RALEIGH, N.C., May 16 /PRNewswire-FirstCall/ -- Waste Industries USA, Inc.
(Nasdaq: WWIN), a regional, non-hazardous solid waste services company, today
announced a one cent per share upward revision to its unaudited first quarter
2005 results of operations from that which was disclosed in its earlier press
release.
In the Company's April 28, 2005 press release, it announced unaudited
first quarter 2005 results as follows:
-- revenue of $71.8 million;
-- operating income of $6.6 million; and
-- net income of $2.6 million (or $0.19 per share)
Since the April 2005 press release, the Company increased its revenue and
decreased its bad debt expense related to a key customer as a result of a
recently completed analysis of the first quarter transactions. The revised
unaudited first quarter 2005 results are now as follows:
-- revenue of $72.0 million;
-- operating income of $6.9 million; and
-- net income of $2.8 million (or $0.20 per share)
Also during the first quarter, the Company recorded an income tax benefit
of approximately $348,000 as an addition to paid-in-capital for 2005 stock
option exercises. The information required to record this transaction was not
received prior to the April press release.
Due to the late date that it became aware of these circumstances, Waste
Industries will file an extension for the filing of its Form 10-Q. The
Company expects to file its Quarterly Report on Form 10-Q on or before May 18,
2005.
Waste Industries USA, Inc. is a vertically integrated solid waste services
company that provides collection, transfer, disposal and recycling services to
commercial, industrial and residential customer locations in the states of
North Carolina, South Carolina, Virginia, Georgia, Tennessee, and Florida.
This press release may contain "forward-looking statements" under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements can generally be identified as such because the statement will
include words such as the Company "expects," "believes," "anticipates" or
words of similar import. Similarly, statements that describe the Company's
future plans, objectives or goals are also forward-looking statements.
Forward-looking statements are subject to risks and uncertainties, such as
managing growth, risks in the development and operation of landfills, weather
conditions and economic trends that could cause actual results to differ
materially from those currently anticipated. Consider these factors carefully
in evaluating the forward-looking statements. Additional information
concerning factors that could cause actual results to differ materially from
those in the forward-looking statements is contained from time to time in the
Company's SEC filings. The forward-looking statements made herein are only
made as of the date of this press release and the Company undertakes no
obligation to publicly update such forward-looking statements.
SOURCE Waste Industries USA, Inc.
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Related links:
http://www.waste-ind.com
Company News On-Call:
http://www.prnewswire.com/comp/120685.html
CONTACT:
Carol Dalton of Waste Industries USA, Inc.,
+1-919-325-3000, or caroldalton@waste-ind.com
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