Heritage-Crystal Clean, Inc. (HCCI) swung to a net profit for the quarter ended Mar. 25, 2017. The company has made a net profit of $4.76 million, or $ 0.21 a share in the quarter, against a net loss of $1.77 million, or $0.08 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $1.68 million, or $0.07 a share compared with a net loss of $0.79 million, or $0.04 a share in the last year period.
Revenue during the quarter went up marginally by 2.55 percent to $80.45 million from $78.45 million in the previous year period. Operating margin for the quarter period stood at positive 9.57 percent as compared to a negative 2.64 percent for the previous year period.
Operating income for the quarter was $7.70 million, compared with an operating loss of $2.07 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $8.14 million compared with $5.31 million in the prior year period. At the same time, adjusted EBITDA margin improved 335 basis points in the quarter to 10.12 percent from 6.77 percent in the last year period.
president and chief executive officer Brian Recatto commented, "While our revenue growth in the Environmental Services segment during the quarter was modest, this improvement reinforces our belief that we will continue to grow revenue in this segment throughout the remainder of fiscal 2017."
Working capital declines
Heritage-Crystal Clean, Inc. has witnessed a decline in the working capital over the last year. It stood at $36.84 million as at Mar. 25, 2017, down 17.39 percent or $7.76 million from $44.60 million on Mar. 26, 2016. Current ratio was at 1.89 as on Mar. 25, 2017, down from 1.96 on Mar. 26, 2016.
Days sales outstanding were almost stable at 44 days for the quarter, when compared with the last year period.
Debt comes down significantly
Heritage-Crystal Clean, Inc. has recorded a decline in total debt over the last one year. It stood at $28.51 million as on Mar. 25, 2017, down 59.04 percent or $41.11 million from $69.62 million on Mar. 26, 2016. Total debt was 10.09 percent of total assets as on Mar. 25, 2017, compared with 23.23 percent on Mar. 26, 2016. Debt to equity ratio was at 0.14 as on Mar. 25, 2017, down from 0.37 as on Mar. 26, 2016.
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