HERNANDO, FL--(Marketwired - Nov 14, 2016) - National Waste Management Holdings, Inc. (OTCQB: NWMH) ("National Waste") today announces financial results for the three and nine months ended September 30, 2016, as well as provided a general business update.
Third Quarter 2016 Highlights:
- Revenue for the three months ended September 30, 2016, increased 269% to $1.7 million;
- Revenue for the nine months ended September 30, 2016, increased 262% to $4.8 million;
- Cash flows from operating activities for the nine months ended September 30, 2016, increased 76% to $860,665;
- Appointed corporate finance veteran Dali Kranzthor as National Waste CFO
- Continued to see positive results from aggressive acquisition strategy
Louis Paveglio, CEO of National Waste Management Holdings Inc., stated, "We are pleased to report our third-quarter 2016 results, marking three consecutive quarters of triple-digit quarterly revenue growth. Our third-quarter performance largely reflects the effectiveness of our acquisition strategy and, in correlation, our growing customer base. Moving forward, we expect to see continued improvements in profitability as a result of our acquisitions of WRE and Gateway in 2015, supported by our acquisition of Sivart Services earlier this year and our rapidly expanding presence in the northeast. We are excited about the momentum of our initiatives, and look forward to expanding our solid waste solutions to meet growing demand."
Revenue for the three months ended September 30, 2016, increased 269% to $1.7 million, as compared to revenue of $479,698 reported for the comparable quarter of 2015. This increase is due to the WRE and Gateway acquisitions during the fourth quarter of 2015 as well as increases in the overall customer base and expanding sales to current customers.
Net loss for the three months ended September 30, 2016, was $(210,649) versus net income of $81,754 for the comparable quarter of 2015. The $292,403 decrease is primarily attributable to the increased charges to depreciation and amortization expense after the acquisitions of WRE and Gateway.
"During the third quarter of 2016 we continued to execute on our business model and build our team and footprint through effective management and acquisitions," says National Waste CFO Dali Kranzthor. "When I joined National Waste in the fall of this year, I walked into a flurry of progression and look forward to providing my expertise for continued growth for the remainder of 2016 and beyond."
About National Waste Management Holdings Inc.
National Waste Management Holdings Inc. is a growing and emerging vertically integrated solid waste management company with a concentration on C&D collection, hauling and recycling. National Waste services Florida's west coast and upstate New York and is a distinguished leader in solid waste services. More information may be found at the Company's website: http://www.nationalwastemgmt.com.
This release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, and are made in reliance upon the protections provided by such Acts for forward-looking statements. We have identified forward-looking statements by using words such as "expect," "believe," and "should." Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form SEC filings.