Consolidated Envirowaste Industries Inc.
TSX VENTURE : CWD

Consolidated Envirowaste Industries Inc.

March 02, 2009 14:59 ET

Consolidated Envirowaste Reports 2009 1st Quarter Results

ABBOTSFORD, BRITISH COLUMBIA--(Marketwire - March 2, 2009) - Consolidated Envirowaste Industries Inc. (TSX VENTURE:CWD) announced today its results for the three months ended December 31, 2008. A complete copy of the Company's unaudited interim financial statements and accompanying management's discussion and analysis is available on SEDAR at www.sedar.com. Excerpts from the first quarter unaudited financial statements are as follows:



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For the three months ended December 31 2008 2007
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Total revenues $ 3,790,740 $ 3,807,287
Net loss for the period $ (516,479) $ (629,185)
Loss per share-basic ($0.05) ($0.06)
Loss per share-diluted ($0.05) ($0.06)
Weighted average number of common shares
outstanding-basic 10,414,699 10,414,699
Weighted average number of common shares
outstanding-diluted 10,414,699 10,414,699

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The Company recorded a first quarter loss of $516,479 or $0.05 per share ($0.05 per share diluted) for the three months ended December 31, 2008 compared to a net loss of $628,185 or $0.06 per share ($0.06 per share diluted) for the quarter ended December 31, 2007.

Revenue for the first quarter of fiscal 2009 was slightly lower than revenue for the first three months of fiscal 2008 assisted by a favourable currency translation difference of approximately $634,000 following a decline of 23% in the Canadian dollar from the first quarter of last year. The Company's U.S. revenues continued to be impacted by the malaise in Florida's economic conditions. Lower fuel prices and cost control initiatives preserved operating margins at slightly better than last year levels and reduced first quarter losses compared to last year. The Company's operating results reflected core operating levels typical of the late fall/early winter cycle and current economic circumstances in the United States with an absence of severe weather conditions experienced in prior first quarters of the past two to three years.

With no immediate end to the U.S. financial and general economic crisis in sight, the Company expects operating conditions for its Florida unit to remain very challenging throughout 2009. The Western Canadian economy appears to be somewhat insulated thus far from the global economic crisis and we expect the Company's Canadian Operations to reflect seasonal operating characteristics during the second quarter. The Company will continue to maintain tight control over operating costs and adjust operations to face the current economic conditions and take advantage of any opportunities that might arise as we continue to explore new initiatives.

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

Forward-Looking Statements This report contains statements that are forward-looking in nature. Readers are cautioned that such forward-looking statements are not guarantees and may involve known and unknown risks and uncertainties that could cause the actual results of the Company to be materially different from those expressed or implied by those forward-looking statements. Such risks include, among others: general economic and business conditions, weather factors, competition, product selling prices, the cost and availability of raw materials, operating costs, changes in foreign currency exchange rates, dependence on contracts, the regulatory environment, seasonality, risk of liability for environmental damage, risks associated with litigation, and concentration of shareholder control. For a fuller description of those risks, please see the sections headed "Critical Accounting Estimates" and "Risk Factors" in management's discussion and analysis for the three months ended December 31, 2008, a copy of which is available under the Company's name on SEDAR at www.sedar.com.

Consolidated Envirowaste Industries Inc.

James E. Darby, Chairman and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Consolidated Envirowaste Industries Inc.
    James E. Darby
    Chairman and Chief Executive Officer
    (604) 856-6836
    (604) 856-5644 (FAX)