Waste Services' Profit Rises in 2009

Burlington, Ontario, Canada-based Waste Services net income grew in 2009. Last year, the firm posted a net income of $14 million on $434.5 million in revenue. In 2008, the company’s net income was $9.6 million on $473 million in revenue.

In fourth-quarter 2009, Waste Services posted a net loss of $119,000 on $118.8 million in revenue. During the same period in 2008, the company posted a net loss of $105 million on $102.4 million.

Toronto-based IESI-BFC Ltd. has agreed to purchase Waste Services. The transaction is slated to close this quarter.

“We are pleased to again be reporting record financial results for a quarter as the company continues to improve margins and profitability,” said David Sutherland-Yoest, president and CEO of Waste Services, in a press release. “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.”