WCA Waste Corp. posted a 33.1 percent drop in net income because of a one-time charge, but the company reported a hefty increase in revenue.
Net income reached $524,000 in the period ended Sept.30, compared to net income a year ago of $783,000. Revenue increased 25.5 percent to $74.4 million compared to $59.3 million in the third quarter of 2010. Income in 2011 was affected by a $1.7 million charge for the extinguishment of senior secured notes.
The company said in a news release that pricing increased 1.7 percent in the quarter and volumes 3 percent.
"The third quarter revenue and earnings growth is a strong indication of the underlying strength of WCA's operations,” said Tom Fatjo Jr., chairman and chief executive officer. “Internal growth of 4.7 percent reflects a renewed growth trend for the industry."
For the first nine months, WCA reported a loss of $1.86 million compared to net income of $1.36 million a year earlier. Operating income, however, rose slightly to $19.5 million. Revenue advanced 19.7 percent to 205.7 million compared to $171.9 million in 2010.