Consolidated Envirowaste Industries Inc.

Consolidated Envirowaste Industries Inc.

March 01, 2005 18:07 ET

Consolidated Envirowaste Reports 2005 1st Quarter Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CONSOLIDATED ENVIROWASTE INDUSTRIES INC.

TSX VENTURE SYMBOL: CWD

MARCH 1, 2005 - 18:07 ET

Consolidated Envirowaste Reports 2005 1st Quarter
Results

ABBOTSFORD, BRITISH COLUMBIA--(CCNMatthews - March 1, 2005) -
Consolidated Envirowaste Industries Inc. (TSX VENTURE:CWD) announced
today its results for the three months ended December 31, 2004. A
complete copy of the Company's report for the quarter is available at
www.sedar.com. Excerpts from the unaudited financial statements are as
follows:



December 31 2004 2003
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Revenue $ 7,173,264 $ 4,874,359
Income before income taxes 1,032,123 119,653
Income (loss) from continuing
operations after income taxes 520,602 (31,966)
Income from discontinued operations 15,027 21,579
Net (loss) income for the period 535,629 (10,387)
Basic earnings per common share 0.05 0.00
Diluted earnings per common share 0.05 0.00
Weighted average common shares
outstanding 10,247,199 10,016,044
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On a revenue increase of 47%, a 667% increase in operating income, and a
763% increase in pre-tax net income from continuing operations,
Consolidated Envirowaste Industries Inc. reported net income from
continuing operations for the three months ended December 31, 2004 of
$520,602 or $0.05 per share ($0.05 per share diluted) compared to a net
loss from continuing operations of $31,966 or $0.00 per share ($0.00 per
share diluted) for the three months ended December 31, 2003.

Overall net income rose $546,000 to $535,629 or $0.05 per share ($0.05
per share diluted) for the first quarter of 2005 compared to a loss of
$10,387 or $0.00 per share ($0.00 per share) for the three months ended
December 31, 2003.

While results of the Canadian operations reflected expected seasonal
values, the momentum carried over from the hurricanes occurring late in
our 2004 fiscal year, increased all aspects of our operating results,
cash flows and cash position, producing our strongest first quarter
results in several years. Our CRR(Georgia) subsidiary, presented as
discontinued operations in our operating results, completed its
processing and site remediation commitments by the end of the quarter.
The unit will man a weigh scale as a courtesy to one of its customers
for the next three months and then be wound up.

The Company continued to generate strong cash flows from its operations
during the three months ended December 31, 2004-up $674,896 over the
same quarter last year to $971,260. After changes in working capital
items, the Company generated cash flows of $796,380 in its first quarter
of 2005 compared to $622,625 compared to the first quarter last year-an
increase of nearly 28%. Our cash position increased just over $353,000
for the quarter compared to only $9,987 for the comparable period last
year and our cash position doubled to $2,766,969 compared to $1,331,363
at December 31, 2003.

Consolidated Envirowaste Industries Inc. is a leading processor of wood
and other organic wastes in Western Canada, Florida and Georgia. The
Company markets and supplies biomass boiler fuel for electric generation
facilities, charcoal manufacturers and pulp and paper mills in the U.S.
as well as bulk landscaping products in each of these regions, and
packaged soil products to major Western Canadian retailers.

Consolidated Envirowaste Industries Inc.

James E. Darby, Chairman and Chief Executive Officer


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Consolidated Envirowaste Industries Inc.
    James E. Darby
    Chairman and Chief Executive Officer
    (604) 856-6836
    (604) 856-5644 (FAX)
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.