BEAVER COUNTY, Alberta, Aug. 31, 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 second quarter for the period ended June 30th, 2021.
"Claystone Waste is in a strong financial position," said Pierre Breau, Claystone Waste CEO. "With no external debt, Claystone is investing in capital projects and has the flexibility to explore opportunities and facilitate future growth. Although our second quarter results are below expectations, the overall fiscal health of our organization will enable us to continue to meet evolving industry needs moving forward. There are opportunities in the coming months we expect to close that can make a significant positive fiscal impact in the second half of 2021 and into 2022. Coupled with our industry-leading customer service and our excellent health and safety record, Claystone is a premier waste management organization in our marketplace. During the entire pandemic restrictions, Claystone services have been at full operation to our customers. Since the beginning of 2021, Claystone has maintained its goal of zero reportable employee injuries.”
Highlights of the Claystone Waste's fiscal performance are as follows:
- Claystone Waste generated $10.9 million in revenue in 2021 which is $2.1 million lower than the same period in the prior year.
- Claystone Waste has operated through the second quarter with a year-to-date net income of $1.28 million.
- Claystone Waste generated $812 k in positive net income in the second 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 second quarter with $3.4M in positive cash flow from operations, $71.7M in assets and no existing external debt.
- Overall Claystone Waste’s Statement of Financial Position is healthy with the only liabilities being accounts payable and landfill closure and post closure obligation.
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.
