BEAVER COUNTY, Alberta, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Claystone Waste Ltd. (Claystone Waste), a western Canadian leader of environmental and operational excellence in the delivery of waste management services, today announced financial results for the third quarter for the period ended September 30th, 2021.
“Claystone Waste has continued to operate with minimal disruptions through the fourth wave of the COVID-19 pandemic in Alberta, which is attributable to our excellent health and safety record,” said Pierre Breau, Claystone Waste CEO. “Throughout the third quarter, we have focused on investing in our best-in-class environmental and engineering services to ensure we continue to meet the high environmental and operational standards that we have set for Claystone. As western Canadian leaders in the treatment of contaminated soil, remediation technologies, and the safe disposal of construction and demolition waste it is important that we maintain the high standards that our customers expect. Claystone continues to be a responsive community partner in the locations we operate in which included grants to support public infrastructure and community groups in the third quarter. From a fiscal perspective, Claystone is in a strong position which allows us to continue to explore new waste management opportunities and partnerships as we close 2021.”
Highlights of the Claystone Waste's fiscal performance are as follows:
- Year-to-date, Claystone Waste has generated $16.8 million in revenue in 2021 which is $5.1 million lower than the same period in the prior year.
- Claystone Waste has operated through the third quarter with a year-to-date net income of $3.04 million.
- Claystone Waste generated $1.76 million in positive net income in the third quarter, which is lower than the same period in the previous fiscal year.
- The key driver of year-over-year variance is lower waste disposal revenues than were anticipated in 2021.
- Claystone Waste’s financial position continues to be strong at the end of the third quarter with $5.2 million in positive cash flow from operations, $73.2 million in assets and no existing external debt.
- Claystone Waste focused its efforts in the third quarter on environmental management of its sites by investing operational and capital time and resources of over $840,000 to ensure the highest quality of engineering and environmental standards are met.
- Claystone Waste contributed back to the community by issuing over $70,000 in local grants in the third quarter and over $91,000 year to date.
ABOUT CLAYSTONE WASTE
Claystone Waste operates a Sanitary Class II Landfill located in Beaver County, Alberta and accepts municipal solid waste from Edmonton and surrounding municipalities in the Edmonton metropolitan region, as well as significant volumes of class II, non-hazardous industrial wastes. The facility is one of the largest in Western Canada, and provides advanced waste treatment, recycling and remediation technologies to municipal and industrial customers.
Claystone Waste is a municipally controlled corporation owned by the municipalities of Beaver County, Town of Tofield, Town of Viking, Village of Holden and Village of Ryley. Headquartered in Beaver County, Claystone Waste is an Alberta Top 75 employer.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information (collectively "forward looking information"). Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," “intend”, "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking information include, among others, statements and timelines with respect to construction and commencement of projects, statements regarding expected operational results and expected capital costs, and other statements regarding Claystone Waste business initiatives. Because forward-looking information relates to the future, such information is subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Claystone Waste’s control. Actual results and financial condition may differ materially from those indicated in the forward-looking information, and as such no reliance should be made on any forward-looking information, which reflect Claystone Waste’s expectations only as of the date of this media release. Claystone Waste undertakes no obligation to update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
