IESI-BFC's Net Income Declines Slightly in 2009

Toronto-based IESI-BFC Ltd.’s net income and revenues declined slightly in 2009. Last year, the firm posted a net income of $53.7 million on $1.01 billion in revenue. In 2008, the company made a net income of $55 million on $1.05 billion in revenue.

In fourth-quarter 2009, IESI-BFC posted a net income of $9.88 million on $262.5 million in revenue. During the same period in 2008, the company made a net income of $9.92 million on $243.6 million in revenue.

IESI-BFC Ltd. has agreed to purchase Waste Services, and the transaction is slated to close this quarter.

“Our achievements in 2009 include two successful equity offerings, a strengthened balance sheet and a listing on the New York Stock Exchange,” said Keith Carrigan, vice chairman and CEO of IESI-BFC, in a press release. “We also began the process of acquiring WSI, a merger that, when completed, will position us as North America's third largest solid waste management company. As we move forward, we will maintain our disciplined focus on continuous improvement and value creation.”

TAGS: Financials