Hayden IR Expands Leadership Team with Senior New York Hire






NEW YORK and PHOENIX, Oct. 31, 2014 /PRNewswire/ — Hayden IR, a respected national Investor Relations firm consulting over 200 companies because inception, announced today that Rob Fink has actually joined the firm’s leadership as Executive Vice President and General Manager of its Brand-new York Office.

Mr. Fink joins Hayden IR after much more compared to 5 years serving, the majority of recently as Managing Director of the Investor Relations technique of KCSA Strategic Communications. Previously, Fink was a small-cap portfolio manager at RBC Capital Markets.  He likewise worked as a trader and analyst for Goldman Sachs and on the floor of the Brand-new York Stock Exchange as a market maker for Spear Leeds and Kellogg Specialists.  Rob has actually invested considerably of his job focused on the capital markets and has actually a monitor tape of determining undervalued and underfollowed public companies.  Throughout his time at KCSA Strategic Communications, Rob was instrumental in increasing institutional awareness and boosting shareholder value for the firm’s the majority of prominent clients.  Fink maintains a solid network of fundamental investors at hedge funds, mutual funds, banks and family offices that concentrate on value and growth investing in the micro- and smid- cap space.

Brett Maas, Managing Principal of Hayden IR, added, “I’m excited to welcome Rob to the Hayden team.  For much more compared to a dozen years, Hayden IR has actually focused on functioning along with exceptional companies, along with solid management groups and proven firm models.  along with a growing list of clients across the country, it was essential to expand our group along with the addition of a higher quality senior leader. Rob brings extensive experience that will certainly further strengthen our New York operations and suggestions guide us in to 2015.”

Rob Fink added, “I’m eager to suggestions grow the Hayden IR brand and strengthen the firm’s New York presence. Brett and the senior group at Hayden have actually established themselves as real leaders in the IR consulting space. Hayden IR has actually a long, distinguished track-tape strategically advising public companies, implementing ideal practices and connecting undervalued growth companies along with sophisticated buy- and sell-adverse institutions.”

With offices in Brand-new York, Phoenix, Minneapolis and San Diego, Hayden IR provides a comprehensive range of investor relations programs to a growing list of clients. For much more compared to a decade, Hayden IR has actually been a recognized leader in driving market recognition and producing sustainable competitive perks for much more compared to 200 micro- and small-cap companies. Hayden

Contact:

Brett Maas – Managing Partner
Tel: (646) 536-7331
brett@haydenir.com

Rob Fink – Executive Vice President
Tel: (646) 415-8972
rob@haydenir.com

SOURCE Hayden IR

RELATED LINKS
http://www.haydenir.com

Suspected animal abuser and hoarder arrested in Laveen – does he have YOUR pet?

Did you gone your pet dog in the vicinity of 79th Avenue and Baseline Road or near 33rd Avenue and Broadway Road?

If so, Maricopa County Sheriff Deputies would certainly love to hear from you. On October 28, 2014, they raided the property of Luis Garcia, in Laveen, Arizona and discovered a horrific scene of pet abuse and neglect. It is suspected that Garcia has actually been operating a dog-fighting and cock-fighting ring on this property and the MCSO deputies found a lot more compared to 90 pets on his property, located near 79th Avenue and Baseline.

Deputies are not sure where all of the pets originated from, as Garcia has actually claimed that he “rescued” them, so they are asking that anybody that might have actually lost their pet dog near the property, at 79th Avenue and Baseline Road, or near his home at 33rd Avenue and Broadway Road, to call the pet cruelty hotline at 602-876-1681 or email animal_cruelty@mcso.maricopa.gov. You are additionally asked to call if you have actually any kind of write-up that can easily suggestions them in their investigation.

Garcia is being held on suspicion of 40 counts of animal abuse – dogs, roosters, chickens and donkeys were found malnourished, starving, and showed signs of abuse, and one pet dog was found dead. Two horses collapsed as quickly as the deputies attempted to remove them.

MCSO was alerted to feasible criminal activity by neighbors that noticed that multiple cars and people were coming and going from the property – something the deputies did discover evidence of as quickly as they raided it; among various other bits of evidence, they found small dogs chained up along with heavy chains – an indication that these dogs were most likely being used as “bait dogs” to train various other dogs to fight. Sickeningly, Garcia accepted that sometimes he fed the dogs pizza scraps – if he had any. There are no residential buildings on the property, and the pets were living in horrific conditions – in cramped cages, along with little-to-no meals or water available.

Without the intervention of neighbors, most likely Garcia’s disgusting and criminal pet abuse would certainly have actually continued, and the suffering of the pets on his property would certainly have actually gone on, unchecked – so if you “see something, say something” – it’s the only method these types of heinous people will certainly ever be brought to justice. As a community, we need to be the voice for our animals.

From the Phoenix pet Care Coalition website:

To report pet abuse and disregard in Arizona:

  • Sheriff’s pet Cruelty Hotline 602.876.1681
  • Radio Dispatch 602.876.1011
  • Arizona Humane Society 602.997.758five ext. 2073
  • City of Mesa 480.644.2268
  • City of Surprise 623.583.1085
  • Equine Cruelty 623.326.9378
  • Yavapai County pet Cruelty Hotline 928.771.3595

Animal cruelty might be reported additionally to Silent Witness at 1-800-932-3232

Read a lot more regarding reporting pet abuse here: http://pacc911.org/animal-cruelty-resources

Until we have actually the courage to realize cruelty for exactly what it is–whether its victim is human or animal–we cannot expect points to be a lot much better in this world…” — Rachel Carson

If you would certainly love to go on receiving the most up to date animal welfare-related news, hints and advice, please click the word “Subscribe,” near the top of the article. Follow along on Facebook and Twitter for a lot more stories and updates.

Arizona Wineries Join 2nd Live & Local Food, Music Festival

This merely in!

Arizona Strongold, Page Springs Cellars and Grand Canyon Winery have actually all of been added to the already eye-popping lineup at Live & Local, presented by GoDaddy, which will certainly take place at Scottsdale Civic Focus Mall on Sunday, November 9 starting at 5 p.m.

Arizona Stronghold will certainly sample its Tazi and Dala varietals, while Page Springs will certainly be sampling its Vino Del Barrio Blanco and Rojo, respectively. Brands including 3 Amigos Tequila, Sleepy Puppy Brewery, Roger Clyne Mexican Moonshine Tequila, Prescott Brewing Company, Mudshark Brewery, Mother Road Brewing Company, Four Peaks Brewing Company and lots of a lot more have actually additionally joined in on the “taste” opportunity.

But that’s merely the beginning…

Joining the beloved local brands will certainly be several various other familiar faces – not to mention unique meals and drink experiences for all of guests. Sponsored by the Arizona Restaurant Association and NOVA House Loans, this standout event is unique as it celebrates local businesses while raising most important funds that benefit local youth that reason it the most.

Here’s merely a taste of exactly what additionally is “on the menu” at this year’s event:

Chefs/Restaurants

· Barrio Queen

· Southern Rail / Beckett’s Table

· Binkley’s

· Kincaid’s

· Paul Martin’s American Grill

· Ruth’s Chris Steak House

· SumoMaya

· Bistro on Wheels meals Truck

· Blue Hound Kitchen & Cocktails

· Cholla

· Cold Beers & Cheeseburgers

· Foosia Fresh

· Petite Maison

· Taggia

· The Grind

· The Standard

· Tom’s Thumb

· Tryst Cafe

· Kelly’s at Southbridge

· Chase’s Diner

· Pink Pony

· The Melting Pot

· Passport Coffee & Tea

· C3 Kitchen

· San Tan Brewery

· Salty Senorita

· Union Barrel House

· Wildflower Bread Company

· White Chocolate Grill

Unique Experiences

· Ale Yeah Beer Garden: Guests will certainly savor this music-infused craft beer garden showcasing a lot more compared to 30 unique varieties served along with signature bites. Adding to the enjoyable are beer-branded koozies featuring enjoyable sayings adore “Hip Hops,” “Brew Haha” and “Foam Home.” – Crafted by Crescent Crown Distributing

· Pitch Black VIP Experience: This “much better compared to a backstage” experience pits VIP guests versus each various other in a musical showdown of Rock Band while enjoying the taste of Johnny Walker Black Label, Leader Morgan Black and Crown Royal Black under the glow of neon lights. Check out the action from a private bird’s nest or from two double bars. – Powered by GoDaddy

· unWINEd Lounge: And once only wine will certainly do, VIP guests refresh at this wine lounge featuring unique vintages and freshly rolled cigars. Decorated along with handcrafted bistro lights, the lounge is the perfect place to relax and un-wine-d.

· Pick a Track Music Lounge: Browse our wall-to-wall CD collection for a possibility to Succeed deliciously loud restaurant gift cards. $25 allows you to “download” any sort of track, each Monitor features a gift card valued $25 to $200 from a culinary hotspot. Soundbites have actually never ever tasted so good.

· VIP After Party: Starting at 9 pm the Celebration will certainly keep on along with this exclusive experience featuring a lot more beats, savory desserts, adult milkshakes and more. Fashioned by Arizona Foothills Magazine

Live Music

· Nate Williams Band: A night of dancing, kicking spine on the beach, sipping a blended margarita— the Nate Williams Band supplies the soundtrack to minutes of pure joy. One of Arizona’s most popular live acts, this talented combo specializes in originals and well-selected covers done in a funky, Reggae-influenced style.

· Georgia Chrome: This hopping ensemble brings on the two-steppin’ enjoyable along with an energetic mix of chart-topping country and down-House Americana. Based in Phoenix, this audience beloved is a mainstay at Dierks Bentley’s Whiskey Row, and time after time, they’ve proven that they’ve got the chops and know-exactly how to develop a rockin’ Celebration atmosphere. They have actually a unique sound that combines fiery violins, searing electric guitar, driving percussion and passionate vocals that makes the audience stomp their feet.

· Adam Shero: Every little thing concerning Adam Shero’s effortless musicianship Can easily be seen on YouTube, via his sprightly solo cover version of “Moves adore Jagger.” In the video, Shero transforms 2011’s most unavoidable song in to a shimmering, lovely mélange of tight guitars, spacey synths and soulful, multi-layered vocals.

Joining GoDaddy and NOVA House Loans are generous community supporters like: The Bob & Renee Parsons Foundation, Charles Schwab, Republic Services, Mary Ellen & Robert McKee, APS, Scottsdale Energetic 20-30 Club, House Owners Financial Group, Meridian Bank and Pacific Office Automation.

General Admission Tickets are on sale now starting at $50/each, and they contain access to the main event and tastings. VIP Tickets start at $100/each, and they contain additional VIP experiences and After Party. Tickets Can easily be purchased online at www.bgcs.org/liveandlocal. And don’t miss out on a bite, follow us on Facebook and Instagram for a lot more updates (@LiveandLocalAZ #LiveandLocalAZ).

Baltimore Washington Eye Center on Preventing Vision Loss from Diabetes



“In its early stages, diabetic retinopathy could have actually no symptoms. Having a yearly dilated eye exam allows the doctors at Baltimore Washington Eye Focus to examine the retina and optic nerve much more thoroughly for signs of damage prior to changes in vision occur,” commented Andrew Hammer, M.D. “The essential here is that by regularly monitoring the eye good health of those along with diabetes, it allows us to start treatment when feasible if signs of diabetic eye disease-cataracts, glaucoma and especially diabetic retinopathy-do appear. In particular we hope to alert women along with diabetes that become pregnant that they could necessity additional eye exams throughout their pregnancy, as pregnancy can easily sometimes worsen diabetic retinopathy,” Dr. Spagnolo.

Maintain Normal Blood Glucose Levels

“Higher blood glucose or sugar levels loss the tiny blood vessels in the eyes. This damage is called microangiopathy. Often, this will certainly result in swelling in the retina including a common diabetic vision problem called diabetic macular edema, as well as the formation of abnormal fragile blood vessels that can easily bleed and form scar tissue in the vitreous and retina,” noted Dr. Hammer. “Also, Higher blood glucose levels are not great for the crystalline of your eyes. Elevated blood sugar can easily adjustment the shape of lens causing blurry vision and can easily lead to cataract development,” explained Dr. Spagnolo.

Maintain Normal Blood Tension & Cholesterol levels Levels

Higher blood Tension and Higher Cholesterol levels can easily increase the risk of eye disease and vision loss. Keeping both under manage will certainly tips the eyes as well as overall health.

Quit Smoking

“Diabetics that smoke are absolutely at better risk for diabetic retinopathy and various other diabetes-related eye diseases such as cataracts and glaucoma,” shared Dr. Betancourt. “Further, we Additionally know that smoking improves your risk of age related macular degeneration (AMD)-and that’s merely the eye disease risk. There is a fantastic deal much more overall vascular risk including heart disease and stroke associated along with smoking.”

Get Regular Exercise

Guarantee to Grab some kind of regular exercise. “Getting regular exercise, even mild exercise, helps to Sustain blood glucose levels, Cholesterol levels levels and continue to be healthy. We know that mild to moderate Physical exercise is practical in reducing the risk of several eye diseases and problems,” said Dr. Hammer.

Diabetes & Diabetic Eye Disease Are on the Rise

“Diabetes and diabetic eye troubles are on the rise-especially within our senior population,” cautioned Dr. Betancourt. According to the Centers for Disease manage diabetes affects much more compared to 26 million people or over 8% of the U.S. population-a number that is growing annually along with no end in sight. Seniors are particularly affected along with almost 11 million or 27% of U.S. residents aged 65 years and older having diabetes. Diabetic retinopathy affects approximately 7.7 million Americans. much more compared to 4 million, over 28% of people along with diabetes aged 40 years or older had diabetic retinopathy, and of these, some 650-700,000 or almost 4% of all diabetics have actually advanced diabetic retinopathy that can easily result in severe vision loss. Diabetic eye disease continues to be the leading induce of brand-new cases of blindness among adults 20 to 74 years of age. Diabetic retinopathy is much more compared to two times as common in Mexican Americans and nearly three times as common in African Americans as in non-Hispanic whites. “The bottom line is that diabetic eye diseases can easily be prevented and its progression can easily be slowed through early detection and diligent diabetes care,” summarized Dr. Betancourt.

Baltimore Washington Eye Focus is a leading eye care method serving the better Baltimore and Washington, D.C. area that staffed by a group of Ophthalmologists, Optometrists, Opticians, technical and administrative staff that give eye examinations for adults and children, cataract surgery and intraocular lens implants (IOL), laser vision correction such as LASIK, diagnosis and treatment of cornea disease, care for diseases of the retina including diabetes and age related macular degeneration (AMD) and diagnosis and treatment of glaucoma as well as contact lenses, eyeglasses, eyewear and optical services.

Learn much more concerning Baltimore Washington Eye Focus by visiting us at http://www.BWEyeCenter.com or http://www.facebook.com/BaltimoreWashingtonEyeCenter or follow our eye care blog at http://baltimorewashingtoneyecenter.blogspot.com.

Founded in 1969 by Dr. Paul A. Kohlhepp, Baltimore Washington Eye Focus is the region’s premier eye care facility. Our extensively trained, professional staff specializes in a full range of ophthalmology procedures and has actually achieved an excellent tape-record of success. Through a combination of medical expertise, a patient-centered approach to customer service, and personalized attention, we make our patients’ goals a reality. Now under the medical direction of Dr. Arturo E. Betancourt, we can easily state along with self-confidence that Baltimore Washington Eye Focus is now the most comprehensive eye care Focus in the area. Our Focus – similar to the nationally renowned John Hopkins and University of Maryland institutes – offers a full range of eye care services for adults and children, including general ophthalmology; cataract evaluation and surgery; laser vision correction; glaucoma diagnosis and treatment; oculoplastic surgery; eyelid surgery; diabetic retinopathy; macular degeneration; reasonable vision rehabilitation; a full service optical center; and, a nationally accredited, fully equipped, state-of-the-art, on-site ambulatory surgery center. Our surgical center, located between Baltimore and Washington, D.C., offers the latest amenities and modern technology, allowing us to perform all of our procedures safely and effectively.

For additional information, contact:

Jeff Trimmer

Baltimore Washington Eye Center

200 Hospital Drive, Suite 600, Glen Burnie

Maryland 21061
JTrimmer@BWEyeCenter.com

800-495-3937

SOURCE: Medical Management Services Group, L.L.C.
http://www.aboutcataractsurgery.com
http://www.seewithlasik.com


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Republic Services, Inc. Reports Third Quarter Results









PHOENIX, Oct. 30, 2014 /PRNewswire/ — Republic Services, Inc. (NYSE: RSG) today reported net income of $185.8 million, or $0.52 per diluted share, for the three months ended Sept. 30, 2014, versus $171.4 million, or $0.47 per diluted share, for the comparable 2013 period.

Republic’s net income for the three months ended Sept. 30, 2014 and 2013, includes certain expenses and benefits that impacted its results. A detail of these expenses and benefits is contained in the Reconciliation of Certain Non-GAAP Measures section of this document. Excluding these items, net income for the three months ended Sept. 30, 2014 and 2013, would have been $186.0 million, or $0.52 per diluted share, and $198.2 million, or $0.55 per diluted share, respectively.

“We are pleased with our performance in the third quarter, which was in-line with our expectations. Revenue growth of approximately 5 percent reflects our ability to profitably grow the business and maintain average yield performance, even with a step-down in CPI based pricing,” said Donald W. Slager, president and chief executive officer. “Recent acquisitions demonstrate our ability and intent to complete larger transactions within our core space, increase free cash flow and improve returns. The entire Republic team remains focused on delivering an exceptional customer experience to drive improved performance and create lasting shareholder value.”

Excluding certain expenses and benefits recorded during the three months ended Sept. 30, 2014 and 2013, as described in the Reconciliation of Certain Non-GAAP Measures section of this document, adjusted earnings before interest, taxes, depreciation, depletion, amortization and accretion (adjusted EBITDA) for the three months ended Sept. 30, 2014, was $637.8 million, or 28.2 percent of revenue, compared to $638.2 million, or 29.5 percent of revenue, for the comparable 2013 period.

Revenue for the three months ended Sept. 30, 2014, increased to $2,264.1 million from $2,165.4 million for the comparable 2013 period. This growth in revenue of 4.6 percent was made up of increases in average yield of 1.4 percent, fuel recovery fees of 0.2 percent, volume of 2.1 percent, recycled commodities of 0.2 percent and acquisitions, net of divestitures of 0.7 percent.

Nine Months Ended Sept. 30, 2014

For the nine months ended Sept. 30, 2014, net income was $497.3 million, or $1.39 per diluted share, versus $352.3 million, or $0.97 per diluted share, for the comparable 2013 period. On an adjusted basis, net income for the nine months ended Sept. 30, 2014 and 2013, would have been $522.1 million, or $1.46 per diluted share, and $522.2 million, or $1.44 per diluted share, respectively.

Republic’s net income for the nine months ended Sept. 30, 2014 and 2013, includes certain expenses and benefits that impacted its results. A detail of these expenses and benefits is contained in the Reconciliation of Certain Non-GAAP Measures section of this document.

Excluding certain expenses and benefits recorded during the nine months ended Sept. 30, 2014 and 2013, as described in the Reconciliation of Certain Non-GAAP Measures section of this document, adjusted EBITDA for the nine months ended Sept. 30, 2014, was $1,843.8 million, or 28.1 percent of revenue, versus $1,789.4 million, or 28.5 percent of revenue, for the comparable 2013 period.

Revenue for the nine months ended Sept. 30, 2014, increased to $6,563.1 million from $6,275.7 million for the comparable 2013 period. This growth in revenue of 4.6 percent was made up of increases in average yield of 1.3 percent, fuel recovery fees of 0.2 percent, volume of 2.1 percent, recycled commodities of 0.4 percent and acquisitions, net of divestitures of 0.6 percent.

Updated 2014 Financial Guidance

Republic updated its full year adjusted diluted earnings per share guidance to be in a range of $1.93 to $1.94. Republic also updated its 2014 adjusted free cash flow guidance to be in a range of $675 million to $690 million. A number of charges, other expenses and benefits are excluded from adjusted diluted earnings per share and adjusted free cash flows, as described in the 2014 Financial Guidance section of this document.

Fiscal Year 2015 Preliminary Outlook

The Company is providing its preliminary outlook for 2015. This does not represent full detailed guidance, but rather a point-in-time estimate based on current projections of 2014 performance, early reviews of the 2015 budget process and current economic conditions. Consistent with prior practice, Republic will provide formal guidance in February 2015 once the budget process is complete and full year 2014 results are reported.

2015 Preliminary Outlook:

  • Diluted earnings per share is expected to be in a range of $2.02 to $2.06. This represents mid- to high-single digit growth compared to Republic’s estimate of 2014 performance.
  • Adjusted free cash flow is expected to be in a range of $725 million to $750 million. This represents mid-single digit to low-double digit growth compared to Republic’s estimate of 2014 performance. Adjusted free cash flow consists of cash provided by operating activities, less property and equipment received, plus proceeds from the sales of property and equipment and withdrawal payments related to Central States Pension Fund, net of tax.

Company Declares Quarterly Dividend

Republic announced today that its Board of Directors declared a regular quarterly dividend of $0.28 per share for stockholders of record on Jan. 2, 2015. The dividend will be paid on Jan. 15, 2015.

About Republic Services

Republic Services, Inc. is an industry leader in the U.S. recycling and non-hazardous solid waste industry. Through its subsidiaries, Republic’s collection companies, transfer stations, recycling centers and landfills focus on providing reliable environmental services and solutions for commercial, industrial, municipal and residential customers. Republic and its employees believe in protecting the planet and applying common sense solutions to customers’ waste and recycling challenges.

Republic participates in investor presentations and conferences throughout the year. Interested parties can find a schedule of these conferences at republicservices.com by selecting “Calendar” on the investor relations page. Audio and other presentations from earnings calls and investor conferences are also available on the investor relations page of the website.

 

SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION

AND OPERATING DATA

REPUBLIC SERVICES, INC.

CONSOLIDATED BALANCE SHEETS

 (in millions, except per share amounts)

September 30,

December 31,

2014

2013

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

113.0

$

213.3

Accounts receivable, less allowance for doubtful accounts of $40.5 and $38.3, respectively

955.2

890.7

Prepaid expenses and other current assets

180.6

200.3

Deferred tax assets

112.1

117.6

Total current assets

1,360.9

1,421.9

Restricted cash and marketable securities

133.5

169.7

Property and equipment, net

7,149.3

7,036.8

Goodwill

10,760.4

10,724.1

Other intangible assets, net

279.9

315.8

Other assets

303.0

280.9

Total assets

$

19,987.0

$

19,949.2

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

517.3

$

511.4

Notes payable and current maturities of long-term debt

10.5

15.7

Deferred revenue

311.7

301.8

Accrued landfill and environmental costs, current portion

164.9

178.7

Accrued interest

68.5

68.2

Other accrued liabilities

652.1

641.3

Total current liabilities

1,725.0

1,717.1

Long-term debt, net of current maturities

7,020.0

7,002.4

Accrued landfill and environmental costs, net of current portion

1,495.3

1,464.3

Deferred income taxes and other long-term tax liabilities

1,157.8

1,185.4

Self-insurance reserves, net of current portion

291.8

294.9

Other long-term liabilities

365.8

379.0

Commitments and contingencies

Stockholders’ equity:

Preferred stock, par value $0.01 per share; 50 shares authorized; none issued

Common stock, par value $0.01 per share; 750 shares authorized; 414.1 and 411.0 issued including shares held in treasury, respectively

4.1

4.1

Additional paid-in capital

6,863.5

6,764.9

Retained earnings

2,843.9

2,632.7

Treasury stock, at cost (58.6 and 50.6 shares, respectively)

(1,780.3)

(1,501.2)

Accumulated other comprehensive (loss) income, net of tax

(2.2)

3.0

Total Republic Services, Inc. stockholders’ equity

7,929.0

7,903.5

Noncontrolling interests

2.3

2.6

Total stockholders’ equity

7,931.3

7,906.1

Total liabilities and stockholders’ equity

$

19,987.0

$

19,949.2

 

 

REPUBLIC SERVICES, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

 (in millions, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2014

2013

2014

2013

Revenue

$

2,264.1

$

2,165.4

$

6,563.1

$

6,275.7

Expenses:

Cost of operations

1,397.3

1,317.6

4,091.6

3,950.7

Depreciation, amortization and depletion

235.6

224.4

679.0

651.0

Accretion

19.5

19.2

58.4

57.6

Selling, general and administrative

229.0

209.6

663.8

644.3

Negotiation and withdrawal costs – Central States Pension and Other Funds

0.3

41.6

1.8

157.7

Gain on disposition of assets and impairments, net

(1.9)

Restructuring charges

0.7

1.8

8.6

Operating income

382.4

352.3

1,066.7

807.7

Interest expense

(87.0)

(90.0)

(260.8)

(269.8)

Loss on extinguishment of debt

(1.4)

(2.1)

Interest income

0.1

0.1

0.6

0.5

Other (expense) income, net

(0.1)

1.0

1.2

1.5

Income before income taxes

295.4

263.4

806.3

537.8

Provision for income taxes

109.6

92.3

308.9

185.4

Net income

185.8

171.1

497.4

352.4

Net loss (income) attributable to noncontrolling interests

0.3

(0.1)

(0.1)

Net income attributable to Republic Services, Inc.

$

185.8

$

171.4

$

497.3

$

352.3

Basic earnings per share attributable to Republic Services, Inc. stockholders:

Basic earnings per share

$

0.52

$

0.47

$

1.39

$

0.97

Weighted average common shares outstanding

356.3

361.7

357.4

362.4

Diluted earnings per share attributable to Republic Services, Inc. stockholders:

Diluted earnings per share

$

0.52

$

0.47

$

1.39

$

0.97

 Weighted average common and common equivalent shares outstanding

357.7

363.0

358.8

363.8

Cash dividends per common share

$

0.28

$

0.26

$

0.80

$

0.73

 

REPUBLIC SERVICES, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

 (in millions)

Nine Months Ended September 30,

2014

2013

Cash provided by operating activities:

Net income

$

497.4

$

352.4

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation, amortization, depletion and accretion

737.4

708.6

Non-cash interest expense

33.6

35.6

Restructuring related charges

1.8

8.6

Stock-based compensation

14.2

15.8

Deferred tax benefit

(4.7)

(53.9)

Provision for doubtful accounts, net of adjustments

16.3

8.1

Loss on extinguishment of debt

1.4

2.1

Gain on disposition of assets, net and asset impairments

(4.7)

(7.4)

Withdrawal liability – Central States Pension and Other Funds

140.7

Environmental adjustments

36.2

101.8

Excess income tax benefit from stock option exercises and other non-cash items

(3.3)

(5.7)

Change in assets and liabilities, net of effects from business acquisitions and divestitures:

Accounts receivable

(77.8)

(70.8)

Prepaid expenses and other assets

(28.0)

(7.8)

Accounts payable

(2.3)

18.4

Restructuring expenditures

(1.0)

(14.8)

Capping, closure and post-closure expenditures

(36.5)

(59.0)

Remediation expenditures

(75.0)

(84.3)

Other liabilities

(3.4)

48.8

Cash provided by operating activities

1,101.6

1,137.2

Cash used in investing activities:

Purchases of property and equipment

(683.1)

(688.7)

Proceeds from sales of property and equipment

13.9

12.0

Cash used in business acquisitions and development projects, net of cash acquired

(73.5)

(49.0)

Cash proceeds from divestitures, net of cash divested

2.7

Change in restricted cash and marketable securities

36.2

(11.3)

Other

(4.5)

(2.3)

Cash used in investing activities

(711.0)

(736.6)

Cash used in financing activities:

Proceeds from notes payable and long-term debt

939.8

1,098.2

Payments of notes payable and long-term debt

(951.0)

(1,140.6)

Fees paid to issue notes payable

(4.0)

(1.6)

Issuances of common stock

79.5

138.8

Excess income tax benefit from stock option exercises

3.6

3.3

Purchases of common stock for treasury

(277.5)

(214.1)

Cash dividends paid

(279.1)

(254.9)

Distributions paid to noncontrolling interests

(0.4)

Other

(1.8)

Cash used in financing activities

(490.9)

(370.9)

(Decrease) increase in cash and cash equivalents

(100.3)

29.7

Cash and cash equivalents at beginning of year

213.3

67.6

Cash and cash equivalents at end of period

$

113.0

$

97.3

 

You should read the following information in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K as of and for the year ended December 31, 2013. All amounts below are in millions and as a percentage of our revenue, except per share data.

REVENUE
The following table reflects our total revenue by line of business for the three and nine months ended September 30, 2014 and 2013 (in millions of dollars and as a percentage of revenue):

Three Months Ended September 30,

Nine Months Ended September 30,

2014

2013

2014

2013

Collection:

   Residential

$

551.9

24.4

%

$

548.5

25.3

%

$

1,639.4

25.0

%

$

1,632.3

26.0

%

   Commercial

685.8

30.3

659.4

30.5

2,027.1

30.9

1,953.3

31.1

   Industrial

471.5

20.8

433.0

20.0

1,329.0

20.2

1,223.0

19.5

   Other

9.3

0.4

8.9

0.4

27.7

0.4

26.0

0.4

      Total collection

1,718.5

75.9

1,649.8

76.2

5,023.2

76.5

4,834.6

77.0

Transfer

279.1

268.1

793.0

767.3

Less: intercompany

(169.6)

(159.7)

(486.9)

(461.4)

   Transfer, net

109.5

4.8

108.4

5.0

306.1

4.7

305.9

4.9

Landfill

539.8

512.4

1,514.0

1,437.6

Less: intercompany

(243.4)

(236.2)

(698.9)

(677.9)

   Landfill, net

296.4

13.1

276.2

12.8

815.1

12.4

759.7

12.1

Sale of recycled commodities

97.8

4.3

93.3

4.3

296.6

4.5

271.6

4.3

   Other non-core

41.9

1.9

37.7

1.7

122.1

1.9

103.9

1.7

   Other

139.7

6.2

131.0

6.0

418.7

6.4

375.5

6.0

Total revenue

$

2,264.1

100.0

%

$

2,165.4

100.0

%

$

6,563.1

100.0

%

$

6,275.7

100.0

%

 

The following table reflects changes in our revenue for the three and nine months ended September 30, 2014 and 2013:

Three Months Ended September 30,

Nine Months Ended September 30,

2014

2013

2014

2013

Average yield

1.4

%

1.3

%

1.3

%

1.3

%

Fuel recovery fees

0.2

0.5

0.2

0.3

   Total price

1.6

1.8

1.5

1.6

Workday impact

0.5

Volume

2.1

2.2

2.1

0.9

   Total volume

2.1

2.7

2.1

0.9

Recycled commodities

0.2

0.7

0.4

0.1

Total internal growth

3.9

5.2

4.0

2.6

Acquisitions / divestitures, net

0.7

0.6

0.6

0.5

Total

4.6

%

5.8

%

4.6

%

3.1

%

Core price

3.0

%

3.4

%

3.1

%

3.2

%

 

COST OF OPERATIONS
The following table summarizes the major components of our cost of operations for the three and nine months ended September 30, 2014 and 2013 (in millions of dollars and as a percentage of revenue):

Three Months Ended September 30,

Nine Months Ended September 30,

2014

2013

2014

2013

Labor and related benefits

$

437.7

19.3

%

$

421.9

19.5

%

$

1,280.9

19.5

%

$

1,233.3

19.7

%

Transfer and disposal costs

178.0

7.9

166.9

7.7

502.1

7.6

477.0

7.6

Maintenance and repairs

202.7

9.0

189.8

8.8

584.0

8.9

549.5

8.7

Transportation and subcontract costs

129.1

5.7

124.5

5.7

374.0

5.7

345.9

5.5

Fuel

130.4

5.8

132.1

6.1

394.1

6.0

388.7

6.2

Franchise fees and taxes

111.4

4.9

107.6

5.0

318.5

4.9

308.2

4.9

Landfill operating costs

36.2

1.6

22.6

1.0

109.9

1.7

100.1

1.6

Risk management

55.1

2.4

42.3

2.0

135.9

2.1

129.3

2.1

Cost of goods sold

40.2

1.8

33.0

1.5

122.9

1.8

91.3

1.4

Other

76.5

3.3

76.9

3.6

233.2

3.6

218.7

3.5

Subtotal

1,397.3

61.7

1,317.6

60.9

4,055.5

61.8

3,842.0

61.2

Bridgeton remediation

36.1

0.5

108.7

1.7

Total cost of operations

$

1,397.3

61.7

%

$

1,317.6

60.9

%

$

4,091.6

62.3

%

$

3,950.7

62.9

%

 

These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our cost of operations by cost component to that of other companies.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
The following table summarizes our selling, general and administrative expenses for the three and nine months ended September 30, 2014 and 2013 (in millions of dollars and as a percentage of revenue):

Three Months Ended September 30,

Nine Months Ended September 30,

2014

2013

2014

2013

Salaries

$

144.3

6.4

%

$

131.2

6.1

%

$

425.8

6.5

%

$

408.2

6.5

%

Provision for doubtful accounts

7.9

0.3

0.6

16.3

0.2

8.1

0.1

Other

76.8

3.4

77.8

3.6

221.7

3.4

228.0

3.7

Total selling, general and administrative expenses

$

229.0

10.1

%

$

209.6

9.7

%

$

663.8

10.1

%

$

644.3

10.3

%

 

These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our selling, general and administrative expenses by cost component to those of other companies.

RECONCILIATION OF CERTAIN NON-GAAP MEASURES
Earnings Before Interest, Taxes, Depreciation, Depletion, Amortization and Accretion
The following table calculates earnings before interest, taxes, depreciation, depletion, amortization and accretion (EBITDA), which is not a measure determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for the three and nine months ended September 30, 2014 and 2013:

Three Months Ended September 30,

Nine Months Ended September 30,

2014

2013

2014

2013

Net income attributable to Republic Services, Inc.

$

185.8

$

171.4

$

497.3

$

352.3

Net (loss) income attributable to noncontrolling interests

(0.3)

0.1

0.1

Provision for income taxes

109.6

92.3

308.9

185.4

Other expense (income), net

0.1

(1.0)

(1.2)

(1.5)

Interest income

(0.1)

(0.1)

(0.6)

(0.5)

Loss on extinguishment of debt

1.4

2.1

Interest expense

87.0

90.0

260.8

269.8

Depreciation, amortization and depletion

235.6

224.4

679.0

651.0

Accretion

19.5

19.2

58.4

57.6

EBITDA

$

637.5

$

595.9

$

1,804.1

$

1,516.3

 

We believe that presenting EBITDA is useful to investors because it provides important information concerning our operating performance exclusive of certain non-cash and other costs. EBITDA demonstrates our ability to execute our financial strategy, which includes reinvesting in existing capital assets to ensure a high level of customer service, investing in capital assets to facilitate growth in our customer base and services provided, maintaining our investment grade credit rating and minimizing debt, paying cash dividends, repurchasing our common stock, and maintaining and improving our market position through business optimization. This measure has actually limitations. Despite the fact that depreciation, depletion, amortization and accretion are considered operating costs in accordance with U.S. GAAP, they represent the allocation of non-cash costs generally associated with long-lived assets acquired or constructed in prior years. Our definition of EBITDA may not be comparable to similarly titled measures presented by other companies.

Adjusted Earnings
Reported diluted earnings per share were $0.52 and $1.39 for the three and nine months ended September 30, 2014, respectively, compared to $0.47 and $0.97 for the same periods in 2013. During the three and nine months ended September 30, 2014 and 2013, we recorded a number of charges, other expenses and net gain on disposition of assets that impacted our EBITDA, pre-tax income, net income attributable to Republic Services, Inc. (Net Income – Republic) and diluted earnings per share. These items primarily consist of the following:

Three Months Ended September 30, 2014

Three Months Ended September 30, 2013

Net

Diluted

Net

Diluted

Pre-tax

Income –

Earnings

Pre-tax

Income –

Earnings

EBITDA

Income

Republic

per Share

EBITDA

Income

Republic

per Share

As reported

$

637.5

$

295.4

$

185.8

$

0.52

$

595.9

$

263.4

$

171.4

$

0.47

Pension and Other Funds

0.3

0.3

0.2

0.00

41.6

41.6

25.9

0.08

Restructuring charges

0.7

0.7

0.7

Loss on extinguishment of  debt

0.1

Bridgeton remediation

0.1

Total adjustments

0.3

0.3

0.2

0.00

42.3

42.3

26.8

0.08

As adjusted

$

637.8

$

295.7

$

186.0

$

0.52

$

638.2

$

305.7

$

198.2

$

0.55

 

 

Nine Months Ended September 30, 2014

Nine Months Ended September 30, 2013

Net

Diluted

Net

Diluted

Pre-tax

Income –

Earnings

Pre-tax

Income –

Earnings

EBITDA

Income

Republic

per Share

EBITDA

Income

Republic

per Share

As reported

$

1,804.1

$

806.3

$

497.3

$

1.39

$

1,516.3

$

537.8

$

352.3

$

0.97

Negotiation and withdrawal costs – Central States
Pension and Other Funds(1)

1.8

1.8

1.1

0.00

157.7

157.7

98.3

0.27

Restructuring charges(1)

1.8

1.8

1.0

0.00

8.6

8.6

5.6

0.02

Loss on extinguishment of debt(1)

1.4

0.9

0.00

2.1

1.3

Gain on disposition of assets
and impairments, net

(1.9)

(1.9)

(0.9)

Bridgeton remediation

36.1

36.1

21.8

0.06

108.7

108.7

65.6

0.18

Total adjustments

39.7

41.1

24.8

0.07

273.1

275.2

169.9

0.47

As adjusted

$

1,843.8

$

847.4

$

522.1

$

1.46

$

1,789.4

$

813.0

$

522.2

$

1.44

(1)

The aggregate impact of these items noted to adjusted diluted earnings per share totals to $0.01 for the nine months ended September 30, 2014.

 

We believe that presenting adjusted EBITDA, adjusted pre-tax income, adjusted net income attributable to Republic Services, Inc., and adjusted diluted earnings per share, which are not measures determined in accordance with U.S. GAAP, provides an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges and costs in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. In the case of the Bridgeton remediation charges, we are adjusting such amounts due to their substantial effect on our operating results. However, in the ordinary course of our business, we often incur remediation adjustments that we do not adjust from our operating results. Our definitions of adjusted EBITDA, adjusted pre-tax income, adjusted net income attributable to Republic Services Inc., and adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.

Adjusted Free Cash Flow
The following table calculates our adjusted free cash flow, which is not a measure determined in accordance with U.S. GAAP, for the nine months ended September 30, 2014 and 2013:

Nine Months Ended September 30,

2014

2013

Cash provided by operating activities

$

1,101.6

$

1,137.2

Property and equipment received

(691.6)

(701.3)

Proceeds from sales of property and equipment

13.9

12.0

Cash paid related to negotiation and withdrawal costs – Central States Pension and Other Funds, net of tax

8.0

10.7

Restructuring payments, net of tax

0.6

9.3

Merger-related payments, net of tax

1.1

Adjusted free cash flow

$

432.5

$

469.0

 

We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain payments. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has actually material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments. Our definition of adjusted free cash flow may not be comparable to similarly titled measures presented by other companies.

Purchases of property and equipment as reflected on our consolidated statements of cash flows and the adjusted free cash flow presented above represent amounts paid during the period for such expenditures. A reconciliation of property and equipment reflected on our consolidated statements of cash flows to property and equipment received during the period follows for the three and nine months ended September 30, 2014 and 2013:

Three Months Ended September 30,

Nine Months Ended September 30,

2014

2013

2014

2013

Purchases of property and equipment per the unaudited consolidated statements of cash flows

$

210.2

$

226.9

$

683.1

$

688.7

Adjustments for property and equipment received during the prior period but paid for in the following period, net

(6.8)

(0.4)

8.5

12.6

Property and equipment received during the period

$

203.4

$

226.5

$

691.6

$

701.3

 

The adjustments noted above do not affect our net change in cash and cash equivalents as reflected in our consolidated statements of cash flows.

ACCOUNTS RECEIVABLE
As of September 30, 2014 and December 31, 2013, accounts receivable were $955.2 million and $890.7 million, net of allowance for doubtful accounts of $40.5 million and $38.3 million, resulting in days sales outstanding of 38 (or 26 net of deferred revenue) and 38 (or 25 net of deferred revenue), respectively.

CASH DIVIDENDS
In July 2014, we paid a cash dividend of $92.5 million to stockholders of record as of July 1, 2014. As of September 30, 2014, we recorded a quarterly dividend payable of $99.5 million to stockholders of record at the close of business on October 1, 2014, which was paid on October 15, 2014. 

STOCK REPURCHASE PROGRAM
Our share repurchase program has actually been in effect since November 2010. From November 2010 to September 30, 2014, we repurchased 43.5 million shares of our stock for $1,316.5 million at a weighted average cost per share of $30.28. During the three months ended September 30, 2014, we repurchased 0.6 million shares of our stock for $21.4 million at a weighted average cost per share of $38.60.

As of September 30, 2014, we had 355.5 million shares of common stock issued and outstanding.

2014 FINANCIAL GUIDANCE
Adjusted Diluted Earnings per Share
The following is a summary of anticipated adjusted diluted earnings per share for the year ending December 31, 2014, which is not a measure determined in accordance with U.S. GAAP:

(Anticipated)

Year Ending

December 31, 2014

Diluted earnings per share

  $1.86 – $1.87

Negotiation and withdrawal costs – Central States Pension and Other Funds(1)

0.00

Restructuring charges(1)

0.00

Loss on extinguishment of debt(1)

0.00

Bridgeton remediation

0.06

   Total adjustments

0.07

Adjusted diluted earnings per share

  $1.93 – $1.94

(1)

The aggregate impact of these items noted to adjusted diluted earnings per share totals to $0.01.

 

We believe that presenting adjusted diluted earnings per share, which excludes negotiation and withdrawal costs – Central States Pension and Other Funds, restructuring charges, loss on extinguishment of debt, and Bridgeton remediation charges provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges and costs in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.

Adjusted Free Cash Flow
Our anticipated adjusted free cash flow for the year ending December 31, 2014, which is not a measure determined in accordance with U.S. GAAP, is calculated as follows:

(Anticipated)

Year Ending

December 31, 2014

Cash provided by operating activities

$           1,474 – 1,489

Property and equipment received

(835)

Proceeds from sales of property and equipment

25

Cash paid related to negotiation and withdrawal costs – Central States Pension and Other Funds, net of tax

10

Restructuring payments, net of tax

1

Adjusted free cash flow

$                 675 – 690

 

We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain expenditures.  It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation.  The presentation of adjusted free cash flow has actually material limitations.  Adjusted free cash flow does not represent our cash flow available for discretionary expenditures because it excludes certain expenditures that are required or to which we have committed such as debt service requirements and dividend payments.  Our definition of adjusted free cash flow may not be comparable to similarly titled measures presented by other companies.

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking information about us that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are statements that are not historical facts.  Words such as “guidance,” “expect,” “will,” “may,” “anticipate,” “plan,” “estimate,” “project,” “intend,” “should,” “can,” “likely,” “could,” “outlook,” and similar expressions are intended to identify forward-looking statements.  These statements include statements about our plans, strategies and prospects. Forward-looking statements are not guarantees of performance.  These statements are based upon the current beliefs and expectations of our management and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.  Despite the fact that we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that the expectations will prove to be correct.  Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are:

  • general economic and market conditions, including inflation and changes in commodity pricing, fuel, interest rates, labor, risk, health insurance and other variable costs that generally are not within our control, and our exposure to credit and counterparty risk;
  • whether our estimates and assumptions concerning our selected balance sheet accounts, income tax accounts, the recoverability of long-lived assets, the depletion and amortization of landfill development costs, accruals for final capping, closure and post-closure costs, available airspace, valuation allowances for accounts receivable, self-insurance, liabilities for potential litigation, claims and assessments, and liabilities for environmental remediation, employee benefit and pension plans, and labor, fuel rates and economic and inflationary trends, turn out to be correct or appropriate;
  • competition and demand for services in the solid waste industry;
  • price increases to our customers may not be adequate to offset the impact of increased costs, including labor, third-party disposal and fuel, and may cause us to lose volume;
  • our ability to manage growth and execute our growth strategy;
  • our compliance with, and future changes in, environmental and flow control regulations and our ability to obtain approvals from regulatory agencies in connection with operating and expanding our landfills;
  • the impact on us of our substantial indebtedness, including on our ability to obtain financing on acceptable terms to finance our operations and growth strategy and to operate within the limitations imposed by financing arrangements;
  • our ability to retain our investment grade ratings for our debt;
  • our dependence on key personnel;
  • our dependence on large, long-term collection, transfer and disposal contracts;
  • our business is capital intensive and may consume cash in excess of cash flow from operations;
  • any exposure to environmental liabilities or remediation requirements, to the extent not adequately covered by insurance, could result in substantial expenses;
  • risks associated with undisclosed liabilities of acquired businesses;
  • risks associated with pending and future legal proceedings, including litigation, audits or investigations brought by or before any governmental body;
  • severe weather conditions, which could impair our financial results by causing increased costs, loss of revenue, reduced operational efficiency or disruptions to our operations;
  • compliance with existing and future legal and regulatory requirements, including limitations or bans on disposal of certain types of wastes or on the transportation of waste, which could limit our ability to conduct or grow our business, increase our costs to operate or require additional capital expenditures;
  • potential increases in our expenses if we are required to provide additional funding to any multiemployer pension plan to which we contribute or if a withdrawal event or events occur with respect to any multiemployer pension plan to which we contribute;
  • the negative impact on our operations of union organizing campaigns, work stoppages or labor shortages;
  • the negative effect that trends toward requiring recycling, waste reduction at the source and prohibiting the disposal of certain types of wastes could have on volumes of waste going to landfills;
  • changes by the Financial Accounting Standards Board or other accounting regulatory bodies to generally accepted accounting principles or policies; and
  • acts of war, riots or terrorism, including the continuing war on terrorism, as well as actions taken or to be taken by the United States or other governments as a result of further acts or threats of terrorism, and the impact of these acts on economic, financial and social conditions in the United States.

The risks included here are not exhaustive. Refer to “Part I, Item 1A — Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2013, for further discussion regarding our exposure to risks.  Additionally, Brand-new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements.  You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof.  Except to the extent required by applicable law or regulation, we undertake no obligation to update or publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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SOURCE Republic Services, Inc.

RELATED LINKS
http://www.republicservices.com