Meridian Waste Solutions Announces First Quarter 2016 Financial and Operating Results
Revenue Increased 147% Compared to the Prior Year
(firmenpresse) - MILTON, GA -- (Marketwired) -- 05/18/16 -- Meridian Waste Solutions, Inc. (OTCQB: MRDN) ("Meridian" or the "Company"), a vertically integrated, non-hazardous solid waste collection firm reported financial results for the three months ended March 31, 2016.
The Company''s revenue for the three months ended March 31, 2016 was $7,488,239, a 147% increase over the three months ended March 31, 2015 of $3,035,819. This increase is due to the continued growth of HTS Waste, the acquisitions of Christian Disposal and Eagle Ridge.
Gross profit percentage for the three months ended March 31, 2016 is 30%. This is an increase of approximately 3% from the three months ended March 31, 2015. The increase is significant in that it shows management''s ability to improve efficiencies of operations.
The Company purchased over $2 million of new equipment while increasing long-term debt by approximately $2,377,000 during the three months ended March 31, 2016. The increase in debt was due to the Company borrowing on its revolving commitments in order to satisfy a closure/post closure bond for Eagle Ridge Landfill.
Our net revenues have been sufficient to fund our operating expenses. At March 31, 2016, we had total cash and short-term investments of $3,713,695, the majority of which was funded by our lender from the draw on the revolving commitments of $2,150,000 and $1,100,000 from a private placement stock offering.
Jeff Cosman, CEO of Meridian Waste Solutions, stated, "During the first three months of 2016, we invested heavily in state-of-the-art equipment. The most up to date equipment provides our employees with new efficiencies necessary to stay competitive. In addition to our investment in industrial infrastructure, the management team has worked extensively with the teams of Christian Disposal and Eagle Ridge to fully integrate operations and improve overall business operations. Salaries too have increase substantially; however, we intend to recruit a highly experienced executive management team that will help us improve our business lines and overall margins. We are on track to build a leading vertically integrated non-hazardous solid waste collection firm."
Meridian Waste Solutions, Inc. (MRDN) is a company focused on solutions in the waste industry. Currently, the Company operates in St. Louis, Missouri as Meridian Waste Services, Christian Environmental Services and Meridian Waste Solutions, which serves over 65,000 residential, commercial and temporary customers in the St. Louis, MO market. In addition to a fleet of commercial, residential and temporary roll off trucks, the Company operates three transfer stations and one municipal solid waste landfill. Meridian is focused on providing unparalleled customer service in the form of long-term and short-term contracts.
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Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual results or outcomes of Meridian Waste Solutions, Inc. may differ materially from those anticipated. Although Meridian Waste Solutions, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, Meridian Waste Solutions, Inc. can provide no assurance that any of the forward-looking statements contained in this press release will prove to be accurate.
In light of the significant uncertainties and risks inherent in the forward-looking statements included in this press release, such information should not be regarded as a representation by Meridian Waste Solutions, Inc. that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain legal proceedings and competition. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "intend," "expect," "will," "anticipate," "estimate" or "continue" or the negatives thereof or other variations thereon or comparable terminology. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Meridian Waste Solutions, Inc.''s most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Meridian Waste Solutions, Inc. does not undertake an obligation to update publicly any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Christine J. Petraglia
Managing Director, Investor Relations
PCG Advisory Group
646-731-9817
Sean Leous
Managing Director, Public Relations
PCG Advisory Group
646-863-8998
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Datum: 18.05.2016 - 10:53 Uhr
Sprache: Deutsch
News-ID 1436012
Anzahl Zeichen: 3675
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Waste Management
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