Attached files
| file | filename |
|---|---|
| 8-K - 8-K - CLEAN HARBORS INC | a14-23765_18k.htm |
Exhibit 99.1
Press Release
Clean Harbors Reports Third-Quarter 2014 Financial Results
· Company Announces Q3 Revenue of $851.5 Million
· Posts Adjusted EPS of $0.45, Excluding a Non-Cash Goodwill Impairment Charge of $123.4 Million, Which Resulted in a GAAP EPS Loss of $1.55
· Achieves Adjusted EBITDA of $153.4 Million
· Adjusted EBITDA Margin Increases to 18.0% - Highest Level in Two Years
· Updates 2014 Revenue and Adjusted EBITDA Guidance
Norwell, Mass. — November 5, 2014 — Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental, energy and industrial services throughout North America, today announced financial results for the third quarter and nine months ended September 30, 2014.
Revenues for the third quarter were $851.5 million, compared with $907.5 million in the same period of 2013. The Company reported a loss from operations for the third quarter of 2014 of $42.7 million, compared with income from operations of $73.6 million in the third quarter of 2013. The third-quarter loss from operations includes a non-cash, pre-tax goodwill impairment charge of $123.4 million related to its Oil Re-refining and Recycling segment. Clean Harbors is recognizing the impairment charge based on the continued challenging environment in that business brought on by the recent, significantly lower base and blended oil prices. Excluding the impairment charge, the Company reported adjusted income from operations for the third quarter of 2014 of $80.7 million.
Third-quarter 2014 net loss was $93.3 million, or $1.55 per share, compared with net income of $35.4 million, or $0.58 per diluted share, in the same period of 2013. The third-quarter 2014 net loss includes the $123.4 million non-cash, pre-tax impairment charge, as well as $1.8 million of pre-tax integration and severance costs. Third-quarter 2013 net income included pre-tax integration and severance costs of $2.7 million. Excluding the impairment charge, the Company reported adjusted net income for the third quarter of 2014 of $27.4 million, or $0.45 per share.
Adjusted EBITDA (see description below) in the third quarter of 2014 increased 5% to $153.4 million, compared with $146.0 million in the same period of 2013. The Company purchased $37.6 million of Clean Harbors stock as part of its share repurchase program during the quarter.
Comments on the Third Quarter
“We delivered strong third-quarter Adjusted EBITDA and operating margins despite falling short of our revenue target,” said Alan S. McKim, Chairman and Chief Executive Officer. “Revenue was below our guidance range based on several factors. Project activity in the Oil Sands further slowed during the quarter, leading to softness in our Industrial and Field Services and Lodging Services segments. Oil and Gas Field
42 Longwater Drive · P.O. Box 9149 · Norwell, Massachusetts 02061-9149 · 781.792.5000 · www.cleanharbors.com
Press Release
Clean Harbors Reports Third-Quarter 2014 Financial Results
Services underperformed due to commodity pressures and competition. Despite these headwinds, our focus on reducing costs and channeling resources to our most profitable businesses enabled us to achieve an Adjusted EBITDA margin of 18%, up nearly 200 basis points from a year ago.”
“Technical Services recorded another solid quarter with 10% Adjusted EBITDA growth on a 2% increase in revenue,” McKim said. “Incineration utilization was 90% as scheduled maintenance shutdowns at our two largest facilities initially planned for the fourth quarter were completed this quarter. Both Safety-Kleen segments delivered double-digit growth in profitability on small increases in revenue. The Industrial and Field Services, Oil and Gas Field Services, and Lodging Services segments were affected by the impact of currency translation on our Canadian operations, the ongoing slowdown in Western Canada, and lower project activity. As a result, all three business segments reported declines in both revenue and Adjusted EBITDA from a year ago.”
“One of the driving forces behind our strong margin performance this quarter, including a 90-basis-point improvement in SG&A percentage, was our ability to further reduce our cost structure. We have a broad array of cost reduction and margin improvement initiatives underway. These initiatives are proving successful, and we remain on track to achieve our previously stated goal of eliminating $75 million in annual expenses,” McKim said.
Business Outlook and Financial Guidance
“As we enter the final quarter of 2014, we see ongoing strength within our environmental-related businesses but expect continued headwinds across several segments,” McKim said. “Our Technical Services segment has built a large backlog entering the quarter as we continue to drive considerable volumes from Safety-Kleen and project-related work. Within SK Environmental Services, we are expanding through new branch locations and cross-selling. Within Oil Re-refining and Recycling, we are focused on lowering PFO costs, capturing greater transportation efficiencies and pursuing product differentiation and blended opportunities to help offset the recent declines in base oil pricing. Activity in the Oil Sands region remains weaker-than-expected, which is limiting opportunities for Industrial Services and Lodging Services. While our Oil and Gas Field Services segment is entering its stronger operating period as the winter drilling season approaches, overall conditions are not favorable near-term as our seismic business continues to underperform and energy markets remain under commodity pressure.”
Based on its year-to-date performance and current market conditions, Clean Harbors is adjusting its previously announced 2014 annual revenue and Adjusted EBITDA guidance. The Company now expects revenues in the range of $3.40 billion to $3.42 billion, compared with its previously announced range of $3.5 billion to $3.6 billion. The Company now expects Adjusted EBITDA in the range of $510 million to $520 million, compared with its previously announced range of $535 million to $555 million.
42 Longwater Drive · P.O. Box 9149 · Norwell, Massachusetts 02061-9149 · 781.792.5000 · www.cleanharbors.com
Press Release
Clean Harbors Reports Third-Quarter 2014 Financial Results
Non-GAAP Results
Clean Harbors reports Adjusted EBITDA results, which is a non-GAAP financial measure, as a complement to results provided in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that Adjusted EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved. The Company defines Adjusted EBITDA in accordance with its existing credit agreement, as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the third quarter and first nine months of 2014 and 2013 (in thousands):
|
|
|
For the Three Months Ended: |
|
For the Nine Months Ended: |
| ||||||||
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net (loss) income |
|
$ |
(93,337 |
) |
$ |
35,361 |
|
$ |
(55,705 |
) |
$ |
68,765 |
|
|
Accretion of environmental liabilities |
|
2,642 |
|
2,914 |
|
7,975 |
|
8,628 |
| ||||
|
Depreciation and amortization |
|
70,049 |
|
69,430 |
|
205,480 |
|
196,904 |
| ||||
|
Goodwill impairment charge |
|
123,414 |
|
— |
|
123,414 |
|
— |
| ||||
|
Other (income) expense |
|
(613 |
) |
150 |
|
(4,136 |
) |
(2,030 |
) | ||||
|
Interest expense, net |
|
19,494 |
|
19,326 |
|
58,430 |
|
58,784 |
| ||||
|
Pre-tax, non-cash acquisition accounting inventory adjustment |
|
— |
|
— |
|
— |
|
13,559 |
| ||||
|
Provision for income taxes |
|
31,708 |
|
18,771 |
|
55,684 |
|
36,160 |
| ||||
|
Adjusted EBITDA |
|
$ |
153,357 |
|
$ |
145,952 |
|
$ |
391,142 |
|
$ |
380,770 |
|
This press release includes a discussion of income from operations, net income and earnings per share amounts adjusted for the goodwill impairment charge identified in the reconciliations provided below. The Company believes that discussion of these additional non-GAAP measures provide investors with meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance. The following shows the difference between (loss) income from operations to adjusted income from operations, net (loss) income to adjusted net income and (loss) earnings per share to adjusted earnings per share for the three and nine months ended September 30, 2014 and 2013 (in thousands):
42 Longwater Drive · P.O. Box 9149 · Norwell, Massachusetts 02061-9149 · 781.792.5000 · www.cleanharbors.com
Press Release
Clean Harbors Reports Third-Quarter 2014 Financial Results
|
|
|
For the Three Months Ended: |
|
For the Nine Months Ended: |
| ||||||||
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Adjusted income from operations |
|
|
|
|
|
|
|
|
| ||||
|
(Loss) income from operations |
|
$ |
(42,748 |
) |
$ |
73,608 |
|
$ |
54,273 |
|
$ |
161,679 |
|
|
Goodwill impairment charge |
|
123,414 |
|
— |
|
123,414 |
|
— |
| ||||
|
Adjusted income from operations |
|
$ |
80,666 |
|
$ |
73,608 |
|
$ |
177,687 |
|
$ |
161,679 |
|
|
Adjusted net income |
|
|
|
|
|
|
|
|
| ||||
|
Net (loss) income |
|
$ |
(93,337 |
) |
$ |
35,361 |
|
$ |
(55,705 |
) |
$ |
68,765 |
|
|
Goodwill impairment charge, net of tax |
|
120,750 |
|
— |
|
120,750 |
|
— |
| ||||
|
Adjusted net income |
|
$ |
27,413 |
|
$ |
35,361 |
|
$ |
65,045 |
|
$ |
68,765 |
|
|
Adjusted earnings per share |
|
|
|
|
|
|
|
|
| ||||
|
(Loss) earnings per share |
|
$ |
(1.55 |
) |
$ |
0.58 |
|
$ |
(0.92 |
) |
$ |
1.13 |
|
|
Goodwill impairment charge, net of tax |
|
2.00 |
|
— |
|
1.99 |
|
— |
| ||||
|
Adjusted earnings per share |
|
$ |
0.45 |
|
$ |
0.58 |
|
$ |
1.07 |
|
$ |
1.13 |
|
Adjusted EBITDA Guidance Reconciliation
An itemized reconciliation between projected net income and projected Adjusted EBITDA is as follows:
|
|
|
For the Year Ending December 31, 2014 |
| ||||||||||||
|
|
|
Amount |
|
Margin % (1) |
| ||||||||||
|
|
|
(In millions) |
|
|
|
|
|
|
| ||||||
|
Projected GAAP net loss |
|
$ |
(42 |
) |
to |
|
$ |
(32 |
) |
(1.2 |
)% |
to |
|
(0.9 |
)% |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Accretion of environmental liabilities |
|
11 |
|
to |
|
10 |
|
0.4 |
% |
to |
|
0.3 |
% | ||
|
Depreciation and amortization |
|
278 |
|
to |
|
274 |
|
8.2 |
% |
to |
|
8.0 |
% | ||
|
Goodwill impairment charge |
|
123 |
|
to |
|
123 |
|
3.6 |
% |
to |
|
3.6 |
% | ||
|
Other income |
|
(4 |
) |
to |
|
(4 |
) |
(0.1 |
)% |
to |
|
(0.1 |
)% | ||
|
Interest expense, net |
|
79 |
|
to |
|
78 |
|
2.3 |
% |
to |
|
2.3 |
% | ||
|
Provision for income taxes |
|
65 |
|
to |
|
71 |
|
1.8 |
% |
to |
|
2.0 |
% | ||
|
Projected Adjusted EBITDA |
|
$ |
510 |
|
to |
|
$ |
520 |
|
15.0 |
% |
to |
|
15.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Revenues (In millions) |
|
$ |
3,400 |
|
to |
|
$ |
3,420 |
|
|
|
|
|
|
|
(1) The Margin % indicates the percentage that the line-item represents to total revenues for the respective reporting period, calculated by dividing the dollar amount for the line-item by total revenues for the reporting period.
42 Longwater Drive · P.O. Box 9149 · Norwell, Massachusetts 02061-9149 · 781.792.5000 · www.cleanharbors.com
Press Release
Clean Harbors Reports Third-Quarter 2014 Financial Results
Conference Call Information
Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. On the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy.
Investors who wish to listen to the webcast and view the accompanying slides should visit the Investors section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 201.689.8881 or 877.709.8155 prior to the start of the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental, energy and industrial services. The Company serves a diverse customer base, including a majority of the Fortune 500, across the chemical, energy, manufacturing and additional markets, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates throughout the United States, Canada, Mexico and Puerto Rico. For more information, visit www.cleanharbors.com.
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “estimates,” “projects,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as “risk factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.
42 Longwater Drive · P.O. Box 9149 · Norwell, Massachusetts 02061-9149 · 781.792.5000 · www.cleanharbors.com
Press Release
Clean Harbors Reports Third-Quarter 2014 Financial Results
|
Contacts: |
|
|
|
|
|
James M. Rutledge |
Jim Buckley |
|
Vice Chairman, President and CFO |
SVP Investor Relations and Corporate Communications |
|
Clean Harbors, Inc. |
Clean Harbors, Inc. |
|
781.792.5100 |
781.792.5100 |
|
InvestorRelations@cleanharbors.com |
Buckley.James@cleanharbors.com |
42 Longwater Drive · P.O. Box 9149 · Norwell, Massachusetts 02061-9149 · 781.792.5000 · www.cleanharbors.com
Press Release
Clean Harbors Reports Third-Quarter 2014 Financial Results
CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share amounts)
|
|
|
For the Three Months Ended: |
|
For the Nine Months Ended: |
| ||||||||
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Revenues |
|
$ |
851,465 |
|
$ |
907,535 |
|
$ |
2,556,612 |
|
$ |
2,630,226 |
|
|
Cost of revenues (exclusive of items shown separately below) |
|
598,407 |
|
647,119 |
|
1,831,076 |
|
1,897,469 |
| ||||
|
Selling, general and administrative expenses |
|
99,701 |
|
114,464 |
|
334,394 |
|
365,546 |
| ||||
|
Accretion of environmental liabilities |
|
2,642 |
|
2,914 |
|
7,975 |
|
8,628 |
| ||||
|
Depreciation and amortization |
|
70,049 |
|
69,430 |
|
205,480 |
|
196,904 |
| ||||
|
Goodwill impairment charge |
|
123,414 |
|
— |
|
123,414 |
|
— |
| ||||
|
(Loss) income from operations |
|
(42,748 |
) |
73,608 |
|
54,273 |
|
161,679 |
| ||||
|
Other income (expense) |
|
613 |
|
(150 |
) |
4,136 |
|
2,030 |
| ||||
|
Interest expense, net |
|
(19,494 |
) |
(19,326 |
) |
(58,430 |
) |
(58,784 |
) | ||||
|
(Loss) income before provision for income taxes |
|
(61,629 |
) |
54,132 |
|
(21 |
) |
104,925 |
| ||||
|
Provision for income taxes |
|
31,708 |
|
18,771 |
|
55,684 |
|
36,160 |
| ||||
|
Net (loss) income |
|
$ |
(93,337 |
) |
$ |
35,361 |
|
$ |
(55,705 |
) |
$ |
68,765 |
|
|
(Loss) earnings per share: |
|
|
|
|
|
|
|
|
| ||||
|
Basic |
|
$ |
(1.55 |
) |
$ |
0.58 |
|
$ |
(0.92 |
) |
$ |
1.14 |
|
|
Diluted |
|
$ |
(1.55 |
) |
$ |
0.58 |
|
$ |
(0.92 |
) |
$ |
1.13 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Shares used to compute (loss) earnings per share — Basic |
|
60,369 |
|
60,610 |
|
60,585 |
|
60,542 |
| ||||
|
Shares used to compute (loss) earnings per share — Diluted |
|
60,369 |
|
60,760 |
|
60,585 |
|
60,692 |
| ||||
42 Longwater Drive · P.O. Box 9149 · Norwell, Massachusetts 02061-9149 · 781.792.5000 · www.cleanharbors.com
Press Release
Clean Harbors Reports Third-Quarter 2014 Financial Results
CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
|
|
|
September 30, 2014 |
|
December 31, 2013 |
| ||
|
Current assets: |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
258,021 |
|
$ |
310,073 |
|
|
Marketable securities |
|
— |
|
12,435 |
| ||
|
Accounts receivable, net |
|
575,575 |
|
579,394 |
| ||
|
Unbilled accounts receivable |
|
50,050 |
|
26,568 |
| ||
|
Deferred costs |
|
18,676 |
|
16,134 |
| ||
|
Inventories and supplies |
|
170,934 |
|
152,096 |
| ||
|
Prepaid expenses and other current assets |
|
48,540 |
|
41,962 |
| ||
|
Deferred tax assets |
|
32,141 |
|
32,517 |
| ||
|
Total current assets |
|
1,153,937 |
|
1,171,179 |
| ||
|
Property, plant and equipment, net |
|
1,579,701 |
|
1,602,170 |
| ||
|
Other assets: |
|
|
|
|
| ||
|
Deferred financing costs |
|
18,403 |
|
20,860 |
| ||
|
Goodwill |
|
449,577 |
|
570,960 |
| ||
|
Permits and other intangibles, net |
|
541,874 |
|
569,973 |
| ||
|
Other |
|
17,725 |
|
18,536 |
| ||
|
Total other assets |
|
1,027,579 |
|
1,180,329 |
| ||
|
Total assets |
|
$ |
3,761,217 |
|
$ |
3,953,678 |
|
|
Current liabilities: |
|
|
|
|
| ||
|
Current portion of capital lease obligations |
|
$ |
264 |
|
$ |
1,329 |
|
|
Accounts payable |
|
251,832 |
|
316,462 |
| ||
|
Deferred revenue |
|
63,909 |
|
55,454 |
| ||
|
Accrued expenses |
|
260,123 |
|
236,829 |
| ||
|
Current portion of closure, post-closure and remedial liabilities |
|
32,742 |
|
29,471 |
| ||
|
Total current liabilities |
|
608,870 |
|
639,545 |
| ||
|
Other liabilities: |
|
|
|
|
| ||
|
Closure and post-closure liabilities, less current portion |
|
46,287 |
|
41,201 |
| ||
|
Remedial liabilities, less current portion |
|
133,972 |
|
148,911 |
| ||
|
Long-term obligations |
|
1,395,000 |
|
1,400,000 |
| ||
|
Capital lease obligations, less current portion |
|
733 |
|
1,435 |
| ||
|
Deferred taxes, unrecognized tax benefits and other long-term liabilities |
|
255,804 |
|
246,947 |
| ||
|
Total other liabilities |
|
1,831,796 |
|
1,838,494 |
| ||
|
Total stockholders’ equity, net |
|
1,320,551 |
|
1,475,639 |
| ||
|
Total liabilities and stockholders’ equity |
|
$ |
3,761,217 |
|
$ |
3,953,678 |
|
42 Longwater Drive · P.O. Box 9149 · Norwell, Massachusetts 02061-9149 · 781.792.5000 · www.cleanharbors.com
Press Release
Clean Harbors Reports Third-Quarter 2014 Financial Results
Supplemental Segment Data (in thousands)
|
|
|
For the Three Months Ended: |
| ||||||||||||||||
|
|
|
September 30, 2014 |
|
September 30, 2013 |
| ||||||||||||||
|
Revenue |
|
Third Party |
|
Intersegment |
|
Direct |
|
Third Party |
|
Intersegment |
|
Direct |
| ||||||
|
Technical Services |
|
$ |
272,478 |
|
$ |
40,924 |
|
$ |
313,402 |
|
$ |
269,465 |
|
$ |
36,370 |
|
$ |
305,835 |
|
|
Industrial and Field Services |
|
163,582 |
|
(9,205 |
) |
154,377 |
|
174,829 |
|
(8,181 |
) |
166,648 |
| ||||||
|
Oil Re-refining and Recycling |
|
140,345 |
|
(52,606 |
) |
87,739 |
|
131,934 |
|
(45,566 |
) |
86,368 |
| ||||||
|
SK Environmental Services |
|
170,980 |
|
21,212 |
|
192,192 |
|
170,166 |
|
17,164 |
|
187,330 |
| ||||||
|
Lodging Services |
|
36,582 |
|
723 |
|
37,305 |
|
55,571 |
|
957 |
|
56,528 |
| ||||||
|
Oil and Gas Field Services |
|
67,370 |
|
639 |
|
68,009 |
|
104,981 |
|
179 |
|
105,160 |
| ||||||
|
Corporate Items |
|
128 |
|
(1,687 |
) |
(1,559 |
) |
589 |
|
(923 |
) |
(334 |
) | ||||||
|
Total |
|
$ |
851,465 |
|
$ |
— |
|
$ |
851,465 |
|
$ |
907,535 |
|
$ |
— |
|
$ |
907,535 |
|
|
|
|
For the Nine Months Ended: |
| ||||||||||||||||
|
|
|
September 30, 2014 |
|
September 30, 2013 |
| ||||||||||||||
|
Revenue |
|
Third Party |
|
Intersegment |
|
Direct |
|
Third Party |
|
Intersegment |
|
Direct |
| ||||||
|
Technical Services |
|
$ |
766,057 |
|
$ |
119,617 |
|
$ |
885,674 |
|
$ |
759,666 |
|
$ |
88,769 |
|
$ |
848,435 |
|
|
Industrial and Field Services |
|
510,696 |
|
(31,819 |
) |
478,877 |
|
543,675 |
|
(34,727 |
) |
508,948 |
| ||||||
|
Oil Re-refining and Recycling |
|
413,282 |
|
(155,588 |
) |
257,694 |
|
395,026 |
|
(143,853 |
) |
251,173 |
| ||||||
|
SK Environmental Services |
|
503,692 |
|
64,418 |
|
568,110 |
|
496,491 |
|
84,325 |
|
580,816 |
| ||||||
|
Lodging Services |
|
136,148 |
|
2,043 |
|
138,191 |
|
155,586 |
|
2,983 |
|
158,569 |
| ||||||
|
Oil and Gas Field Services |
|
226,319 |
|
4,337 |
|
230,656 |
|
288,588 |
|
5,612 |
|
294,200 |
| ||||||
|
Corporate Items (1) |
|
418 |
|
(3,008 |
) |
(2,590 |
) |
(8,806 |
) |
(3,109 |
) |
(11,915 |
) | ||||||
|
Total |
|
$ |
2,556,612 |
|
$ |
— |
|
$ |
2,556,612 |
|
$ |
2,630,226 |
|
$ |
— |
|
$ |
2,630,226 |
|
(1) Corporate Items revenue for the nine months ended September 30, 2013 includes one-time, non-cash reductions of approximately $10.2 million due to the impact of fair value acquisition accounting adjustments on Safety-Kleen’s historical deferred revenue at December 28, 2012. Revenue for the six reportable segments for the nine months ended September 30, 2013 excludes such adjustments to maintain comparability with future operating results and reflect how the Company manages the business.
42 Longwater Drive · P.O. Box 9149 · Norwell, Massachusetts 02061-9149 · 781.792.5000 · www.cleanharbors.com
Press Release
Clean Harbors Reports Third-Quarter 2014 Financial Results
Non-GAAP Segment Results
Clean Harbors reports Adjusted EBITDA results, which is a non-GAAP financial measure, as a complement to results provided in accordance with accounting principles generally accepted in the United States (GAAP) and believes that such information provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved. The Company defines Adjusted EBITDA in accordance with its existing credit agreement. See “Non-GAAP Results” for a reconciliation of the Company’s total Adjusted EBITDA to GAAP net income.
|
|
|
For the Three Months Ended: |
|
For the Nine Months Ended: |
| ||||||||
|
Adjusted EBITDA |
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Technical Services |
|
$ |
86,928 |
|
$ |
78,849 |
|
$ |
233,402 |
|
$ |
208,284 |
|
|
Industrial and Field Services |
|
20,303 |
|
26,709 |
|
67,391 |
|
75,281 |
| ||||
|
Oil Re-refining and Recycling |
|
21,473 |
|
18,652 |
|
49,252 |
|
46,750 |
| ||||
|
SK Environmental Services |
|
30,853 |
|
23,192 |
|
84,985 |
|
84,274 |
| ||||
|
Lodging Services |
|
15,972 |
|
21,710 |
|
49,196 |
|
63,270 |
| ||||
|
Oil and Gas Field Services |
|
9,545 |
|
20,530 |
|
27,688 |
|
52,458 |
| ||||
|
Corporate Items |
|
(31,717 |
) |
(43,690 |
) |
(120,772 |
) |
(149,547 |
) | ||||
|
Total |
|
$ |
153,357 |
|
$ |
145,952 |
|
$ |
391,142 |
|
$ |
380,770 |
|
42 Longwater Drive · P.O. Box 9149 · Norwell, Massachusetts 02061-9149 · 781.792.5000 · www.cleanharbors.com