Consolidated Envirowaste Reports 2009 3rd Quarter Results
01 September 2009 - 8:58AM
Marketwired
Consolidated Envirowaste Industries Inc. (TSX VENTURE: CWD)
announced today its results for the nine months ended June 30,
2009. A complete copy of the Company's unaudited interim financial
statements and accompanying management's discussion and analysis is
available on SEDAR at www.sedar.com. Excerpts from the third
quarter unaudited financial statements are as follows:
Quarters Ended Nine Months Ended
----------------------------------------------
June 30, June 30, June 30, June 30,
2009 2008 2009 2008
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Revenue $6,375,451 $6,618,014 $14,545,747 $15,010,593
Income (loss) before income
tax provision $ 613,449 $ 86,418 $ 82,233 ($ 952,039)
Income (loss) after income
tax provision $ 625,466 $ 240,285 $ 170,361 ($ 548,736)
Earnings (loss) per
share-basic $ 0.06 $ 0.02 $ 0.02 ($ 0.05)
Earnings (loss) per
share-diluted $ 0.06 $ 0.02 $ 0.02 ($ 0.05)
Weighted average common
shares outstanding-basic 10,414,699 10,414,699 10,414,699 10,414,699
Weighted average common
shares outstanding-diluted 10,414,699 10,414,699 10,414,699 10,414,699
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The Company recorded third quarter net income of $625,466 or
$0.06 per share ($0.06 per share diluted) for the three months
ended June 30, 2009 compared to net income of $240,285 or $0.02 per
share ($0.02 per share diluted) for the third quarter ended June
30, 2008 as the Company benefited from operational adjustments made
to meet economic conditions in Florida and improved weather
conditions compared to the second quarter on the Canadian West
Coast.
Results for the first nine months of the 2009 fiscal year
continue to reflect economic conditions in the Florida region,
seasonal trends, and improvements from operational adjustments in
the face of the lower demand for the Company's services.
Net income for the nine months ended June 30, 2009 was $170,361
or $0.02 per share ($0.02 per share diluted) compared to a net loss
of $548,736 or $0.05 per share ($0.05 per share diluted). Revenue
declined 3% or $464,846 to $14,545,747 for the nine months ended
June 30, 2009 assisted by a favourable currency translation
difference of approximately $1.8 million compared to $15,010,593
for the nine months ended June 30, 2008. Current economic
conditions in Florida and the poor weather in the Prairie regions
of Western Canada were largely responsible for the revenue
decline.
The Company improved operating margins for the nine months ended
June 30, 2009 compared to the third quarter of fiscal 2008 through
a combination of operating and pricing adjustments and strong cost
controls. Fuel costs in the US operations for the first nine months
of fiscal 2009, at 45% of the costs incurred for the same period
last year were a welcome relief, however the Company recognizes
that this may be only a temporary respite and look to the future
with considerable concern with the most recent diesel fuel price
increases and the effect further increases might have on future
operating costs.
With no immediate end to the U.S. financial and general economic
crisis in sight, the Company expects operating conditions for CRR
Florida to remain very challenging throughout the remainder 2009,
with little prospect of any meaningful recovery on the horizon. A
continuation of the recent rise in diesel fuel prices will cause
additional operational challenges during the remainder of the 2009
fiscal year. The Company intends to maintain strong operating cost
controls and optimize operations to face these ongoing challenges
while anticipating normal fourth quarter seasonal values.
Consolidated Envirowaste Industries Inc. is a leading processor
of wood and other organic wastes in Western Canada and Florida. The
Company markets and supplies biomass boiler fuel for electric
generation facilities, charcoal manufacturers and pulp and paper
mills in the U.S., bulk landscaping products in both of these
regions, and packaged soil products to major Western Canadian
retailers.
Forward-Looking Statements: This report contains statements that
are forward-looking in nature. Readers are cautioned that such
forward-looking statements are not guarantees and may involve known
and unknown risks and uncertainties that could cause the actual
results of the Company to be materially different from those
expressed or implied by those forward-looking statements. Such
risks include, among others: general economic and business
conditions, weather factors, competition, product selling prices,
the cost and availability of raw materials, operating costs,
changes in foreign currency exchange rates, dependence on
contracts, the regulatory environment, seasonality, risk of
liability for environmental damage, risks associated with
litigation, and concentration of shareholder control. For a fuller
description of those risks, please see the sections headed
"Critical Accounting Estimates" and "Risk Factors" in management's
discussion and analysis for the year ended September 30, 2008, a
copy of which is available under the Company's name on SEDAR at
www.sedar.com.
Consolidated Envirowaste Industries Inc.
James E. Darby, Chairman and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Consolidated Envirowaste Industries Inc. James E.
Darby Chairman and Chief Executive Officer 604-856-6836
604-856-5644 (FAX)
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