Budget Waste, Inc. Announces Revenues Up Significantly
2008-04-25 06:00 ET - News Release
CALGARY, AB -- (MARKET WIRE) -- 04/25/08
Budget Waste, Inc. (PINKSHEETS: BDGW), a leading provider of waste and recycling services to industrial, residential, and commercial clients is pleased to announce the following positive financial information for the periods ending March 31, 2007 and March 31, 2008.
Revenues for March 31, 2008 are up considerably in all segments of operations, leading the way with:
Front load 177.8% increase,
Recycling 169.5% increase,
Other 144.1% increase,
Residential 59.1% increase,
Port-a-potties 52.8% increase,
Small roll off 46.4% increase,
Fencing 42.4% increase,
Large roll off 16.5% increase and
Liquid services 4.7% increase.
All divisions showed a healthy trend having increased revenues over the previous year.
"We are very pleased with the performance of our management team in all areas of operations. This increase across the board shows strength in leadership throughout the organization and reflects the commitment to put BWI ahead of all competitors in all aspects of operations," stated Jim Can, President and CEO. "I am exceptionally pleased with the way our team has performed over the past 2 years. These figures promote confidence in our entire staff that we are moving in the right direction. All of our marketing initiatives are falling into place and the future looks very bright indeed. We projected an increase in revenues of 55% earlier this year, although we missed that mark by a very small amount I believe that 54.6% growth shows exceptional strength and everyone involved is to be commended." He also added, "Our cost of sales remained relatively close to the previous year although sales were up dramatically, this contributed to the positive gain in gross margin for the '08 year end. Unfortunately, we were still operating in a loss position at year end, however the amount of loss was significantly reduced from the previous year. I am looking forward to more positive change in the first quarter."
Following is the breakdown of unaudited revenues for BWI with a listings comparing the previous two years showing increases in dollar amounts as well as percentages.
Budget Waste, Inc.
31-Mar-08
Summary of Revenue for the Year Ended March 31, 2008, and 2007
2008 2007 Increase % Increase
---------- ---------- ---------- ----------
Large Roll Off 2,788,388 2,393,964 394,424 16.5%
Small Roll Off 6,391,945 4,365,572 2,026,373 46.4%
Port-a-Potties 1,219,773 798,204 421,569 52.8%
Fencing 199,431 140,053 59,378 42.4%
Liquid Services 2,516,104 2,402,255 113,849 4.7%
Residential 1,837,257 1,154,768 682,489 59.1%
Recycling 385,970 143,198 242,772 169.5%
Front Load 468,809 168,773 300,036 177.8%
Other 760,426 311,493 448,933 144.1%
---------- ---------- ---------- ----------
Total in $Cdn 16,568,103 11,878,280 4,689,823 39.5%
Total in $US 16,140,646 10,441,008 54.6%
@0.9742, 2007 - 0.8790
Cost of Sales 11,820,749 11,512,868 307,881 2.7%
Gross Margin 4,747,354 365,412 4,381,942 1199.2%
% of sales 28.7% 3.1%
General, Selling and Admin 5,424,323 3,976,645 1,447,678 36.4%
---------- ----------
-676,969 -3,611,233 2,934,264 -81.3%
Budget Waste, Inc. is a waste solutions company in Western Canada providing complete waste and recycling services to commercial, industrial, construction, homebuilding, oilfield and residential clients. With our broad range of innovative services we offer our customers more value for their dollar and reduce accounting costs by providing streamlined billing. BWI is currently following its growth through acquisition strategy with exceptional success. With regulations throughout North America pressing companies and individuals to be more vigilant in the way they handle their waste products we see vast opportunity for expansion of our distinctive services. We are confident that extraordinary growth and focus on customer needs will bring our stockholders outstanding value for the confidence they have placed in BWI.
For more information on Budget Waste, Inc., please visit our web site at www.budgetwaste.com or contact our investor relations department at:
Budget Waste, Inc.
Investor Relations
Mike Kolankowski
3915 - 61st Ave. SE.
Calgary, AB T2C 1V5
Ph.: 403-255-2900
Toll Free: 1-888-255-2990
Fax: 403-255-3237
Email: ir@budgetwaste.com
Safe Harbor Act Notice: This release may contain forward-looking statements that involve risks and uncertainties, including without limitation, acceptance of the company's products, increased levels of competition, product and technological changes, the company's dependence upon financing and third-party suppliers, and other risks detailed from time to time in the company's federal filings, annual report, offering memorandum, or prospectus. Specifications are subject to change without notice.
Budget Waste, Inc.
Investor Relations
Mike Kolankowski
3915 - 61st Ave. SE.
Calgary, AB T2C 1V5
Ph.: 403-255-2900
Toll Free: 1-888-255-2990
Fax: 403-255-3237
Email: Email Contact
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