Scottsdale-based Allied Waste Industries, the nation’s second-largest waste hauler, reported increased revenue and net income for the first quarter of 2005.
The company also discussed the results of refinancing its debt during the quarter that ended March 31.
"We are pleased with the operating performance for the first quarter as we achieved results consistent with our full year goals for 2005," said Charles Cotros, chairman and CEO. "Our operating plan remains on track supported by steady internal growth in both the collection and disposal segments of the business as well as reductions in our customer turnover rate."
Revenue for the quarter increased by $30 million, or 2.4 percent, to $1.3 billion from $1.27 billion in the first quarter of 2004. Revenue totaled $1.34 billion in the fourth quarter of last year. The higher revenue resulted from increases in pricing and sales, and recycling revenue.
Net income for the quarter increased to $24.7 million from $3 million in the first quarter of 2004. Net income totaled $17.4 million in the fourth quarter of last year.
As announced last month, Allied Waste completed its 2005 multi-faceted financing plan, lowering its overall borrowing cost, reducing near term maturities, increasing liquidity available under its revolving line of credit and improving the cushion under its loan agreements.
The company’s debt remains more than $8 billion.
"The benefit of the firstquarter refinancing is that we have no significant maturities over the next three years," said Pete Hathaway, executive vice president and chief financial officer. Allied Waste’s stock closed Tuesday at $7.04 a share, down 2 percent.