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Waste Business Journal Weekly News Bulletin: Feb. 13-19, 2003

Headlines...

  1. Allied Purchases American Ecology Texas Landfill
  2. Waste Management Reports Fourth-Quarter Earnings, Estimates
  3. Environmental Safeguards' Onsite, Onyx Enter Global Alliance
  4. Windswept Reports Fourth-Quarter Results
  5. Tetra Tech Purchases Foster Wheeler Environmental For $80 Million
  6. American Ecology Reports Strong 2002 Results
  7. Steam Cleaning Agrees To Purchase Waste Remediation Systems
  8. Environmental Elements Reports Loss In Third Quarter

 

  1. Allied Purchases American Ecology Texas Landfill

    Allied Waste Industries has purchased American Ecology Corp.'s El Centro municipal and industrial waste landfill near Corpus Christi, Texas for $10 million cash, and future volume-based royalty payments. The purchase agreement also provides incentives for Allied to bring certain industrial waste to the Texas Ecologists hazardous waste facility, and for American Ecology to utilize the El Centro landfill. Opened in July 2000, the El Centro landfill was carried on American Ecology's books at approximately $7 million prior to sale. The sale should result in a pre-tax gain on sale for American Ecology of approximately $5 million to be recognized during the first quarter of 2003...Read More »

  2. Waste Management Reports Fourth-Quarter Earnings, Estimates

    Waste Management Inc. has reported better-than-expected fourth-quarter earnings, but said a flat economic outlook has forced it to become more conservative about 2003 guidance. The company reported fourth-quarter earnings per share of $0.39, better than the $0.34 expected by a consensus of analysts polled by Thomson First Call. But the company said it expects to come in on the low side of the range of $ 1.40 to $1.50 for 2003 earnings per share projected by the analysts. In 2002, the company reported net earnings of $1.33. In the first quarter, the company will reduce employees by 700, taking a one-time severance charge of $20 million. Waste Management also said it expects to end 2003 with $900 million to $1 billion of free cash...Read More »

  3. Environmental Safeguards' Onsite, Onyx Enter Global Alliance

    Environmental Safeguards, Inc. (OTC Bulletin Board: ELSF) has announced that its wholly owned subsidiary OnSite Technology LLC has entered into a global alliance with Onyx Environmental Services, L.L.C. OnSite and Onyx will each assist one another as preferred suppliers and jointly bid on projects that may utilize the services, expertise, or equipment of each party. OnSite's ITD technology uses a heat jacketed rotating chamber that vaporizes hydrocarbons and hydrocarbon derivatives from contaminated materials, and a condenser that liquefies the vapor into hydrocarbon liquids of better than 99 percent purity, for reuse. A single ITD unit can process one to 10 short tons of waste per hour, depending on its content...Read More »

  4. Windswept Reports Fourth-Quarter Results

    Windswept Environmental Group, Inc. (OTC: WEGI) has announced operating results for the three months ended Dec. 31, 2002. Revenues decreased by $7.1 million or 55% to $5.9 million for the period ended Dec. 31, 2002 from $13.0 million for the period ended Jan. 1, 2002. The net loss for the period ended Dec. 31, 2002 was $202,651 or $.00 per common share, compared to net income of $598,885 or $.01 per common share for the period ended January 1, 2002. The decrease in revenues and profitability is primarily attributable to the absence of work performed in downtown Manhattan related to the terrorist attack on the World Trade Center, which occurred in the comparable period in the prior year. The company has been able to sustain revenue streams, other than from large catastrophes, by obtaining large mold and other remediation contracts and projects...Read More »

  5. Tetra Tech Purchases Foster Wheeler Environmental For $80 Million

    Tetra Tech Inc. has agreed to buy substantially all the assets of Foster Wheeler Environmental Corp. for $80 million in cash. Foster Wheeler Environmental, a unit of Clinton, N.J.-based Foster Wheeler Ltd. (NYSE:FWC), provides environmental and hazardous waste management services to the federal government. The unit, which employs about 1,600 people, had 2002 net revenue of about $160 million. Tetra Tech said the acquisition will strengthen its position with the Department of Defense and provide a foothold in the Department of Energy market. The company posted $181 million in net revenue for the first fiscal quarter...Read More »

  6. American Ecology Reports Strong 2002 Results

    American Ecology Corporation has announced that for the twelve months ending December 31, 2002, the company posted operating income from continuing operations of $8.9 million. This was an increase of $5.8 million, or 187%, over the $3.1 million operating income from continuing operations reported in 2001. Reported financial results for the quarter and year ending December 31, 2002 include $7.0 million in charges for discontinued operations at the company's Oak Ridge, Tennessee subsidiary...Read More »

  7. Steam Cleaning Agrees To Purchase Waste Remediation Systems

    Steam Cleaning USA, Inc. has entered into a formal letter of intent to purchase Waste Remediation Systems and Bio-Solutions of Maryland, LLC. Steam Cleaning provides for the steam cleaning and maintenance of shopping carts in six Midwest States. Waste Remediation Systems, Inc. provides biological solutions to industries that seek cost-effective, environmentally friendly forms of waste remediation...Read More »

  8. Environmental Elements Reports Loss In Third Quarter

    Environmental Elements Corporation (Amex: EEC) has reported a net loss of $1.9 million ($0.26 per share) on sales of $9.3 million for its third fiscal quarter ended Dec. 31, 2002, compared to net income of $703,000 ($0.10) per share on sales of $20.1 million for the same period last year. For the nine months ended December 31, 2002, the Company reported a net loss of $2.2 million ($0.31 per share loss) on sales of $32.9 million, compared with net income of $1.3 ($0.19 per share) on sales of $55.7 million during the same period last fiscal year...Read More »

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