National Waste Management Holdings Inc., a Hernando, Florida-based vertically integrated solid waste management company with a concentration on construction & demolition (C&D) collection, hauling and recycling announced the financial results for the three and nine months ended Sept. 30, 2016, as well as provided a general business update.
Third quarter 2016 highlights include:
- Revenue for the three months ended Sept. 30, 2016, increased 269 percent to $1.7 million;
- Revenue for the nine months ended Sept.r 30, 2016, increased 262 percent to $4.8 million;
- Cash flows from operating activities for the nine months ended Sept. 30, 2016, increased 76 percent to $860,665;
- Appointed corporate finance veteran Dali Kranzthor as National Waste CFO; and
- Continued to see positive results from aggressive acquisition strategy.
Louis Paveglio, CEO of National Waste Management Holdings Inc., stated, "We are pleased to report our third-quarter 2016 results, marking three consecutive quarters of triple-digit quarterly revenue growth. Our third-quarter performance largely reflects the effectiveness of our acquisition strategy and, in correlation, our growing customer base. Moving forward, we expect to see continued improvements in profitability as a result of our acquisitions of WRE and Gateway in 2015, supported by our acquisition of Sivart Services earlier this year and our rapidly expanding presence in the northeast. We are excited about the momentum of our initiatives, and look forward to expanding our solid waste solutions to meet growing demand."
Revenue for the three months ended September 30, 2016, increased 269 percent to $1.7 million, as compared to revenue of $479,698 reported for the comparable quarter of 2015. This increase is due to the WRE and Gateway acquisitions during the fourth quarter of 2015 as well as increases in the overall customer base and expanding sales to current customers.
Net loss for the three months ended Sept 30, 2016, was $210,649 versus net income of $81,754 for the comparable quarter of 2015. The $292,403 decrease is primarily attributable to the increased charges to depreciation and amortization expense after the acquisitions of WRE and Gateway.
"During the third quarter of 2016 we continued to execute on our business model and build our team and footprint through effective management and acquisitions," says National Waste CFO Dali Kranzthor. "When I joined National Waste in the fall of this year, I walked into a flurry of progression and look forward to providing my expertise for continued growth for the remainder of 2016 and beyond."