Waste Connections Posts Q4 Revenue Increase

Patricia-Anne Tom

Folsom, Calif. -- Waste Connections Inc. has announced revenue for its fourth quarter of 2003 was $150 million, a 14.2 percent increase over revenue of $131.3 million in the same period in 2002. For the year ended Dec. 31, 2002, the company noted revenue was $563.5 million, a 13 percent increase over the previous year. Operating income was $145 million.

According to the company, the increases provide a good momentum for the company in 2004. "2003 was an important year for Waste Connections as the benefits of our differentiated strategy continued to shine through in a difficult economy," said Ronald J. Mittelstaedt, chairman and CEO. "Our financial margins continue to lead the industry and were relatively stable year over year. In the fourth quarter, we signed or closed acquisitions with annualized revenues of almost $14 million, bringing the total annualized revenues acquired in the year to approximately $65 million ... exceeding our original target."

Moreover, Mittelstaedt added that there still are several acquisition candidates throughout the country. "But we continue to believe the vast majority of the more attractive opportunities are concentrated in the exclusive markets on the West Coast, and that Waste Connections is well positioned when these acquisition opportunities arise," he said.