Meridian Waste Solutions increases revenue by 135 percent in 2016

Meridian Waste Solutions Inc., a vertically integrated, non-hazardous solid waste services company in Atlanta, reported financial and operational results for the twelve month period ended Dec. 31, 2016. Additionally, the company is pleased to provide an update to the milestones it has achieved over the past few months.

"Our team accomplished a lot over the past twelve months in regard to our operating structure, assets, capital markets strategy, and the company now has a solid platform to build upon which we are excited about for the future,” Jeff Cosman, chairman and CEO, says. “Our core operating strengths that are key to our long-term success include experienced leadership, vertically integrated assets and operations, long-term contracts, strong customer service and commitment to safety. The recent acquisition of The CFS Group demonstrates a key element of our strategy to create the vertically integrated infrastructure needed to expand our operations. We are able to acquire underused assets such as a landfill and integrate our network of collection and transfer to improve the efficiencies and margins of the operation in the market."

For the twelve months ended Dec. 31, 2016, revenues were $ 31.7 million, a 135 percent increase from $13.5 million for the twelve months ended Dec. 31, 2015. Previously acquired Christian Disposal and Eagle Ridge represented $13.6 million and $3.6 million in revenue, respectively. Organic revenue growth of 7.6 percent was driven by additional customers and price increases.

Gross profit improved by $5.6 million to $9 million in the twelve months ended Dec. 31, 2016, as compared to a $3.4 million gross margin profit in the twelve months ended Dec. 31, 2015. The 28.3 percent gross profit percentage for 2016 represents a significant 3.3 percent increase from 2015 and demonstrates management's efforts to improve efficiencies of operations. The company is using the synergies of its recent acquisitions, such as creating density in some of its routes, which resulted in cost savings. In addition, there was a decrease in landfill costs as the company began internalizing its waste.

For the twelve months ended Dec. 31, 2016, adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was $7.9 million.

Net loss for the twelve months ended Dec. 31, 2016 decreased by $1.5 million to $17.7 million, or $13.95 per share, as compared to $19.2 million, or $26.58 per share, in the twelve months ended Dec. 31, 2015.