BEAVER COUNTY, Alberta, Apr. 27, 2021: Claystone Waste Ltd. (Claystone Waste), a western Canadian leader of environmental and operational excellence in the delivery of waste management services, today announced financial results for the first quarter ended March 31, 2021.
“Claystone Waste is in a strong financial position,” said Pierre Breau, Claystone Waste CEO. “With no external debt, Claystone has the flexibility to explore opportunities and facilitate future growth. Waste diversion efforts in the Edmonton metropolitan region highlight the need to continue to innovate and diversify our waste management service offerings but the overall fiscal health of our organization will enable us to meet evolving industry needs.”
Highlights of the Claystone Waste’s fiscal performance are as follows:
- In February 2021, Claystone Waste made a $3 million dividend payment to its shareholder municipalities based on 2020 financial performance. Claystone Waste also contributed $1.67 million to the investment fund relating to its landfill remediation and post closure obligation in the first quarter as part of Its ongoing commitment to fully fund environmental liabilities.
- Claystone Waste’s financial position is strong with positive cash flow of $1.33 million from operations, $70.4 million in assets and no existing external debt.
- Net income was $470k for the three months ended March 31, 2021, which is $653 k higher than the same period in the previous fiscal year due primarily to lower operating costs.
- Anticipated volumes of landfill waste disposals were lower than forecast in the first quarter mainly due to reduced tonnes of municipal solid waste from the Edmonton metropolitan region.
- Profitability is expected to improve in subsequent results as waste disposals increase in the spring, summer and fall periods. First quarter results are thus not reflective of the expected results for the 2021 fiscal year.
- Overall Claystone Waste’s Statement of Financial Position is healthy with the only liabilities being accounts payable and the landfill closure and post closure obligation.
For further information:
Program and Communication Supervisor
ABOUT CLAYSTONE WASTE
Claystone Waste operates a Sanitary Class II Landfill located in Beaver County, Alberta and accepts municipal solid waste from Edmonton and surrounding municipalities in the Edmonton metropolitan region, as well as significant volumes of class II, non-hazardous industrial wastes. The facility is one of the largest in Western Canada, and provides advanced waste treatment, recycling and remediation technologies to municipal and industrial customers.
Claystone Waste is a municipally controlled corporation owned by the municipalities of Beaver County, Town of Tofield, Town of Viking, Village of Holden and Village of Ryley.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information (collectively “forward looking information”). Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “intend”, “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking information include, among others, statements and timelines with respect to construction and commencement of projects, statements regarding expected operational results and expected capital costs, and other statements regarding Claystone Waste business initiatives. Because forward-looking information relates to the future, such information is subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Claystone Waste’s control. Actual results and financial condition may differ materially from those indicated in the forward-looking information, and as such no reliance should be made on any forward-looking information, which reflect Claystone Waste’s expectations only as of the date of this media release. Claystone Waste undertakes no obligation to update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.