National Waste Management Holdings Inc. Reports Third Quarter 2015 Financial Results and Provides Business Update

Revenue Increases 13.5% to $479,698

Gross Margin Improves 800 Basis Points

Shareholder's Equity Increased by $556,552 to $453,180

Profitable for the Third Quarter of 2015

16 Nov, 2015, 07:31 ET from National Waste Management Holdings, Inc.

HERNANDO, Fla., Nov 16, 2015 /PRNewswire/ -- National Waste Management Holdings, Inc. (OTCQB: NWMH), today announced financial results for the third quarter ending September 30, 2015 and provided a general business update.

Third Quarter 2015 Highlights:

  • Revenue for the third quarter of 2015 increased 13.5% to $479,698 compared to $422,636 for the same period last year;
  • Gross margin for the third quarter of 2015 improved 800 basis points to 55.0% compared to 47.0% for the third quarter of 2014;
  • Shareholders' equity increased to $453,180 at September 30, 2015, compared to a loss of ($103,372) at the end of 2014;
  • Completes acquisition of Waste Recovery Enterprises LLC.

Louis Paveglio, CEO of National Waste Management Holdings Inc., stated, "We achieved profitability this quarter, while continuing to strengthen our balance sheet with shareholders' equity increasing to $453,180 at September 30, 2015, compared to negative equity of ($103,372) at the end of 2014. Revenue increased by 13.5% to $479,698 versus the same period last year primarily due to the addition of new customers and expanded sales to our existing customers. At the end of September, we announced that we received an expansion permit and a 10-year permit renewal for our landfill operations. This permitting will bring us well into the next decade and allow us to develop our current operations as well as identify additional growth opportunities to help fuel our expansion into a full service solid waste management company."

"As we continue to execute on our business strategy, last month we announced that we have acquired Waste Recovery Enterprises LLC located in Bainbridge, New York. Waste Recovery Enterprises operates a permitted waste processing and disposal facility. The facility has been in continuous operation since 1998 and principally serves the northeastern U.S. industrial and residential markets. The addition of this facility to National Waste's family of permitted facilities provides us with a northeastern presence and an exceptional platform to better serve and expand into key waste markets. We expect this acquisition to generate revenue in excess of $1,500,000 annually with gross profit margins of approximately 45%."

"We have identified several other acquisitions that are consistent with our business strategy to acquire facilities that increase our geographic footprint, augment services to existing customers, and attract new customers in under serviced markets. We look forward to providing additional updates in the future."

Revenue for the quarter ended September 30, 2015 was $479,698 versus $422,636 for the quarter ended September 30, 2014. The increase in revenue was due to the addition of new customers and expanded sales to our existing customers. Gross profit in the third quarter of 2015 was $263,615 or 55% of revenue versus $198,428 or 47% of revenue for the same period in 2014. Operating income for the third quarter of 2015 was $116,140 versus operating income of $63,401 for the third quarter of 2014. Net income for the third quarter of 2015 was $81,754 or $0.001 earnings per share, versus net income of $61,435 or $0.001 earnings per share for the third quarter of 2014. 

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: 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.

(tables follow)

  

National Waste Management Holdings, Inc.

Consolidated Balance Sheets









Assets



2015


2014


Current assets:



(unaudited)





Cash and cash equivalents


$

471,514

$

108,642



Accounts receivable, net



217,172


105,625



Prepaids and other current assets



10,010


3,685



Due from related party



8,400


8,400



















Total current assets



707,096


226,352















Property and equipment, net



672,627


744,405














Other assets:








Intangible assets, net



45,905


36,325



Secured letter of credit



324,950


324,950



Deposits on landfill acquisition



225,000


-



Other deposits 



8,750


17,412



















Total other assets



604,605


378,687



















Total assets


$

1,984,328

$

1,349,444














Liabilities and Stockholder's Equity (Deficit)


Current liabilities:








Accounts payable and accrued expenses


$

65,461

$

19,336



Current portion of capital lease obligations



24,093


21,228



Due to related party - accrued interest



27,841


22,308



Income taxes payable 



126,287


32,242



















Total current liabilities



243,682


95,114














Long-term liabilities:








Capital lease obligations, net of current portion



109,614


128,060



Environmental remediation obligation



424,596


424,596



Loan from shareholder 



704,547


756,337



Long term deferred tax liability 



48,709


48,709



















Total liabilities


$

1,531,148

$

1,452,816














Commitments and contingencies (see note 5)



















Stockholders' equity (deficit):








Common stock, no par value; 250,000,000 shares









authorized, 60,451,842 and 60,000,000 shares









issued and oustanding at September 30, 2015









and December 31, 2014, respectively 


$

-

$

-



Preferred stock, no par value; 10,000,000 shares 









authorized, 1 share and 0 shares issued and 









outstanding as of September 30, 2015 and 









December 31, 2014, respectively



-


-



Additional paid-in capital



267,496


9,454



Common stock subscribed



113,640


-



Retained earnings (deficit) 



72,044


(112,826)



















Total stockholders' equity (deficit) 



453,180


(103,372)



















Total liabilities and stockholders' equity (deficit)


$

1,984,328

$

1,349,444














  

National Waste Management Holdings, Inc

Statement of Operations

(Unaudited)



















































Nine Months 


Nine Months 


Three Months


Three Months









Ended 


Ended 


Ended 


Ended 









September 30, 


September 30, 


September 30, 


September 30, 









2015


2014


2015


2014









(unaudited)


(unaudited)


(unaudited)


(unaudited)


















Revenues

$     1,349,824


$     1,241,572


$        479,698


$        422,636


















Cost of revenues

661,622


698,313


216,083


224,208























Gross profit

688,202


543,259


263,615


198,428


















Selling, general and 










administrative expenses

380,775


331,085


147,475


135,027























Income from operations

307,427


212,174


116,140


63,401


















Other income (expenses):











Interest expense

(23,705)


(6,494)


(4,085)


(1,966)




Other expenses

(4,807)


-


-


-























Total other income (expenses)

(28,512)


(6,494)


(4,085)


(1,966)


















Income before income taxes

278,915


205,680


112,055


61,435


















Income tax expense 

94,045


-


30,301


-


















Net income 

$        184,870


$        205,680


$          81,754


$          61,435


















Net income per common share: 






























Basic 

$            0.003


$            0.004


$            0.001


$            0.001








Diluted 

$            0.003


$            0.004


$            0.001


$            0.001


















Weighted average number of shares outstanding






























Basic 

60,126,602


55,784,444


60,269,156


63,111,111








Diluted 

60,126,602


55,784,444


60,269,156


63,111,111














































































Investor Relations:
Natalya Rudman
Crescendo Communications, LLC
+1-(212) 671-1020, Ext:304
nwmh@crescendo-ir.com

 

SOURCE National Waste Management Holdings, Inc.



RELATED LINKS

http://www.nationalwastemgmt.com