HERNANDO, FL -- (Marketwired) -- 04/19/17 -- National Waste Management Holdings, Inc. (OTC: NWMH) ("National Waste") today announces financial results for the full year ended December 31, 2016, demonstrating continued revenue growth and strength in acquisition-based growth strategy.
Full-year 2016 Highlights:
- Revenues for the twelve months ended December 31, 2016, increased 161% to $6.3 million;
- Cash flows from operating activities for the twelve months ended December 31, 2016, increased to over $1.0 million;
- Acquired Northeast Data and Recycling, LLC and Sivart Services, LLC during the year ended December 31, 2016;
- Continued to see positive results from acquisitions of WRE and Gateway;
- Engaged corporate communications firm to increase shareholder dialogue and transparency;
- Appointed as CFO, Dali Kranzthor, and expanded board of directors;
- Upgraded technology to improve efficiency and reporting
Louis Paveglio, CEO of National Waste Management Holdings Inc., stated, "We executed a number of achievements throughout 2016, and are pleased to report the positive impacts of these initiatives in several respects. Our significant increase in full-year revenues was driven by the performances of companies within our growing acquisition portfolio and subsequent vertical market reach. Additionally, we enjoyed the impact of a stronger economy, an expanded customer base, and an increase in construction activity in Florida -- all of which also contributed to our top-line growth."
Revenue for the 12 months ended December 31, 2016, increased 161% to $6.3 million, as compared to revenue of $2.4 million reported for the full year ended December 31, 2015. This increase is due to a stronger national economy, better utilization of resources, the WRE and Gateway acquisitions during 2015, and the May 2016 acquisition of Sivart, which added Cooperstown, New York, to National Waste's geographical footprint in Upstate New York.
Net loss for the twelve months ended December 31, 2016, was $(765,208), as compared to a net loss of $(132,503) for the comparable period of 2015. Depreciation and amortization expense increased to $1.0 million during 2016, as compared to $271,311 in 2015. Adjusted earnings after adding back non-cash depreciation and amortization expense and a one-time non-cash impairment charge related to intangible assets of $159,977 in 2016 were $460,912 and $138,808, an increase of $322,104, or 232%. The increased adjusted earnings is attributable to the acquisitions of WRE and Gateway in 2015, Sivart in 2016, and increased operations at the Central Florida landfill.
"We continue to see exponential growth from our aggressive acquisition strategy as we pursue a strong pattern of vertical expansion," says National Waste CFO Dali Kranzthor. "Our commitment to increased corporate and shareholder value is evidenced through the steps we took throughout 2016 to position National Waste Management as a market leader in 2017 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.
Source: National Waste Management Holdings, Inc.
Released April 19, 2017