Hi-Rise Recycling Systems reported results for the three months ended March 31, 2000. Revenues for the first quarter of 2000 rose 28% to $15.8 million from $12.3 million in the first quarter of 1999. Income for the quarter was slightly more than breakeven before a write-off related to acquisitions the company elected not to consummate.
The company also reported today a current backlog of $9.6 million for all divisions of Hi-Rise Recycling. The company expects to complete this backlog by the end of the second quarter.
Commenting on Hi-Rise Recycling's performance, Donald Engel, CEO, stated, ``In the first quarter, we realized significant write-offs as a result of one-time, non-recurring expenses associated with acquisitions that we ultimately decided not to close. We have purchased six mature, profitable companies within the last two years. Now is the time to catch our breath and capitalize on Hi-Rise's many strengths by concentrating our efforts on continuing to grow these companies internally.''
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