Burlington, Ontario, Canada-based Waste Services posted a net income of $5.6 million on revenue of $119.4 million in first-quarter 2010. During the same period in 2009, the firm reported a net income of $4 million on revenue of $95.8 million.
“We are pleased to again be reporting record financial results for a quarter as the company continues to sustain solid organic growth with expanding margins and rising profitability,” said David Sutherland-Yoest, president and CEO of Waste Services, in a press release. “By every measure of valuation in our industry, our first quarter results are the best in our company's history. As our business continues to improve on a stand-alone basis, the pending merger with IESI-BFC Ltd. has been well received by the market and brought substantial benefits to our shareholders, both in share price and trading liquidity. We look forward to the completion of the deal, working to realize the anticipated synergies between the two companies and an outstanding 2010 for the combined shareholder group.”