BRIEF: Folsom-based trash-disposal company reports profit

Tue. July 21, 2009; Posted: 11:08 PM

Jul 21, 2009 (The Sacramento Bee - McClatchy-Tribune Information Services via COMTEX) -- WCNX | Quote | Chart | News | PowerRating -- Folsom-based trash-disposal company Waste Connections Inc. reported second-quarter profits of $30.4 million, up nearly 19 percent from $25.6 million in the year-ago period.

Earnings translated to 38 cents per share in both periods.

In today's release of quarterly financial figures, the local company also said it entered into an agreement in late June to acquire Eugene, Ore.-based Sanipac Inc., billed as the largest privately owned solid waste services provider in Oregon.

"Closing of the Sanipac transaction, which remains subject to satisfaction of closing conditions, is expected to occur in the third quarter," said Ronald J. Mittelstaedt, Waste Connections chairman and CEO. "With this transaction and others already completed, acquisition activity in the year totals approximately $165 million of annualized revenue."

Waste Connection's revenue for the quarter ended June 30 totaled $302.8 million, a 13.4 percent increase over revenue of $267 million in the April-June period of 2008.

"Stabilizing volumes, contribution from recently completed acquisitions and aggressive expense management enabled us to exceed our expectations for the second quarter," Mittelstaedt said.

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Call The Bee's Mark Glover, (916) 321-1184

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