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Waste Services, Inc. (WSII) announced its financial results yesterday for the first quarter ended March 31, 2009.
Revenue for the quarter was $95.8 million compared to $116.6 million for the same quarter in 2008. On an adjusted basis, fully diluted EPS was $0.031 for the quarter as compared to $0.027 in the first quarter of 2008.
Foreign currency translation accounted for $10.9 million or 9.3% of the revenue reduction and the net expiration of municipal contracts accounted for a decline of $4.8 million or 4.1%.
David Sutherland-Yoest, President and CEO of Waste Services. commented in a conference call today, "Despite a weak economy, core internal revenue growth from price was 3.8% for the quarter. Volumes were positive in Canada, but they were negative in Florida. However, our Florida operations exceeded our internal expectations."
The Company provided a FY09 adjusted EPS guidance range of $0.38 to $0.40. The Company also tightened the range of its FY09 free cash flow guidance from $25-$30 million to $30-$35 million, which the Company expects to exceed.
Mr. Sutherland-Yoest added, "Even though it is early in Q2, the market data suggests that normal seasonal recovery is underway in Canada, and volumes may have found a bottom in Florida."
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