National Waste Management Holdings, Inc. Announces Financial Results for the Full Year Ended December 31, 2016
April 19, 2017 at 08:30 am EDT
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National Waste Management Holdings, Inc. announced financial results for the full year ended December 31, 2016. 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. 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. Cash flows from operating activities for the twelve months ended December 31, 2016, increased to over $1.0 million.
National Waste Management Holdings, Inc. through its subsidiaries provide a full-service solid waste management company. It is focused on five businesses related to waste removal and management, which includes landfill services, roll-off dumpster services, commercial and residential trash collection, transfer station operations, and paper shredding and data destruction. It specializes in construction and demolition landfill and roll-off services. It offers commercial and residential dumpster service and roll-off boxes for construction and cleanup projects specializing in the removal of debris, garbage, waste, hauling construction and demolition debris, focused on servicing general contractors, new home builders, reconstruction, renovation, landscaping, and home improvement professionals. It also provides grinding, demolition, mulch, and gravel services. Its subsidiaries include Sand/Land of Florida Enterprises, Inc., Waste Recovery Enterprises, LLC, and Gateway Rolloff Services, LP.