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Clean Harbors Inc. Message Board

  • timbrews timbrews Jan 25, 2000 10:09 AM Flag

    Anyone happen to notice...

    that:
    1) 75 people were laid off from the
    corporate (Braintree) office on Friday (1/21), with a good
    portion being in their national accounts program; with
    more to come through the mid-atlantic, trickling it's
    way westward.

    2) about 1mm shares change hands
    last week, bought by Al McKim, Gene Cookson & 1
    other

    3) Steve Dovell, Pres. of the newly formed Harbors
    Industrial Services, Inc. has resigned.

    With these
    changes (espically the large block stock purchase &
    layoffs) and an inside rumored tank on qIV's earnings,
    what do you think will be happening next?

    Can
    you say bonjour to the new owners?

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Not all expenses on the income statement are
      actually cash expenses. Depreciation and amortization are
      examples.

      Cash can be managed separately from the
      reported net income (and doesn't necessarily need higher
      revenue to have a positive change in the cash account).
      Over the past 5 years, I think only 1998 showed a
      reduction in the cash account. As long as CHI takes in more
      cash than it spends, it will stay afloat.

    • Those of us that bought at $1.06 and sold at $2 5/8 while you were dooming the stock dont really care !

    • I agree, cash flow is the key. Without a revenue
      recovery, cash flow never gets better. This is really
      frustrating. Why wouldn't McKim just retire, or something? I
      don't think there is anyone left to acquire CLHB before
      the Senior Notes come due. This doesn't seem very
      pretty.

    • And they were again up for the year. Not for the
      quarter because SG&A balooned but those costs
      (investments) should pay off next year.

      Clean Harbors
      Announces Fourth Quarter and 1999 Earnings
      Business Wire
      - February 03, 2000 18:08
      BRAINTREE,
      Mass.--(BUSINESS WIRE)--Feb. 3, 2000--Clean Harbors, Inc.
      (NASDAQ:CLHB) today announced its results for the fourth
      quarter and year ended December 31, 1999.


      Revenues for the fourth quarter were flat at $52,597,000
      as compared to $52,588,000 for the fourth quarter of
      1998. Net loss for the fourth quarter of 1999 was
      $(424,000) or $(0.05) per basic and diluted share as
      compared to a net profit of $84,000 or $0.00 per basic and
      diluted share for the same quarter of the prior year.


      Revenues for the year 1999 increased $5,526,000 to
      $202,965,000 an increase of 2.8% from the $197,439,000
      reported for the year ended 1998. The net loss for the
      year ended 1999 was $(2,244,000) or $(0.25) per basic
      and diluted share compared to a net loss of
      $(3,854,000) or $(0.42) per basic and diluted share for the
      year ended 1998.

      Alan S. McKim, Chairman and
      CEO said: "We are pleased with the progress we made
      this past year in increasing top line revenue growth
      by over $5.5 million and improving our bottom line
      results from last year. The increase in SG&A reflects
      strategic steps taken to introduce new service offerings
      such as our Harbor Industrial Services division, Y2K
      preparations and expansions into new market areas. We enter
      Year 2000 with the start-up costs of these initiatives
      behind us, and with major system enhancements in place
      to allow us to leverage these investments in the
      forthcoming year."

      Mr. McKim also announced
      expansions of the Company's E-Commerce initiatives by
      stating: "We are also continuing to enhance our Internet
      functionality in the areas of order fulfillment, waste
      profiling and transportation scheduling. Additionally, we
      are now moving forward to become an Application
      Service Provider (ASP) with our environmental software
      program CHOICE(TM).

    • How long can Clhb keep losing money?Who is fronting this company the money so they can keep pouring it down the drain? When are they going to change top management?

    • Is that industry practice, or is CLHB special?
      Are these temporary workers in the event business, or
      is it meat and bones of the organization? The former
      makes sense, the latter does not.

      How is CLHB
      doing? Any outlook on how Q4 was? How was January?

    • The company has layoffs almost every Q1. They then go through a hiring crunch as business picks up. Happens almost every year.

    • Sorry, hit the wrong key.

      Rumors in
      Kimball are that earnings are up for
      Q4!! What new
      owners are you talking about?

      There doesn't seem
      to be any validation to the rumor that someone may
      be buying CHESI.

      Can you provide more info on
      any possible buyout?

    • I am intrigued by your post, Tim Brews(ter?). But
      why would top officers be buying stock at rising
      prices if Q4 earnings are going to be in the tank? That
      just doesn't make sense. Also, layoffs normally would
      be bad for a company's stock, so, why buy at higher
      prices rather than at the lower price that would follow
      a layoff announcement?

      Also, with Q4 over
      but not yet reported, there probably is a blackout
      period applicable during which insiders can neither buy
      nor sell. So, your item #1 and #3 may be accurate,
      but they are logically in conflict with #2. Still,
      you get the gold star for the most interesting post
      this month.

      • 2 Replies to Eggplant101
      • Sorry Egg, not who you think I am...

        BUT,
        being a former employee (with no bad blood, so that's
        not my spin) with a good friend from MA (who's a
        recent emigree from CHESI) who's got a line at
        corporate, I think most of my info is QUITE
        reliable.

        So, that being said...be on the lookout for the
        possibility of more layoffs in the coming week. Historically,
        their layoffs have not really made sense (not just all
        upper/middle mgmnt or sales/marketing), usually a broad swatch
        of employees (but NEVER the field guys, they're the
        ones billable).

        Also, no OT is allowed at the
        plants either.

      • i know from a reliable source that the earnings this Q will be + +, also the layoff of 60 upper level employee's is a good move