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For Immediate Release
Contact: Alison Ziegler, Cameron Associates (212) 554-5469
US ECOLOGY ANNOUNCES FOURTH QUARTER AND FULL YEAR 2014 RESULTS
Solid Fourth Quarter Drives Adjusted EBITDA to $109.0 Million and Adjusted EPS to $2.02
2015 Outlook Initiated with Adjusted EBITDA of $137-$143 Million on Revenue of $585-$620 Million
Boise, Idaho – February 26, 2015 – US Ecology, Inc. (NASDAQ: ECOL) (“the Company”) today reported financial results for the quarter and full year ended December 31, 2014.
Operating income for the fourth quarter of 2014 was $19.1 million, up 25% from $15.4 million in the fourth quarter last year. Adjusted EBITDA for the fourth quarter of 2014 was $31.2 million, up 54% from $20.2 million in the same period last year. Net income for the fourth quarter of 2014 was $8.7 million, or $0.40 per diluted share, down from $9.2 million, or $0.48 per diluted share, in the fourth quarter of 2013. Excluding foreign currency translation losses and business development expenses, adjusted earnings per diluted share declined 19% to $0.42 in the fourth quarter of 2014, down from $0.52 in the fourth quarter of 2013. A reconciliation of earnings per diluted share to adjusted earnings per diluted share and net income to adjusted EBITDA is attached as Exhibit A to this release.
As a result of our acquisition of EQ Holdings, Inc. (“EQ”) on June 17, 2014, we have reorganized our business into two segments as described below:
Environmental Services (“ES”) - This segment includes all of US Ecology’s legacy operations and the legacy EQ treatment and disposal facilities. It provides diversified waste services including transportation, recycling, treatment and disposal of hazardous and non-hazardous materials at Company-owned landfill, wastewater and other treatment facilities.
Field & Industrial Services (“FIS”) - This segment includes all of the legacy EQ field and industrial services business. It provides waste packaging, collection and total waste management solutions at customer sites and through our 10-day transfer facilities. Services include on-site management, waste characterization, transportation and disposal of non-hazardous and hazardous waste. This segment also provides specialty services such as high-pressure and chemical cleaning, centrifuge and materials processing, tank cleaning, decontamination, remediation, spill cleanup, emergency response and other services to commercial and industrial facilities and government entities.
Total revenue for the fourth quarter of 2014 was $157.2 million, up from $59.4 million in the same quarter last year. Fourth quarter 2014 revenue includes $102.4 million from the acquired EQ businesses. Revenue for the ES segment was $97.7 million for the fourth quarter of 2014, up from $59.4 million in the fourth quarter of 2013. Revenue for the wholly-acquired FIS business segment was $59.5 million for the fourth quarter of 2014.
The following information was filed by Us Ecology Holdings, Inc. on Thursday, February 26, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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