Waste Connections, Inc. reported
first quarter revenue of $85.1 million, a 33 percent increase from last year’s first
quarter figures. The company also reported operating income increased close to 50
percent to $23.2 million, from $15.6 million the same time last year.
Ronald J. Mittelstaedt, chairman
and CEO, said, ``During the first quarter the company overcame a number of
challenges, including some of the worst winter weather in decades in the Midwest
and historically low commodity prices. We are very pleased with our performance
despite these challenges and have seen a relatively normal seasonal increase in
volumes going into the second quarter. During the quarter, there were
relatively little special waste volumes, which were a meaningful contributor to
revenues in both the third and fourth quarter of 2000. We also began to see
results from our internal growth initiatives with a successful bid on a
landfill management contract for Western Placer County in California and an
award of the City of West Valley, Utah collection contract. We had an
outstanding first quarter of acquisitions, having acquired businesses with $24
million in annualized revenues. With our acquisition of a majority ownership in
LRI, our Pacific Northwest Region is substantially strengthened going forward
due to full integration of this marketplace.
“Our backlog of acquisition
discussions remains roughly equivalent to previous levels although the mix has
changed somewhat to include fewer, yet larger transactions. We are pleased to
have successfully completed a $115 million convertible subordinated debt
offering, which has enhanced our capital structure and provided significant
acquisition financing capacity. All in all, it was an excellent quarter.''
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