HOUSTON, Oct. 21, 2005 (PRIMEZONE) -- WCA Waste Corporation (Nasdaq:WCAA) announced today that it has completed two "tuck-in" acquisitions.
WCA purchased the assets of Andy's Hauling located in the Sarasota, Florida market. The majority of the waste collected by the six-truck operation will be internalized into the Company's newly acquired landfill located in Arcadia, Florida.
In a separate transaction, the Company acquired certain assets of Pendergrass Refuse consisting of three rear-load trucks. All of the waste collected is being internalized in the Company owned Black Oak Landfill located near Springfield, Missouri.
With the completion of these acquisitions, WCA is estimating it currently has a $129 million annualized revenue "run-rate" and a $38.5 million EBITDA annualized "run-rate." The Company's operations consist of nineteen landfills, eighteen transfer stations, twenty-three collection operations and three material recovery facilities located throughout Alabama, Arkansas, Florida, Kansas, Missouri, North Carolina, South Carolina, Tennessee and Texas.
Tom Fatjo, Chairman of the Company, stated that "the purchase of two landfills and three transfer stations completed earlier this month provide the base for 'tuck-in' acquisitions in the Florida market. The Company is growing at a rate substantially greater than the overall industry by successfully implementing our focused acquisition strategy. We have more than doubled the size of the Company in the last 16 months while maintaining excellent profit margins."
WCA Waste Corporation is an integrated company engaged in the transportation, processing and disposal of non-hazardous solid waste. The Company's common stock is traded on the NASDAQ National Market System under the symbol "WCAA."
Safe Harbor for Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. From time to time, our public filings, press releases and other communications (such as conference calls and presentations) will contain forward-looking statements. These forward-looking statements can generally be identified as such because the context of the statement will include words such as "may," "will," "should," "outlook," "project," "intend," "seek," "plan," "believe," "anticipate," "expect," "estimate," "potential," "continue," or "opportunity," the negatives of these words, or similar words or expressions. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. This is true of our description of our acquisition strategy for example. Such statements include, but are not limited to, statements about the benefits of the acquisition described in this release, including plans, objectives, expectations and intentions and other statements that are not historical facts. Statements concerning "run-rates" from acquisitions are also forward looking statements. In additions, "run-rate" determinations are not audited or based on GAAP and are made based on estimations from information provided to us by the acquisition candidates and from other sources and estimates developed by us. We determine the period over which to calculate a "run-rate" based on factors we deem to be reasonable. Actual revenues may or may not equal the estimated "run-rate".
All such statements are based upon the current beliefs and expectations of WCA's management and are subject to significant risks and uncertainties. Some of those risks and uncertainties have been more fully described in "Risk Factors and Cautionary Statement about Forward-Looking Statements" in our Quarterly Report on Form 10-Q with respect to the quarterly period ending on June 30, 2005. The risks and uncertainties include, without limitation: any weakness in the economy related to our markets may result in reductions in demand for the Company's services, we may not be able to integrate acquired businesses successfully, revenue and other synergies from the acquisition may not be fully realized or may take longer to realize than expected, we may not be able to improve internalization rates by directing waste volumes from acquired businesses to our landfills for regulatory or other reasons, we may suffer unexpected liabilities associated with our acquisitions, disruptions from the acquisition may make it more difficult to maintain relationships with customers, potential increases in commodity, insurance and fuel prices could increase our operating expenses significantly and we face the risk of new and changing regulation. Please consider these factors carefully in evaluating the forward-looking statements and do not place undue reliance on such forward- looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
For a description of the relationships between WCA Waste Corporation and Waste Corporation of America, LLC please refer to WCA Waste Corporation's Annual Report on Form 10-K for the year ended December 31, 2004.
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