Business & Finance
Business and Finance
Business and Finance 
Tue, May 11, 2010
BWI Holdings, Inc. Subsidiary Reports $1,705,000 Year-End Operating Results as Compared to $242,000
CALGARY, AB--(Marketwire - May 11, 2010) - BWI Holdings, Inc. (
Jim Can, BWI CEO, observed, "Given the tough economic climate that has affected all of us over the past year, we are very pleased to have come through this as strongly as we have. I am extremely proud of our team, all of whom have worked hard, persevered, and at the same time continued to provide our customers with excellent service. Although it is early in our fiscal year, we expect to increase our sales and improve profitability in 2011."
For the year ended March 31, 2010, the Company reported revenues of $7,963,000, as compared to $11,530,000 for the year ended March 31, 2009. "A substantial decrease," Can said, "but to be expected, considering the downturn of the residential and industrial construction markets."
Gross margins for the year ended March 31, 2010 were $2,414,000, representing 30.3% of revenue. The comparative amount was $3,671,000, or 31.8% of revenue for the year ended March 31, 2009. Selling, general and administrative ("S,G&A") expenses decreased to $2,514,000 for the year ended March 31, 2010, from $4,200,000 for the year ended March 31, 2009, and from $2,117,000 in the three month period in 2008, a decrease of 42.5%.
Non-cash charges, such as depreciation and amortization, decreased to $732,000 in the year ended March 31, 2010 from $1,354,000 for 2009.
Cash generated from operations during the year ended March 31, 2010 was roughly $1,088,000 which was primarily used to repay obligations under capital leases and restructuring costs. All figures are in US dollars and have been prepared by management. The figures have not been audited, reviewed or otherwise verified for accuracy and completeness.
A summary of the Company's operating results for the years ended March 31, 2010 and 2009 are presented in the table below.
For the For the Year Year Ended Ended March March 31, 31, 2010 2009 (000's) (000's) Revenue 7,963 11,530 Gross Margin 2,414 3,670 Gross Margin as a percent of revenue 30.3% 31.4% Selling and Admin Expenses 2,514 4,200 Selling and Admin as a percent of revenue 31.6% 36.4% Depreciation 732 1,354 Comprehensive Income 1,705 242 EBITDA 2,630 1,980 Net Income per share 0.03 0.01 EBITDA per share 0.05 0.04
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About Budget Waste
Budget Waste Inc. is a waste solutions company in Western Canada providing complete waste and recycling services to commercial, industrial, construction, homebuilding, oilfield and residential clients. With our broad range of innovative services we offer our customers more value for their dollar and reduce accounting costs by providing streamlined billing. BWI is currently following its growth through acquisition strategy with exceptional success. With regulations throughout North America pressing companies and individuals to be more vigilant in the way they handle their waste products, we see vast opportunities for expanding our distinctive services. We are confident that extraordinary growth and focus on customer needs will bring our stockholders outstanding value for the confidence they have placed in BWI.
Safe Harbor Act Notice:
Certain information included in this press release, may contain forward-looking statements about our current and expected performance trends, growth plans, business goals and other matters. These statements may be contained in our filings with the Securities and Exchange Commission, in our press releases, in other written communications, and in oral statements made by or with the approval of one of our authorized officers. Information set forth in this press release contains various "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. The Private Securities Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.