On an adjusted basis, fully diluted earnings per share were $0.031 for the first quarter of 2009 as compared to $0.027 in the first quarter of 2008.
The results for the quarter are highlighted by:
Internal revenue growth from price was $3.2 million or 2.8%, and the decline in Fuel Surcharge was $3.6 million or 3.0%;
Excluding recycled commodity sales, net of commodity surcharges, core internal revenue growth from price was 3.8%;
Internal revenue relating to volume declined by $5.4 million or 4.7%;
Foreign currency translation accounted for $10.9 million or 9.3% of the revenue reduction and the net expiration of municipal contracts accounted for a decline of $4.8 million or 4.1%.
David Sutherland-Yoest, Waste Services president and chief executive officer, said, We are pleased to report a strong start to the new year in our seasonally low first quarter and that we have had continued success as an aggressive price leader in our markets. The key to price leverage is providing strong customer service and I commend our district management for staying close to our customers and minimizing service issues. Volumes are down for the industry as a whole and we have experienced reduced special waste volumes at the landfills, but the cost savings initiatives put in place over the past three quarters helped us offset these declines to produce bottom line results slightly ahead of last year. Cash flow was strong in the quarter and we continue to pay down debt. As a result, we are in the best financial position in our history and look forward to taking advantage of our unique collection of assets.
