448			112,722
Lodging Services	17,737			22,301			19,259			21,710			17,088			80,358
Oil and Gas Field Services	16,331			27,784			4,144			20,530			15,397			67,855
Corporate Items	(46,039		)	(55,066		)	(50,791		)	(43,690		)	(40,610		)	(190,157		)
Total	$	101,986		$	111,228		$	123,590		$	145,952		$	129,335		$	510,105

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1.	Third party revenue is revenue billed to outside customers by a particular segment. Direct revenue is revenue allocated to the segment performing the provided service.


2.	Corporate Items revenues and costs of revenues for the three months ended March 31, 2013 and year ended December 31, 2013 includes purchase price measurement period adjustments.


3.	Cost of revenue is shown exclusive of (i) accretion of environmental liabilities and (ii) depreciation and amortization.

The following is a reconciliation of net income to Adjusted EBITDA (unaudited, in thousands):



	For the Three Months Ended													For the Year Ended
	March 31, 2014			March 31, 2013			June 30, 2013			September 30, 2013		December 31, 2013		December 31, 2013
Net income	$	8,960		$	10,502		$	22,902		$	35,361	$	26,801	$	95,566
Accretion of environmental liabilities	2,724			2,835			2,879			2,914		2,913		11,541
Depreciation and amortization	69,356			60,006			67,468			69,430		67,545		264,449
Other (income) expense	(4,178		)	(525		)	(1,655		)	150		325		(1,705		)
Interest expense, net	19,554			19,873			19,585			19,326		19,592		78,376
Pre-tax, non-cash acquisition accounting inventory adjustment	—			13,559			—			—		—		13,559
Provision for income taxes	5,570			4,978			12,411			18,771		12,159		48,319
Adjusted EBITDA	$	101,986		$	111,228		$	123,590		$	145,952	$	129,335	$	510,105

CLEAN HARBORS INC - FORM 8-K - EX-99.1 - August 6, 2014

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CLEAN HARBORS INC Reports