Solid waste services company Meridian Waste Solutions Inc., which is publicly listed on the NASDAQ exchange, reported financial and operational results for the third quarter.
“We continue to integrate and improve efficiencies in our Mid-Atlantic segment, particularly our Virginia assets, and uncover ways to improve margins,” Chairman and CEO Jeff Cosman said in a statement.
“Thanks to being able to access the capital markets for an additional $5 million over the past few months, we have been able to deploy new equipment in Virginia to be able to improve our operating efficiencies and margins. It is these developments and processes that increase our value for the longer-term. We continue to look for growth opportunities in all areas of our waste operations; the core platform of waste management and services and the emerging growth innovations and technology.”
Cosman also lauded the firm’s recent deal to attain exclusive licensing of the AST-Organosolv Process Technology from American Science and Technology Corp.
“We believe that our partnership with and investment into American Science and Technology provides us with exclusive biomass separation and conversion technology that will give us significant advantages in the biomass market,” Cosman said.
Other highlights included:
- The company posted record quarterly revenues of $14.8 million, increased 77 percent compared to the third quarter of 2016, primarily due to the acquisition of the CFS Group.
- It posted organic revenue growth of 9.0 percent
- Operating expenses as a percentage of revenue declined to 70 percent, from 80 percent in the second quarter 2017;
- Adjusted EBITDA was $3.4 million, for the core waste management and services segment, in relation to interest expense of $2.7 million
- Gross profit improved by $1.5 million to $4.5 million in the three months ended September 30, 2017, as compared to a $3.0 million gross profit in the three months ended September 30, 2016.
- Net loss attributable to common shareholders for the three months ended September 30, 2017 increased by $3.7 million to $7.4 million or $0.71 per share, as compared to $3.7 million or $2.96 per share in the three months ended September 30, 2016.