TRENTON, N.J., May 6, 2020 /PRNewswire/ -- TerraCycle US Inc., the U.S. subsidiary of international recycling leader TerraCycle, Inc., today announced financial results for the fiscal year ending December 31, 2019.
Revenue rose to $27.1 million, representing a 35% year-over-year growth over FY 2018 revenues of $20.0 million. The increase in revenue resulted entirely from organic growth.
Net income was $3.2 million, compared to 2018 net income of $1.2 million, marking an increase of 266.7%.
Cash on hand at year-end 2019 was $13 million
TerraCycle's Regulation A capital raise surpassed $10 million as of December 31, 2019 and surpassed $13 million as of April 2020.
TerraCycle has announced its second annual cash dividend of $2.61 per share to shareholders of record as of December 31, 2019. This dividend payment represents an increase from the $2.09 per share paid the previous year. It should be noted that the 2018 dividend was a distribution of 100% of after-tax income per share. The 2019 dividend, although 24.9% larger, represents a distribution of 50% of after-tax income per share.
TerraCycle's two largest business units experienced significant growth in 2019 with Sponsored Waste business growing to $9.3 million compared to $7.1 million in 2018 (a 33% increase) and Zero Waste Box business growing to $6.1 million compared to $3.2 million in 2018 (a 94% increase).
The company continues to invest in its work force, increasing its U.S. based staff by 20% over the prior year.
"Our mission at TerraCycle has always been to eliminate waste, recycle the unrecyclable and use innovative business solutions to make recycling economically viable," said Tom Szaky TerraCycle Founder and CEO. "After turning profitable, we chose to drive growth by raising capital through a Regulation A offering, which was undertaken to fund program expansion and acquisitions of companies that would thrive in TerraCycle US's uniquely public-facing waste ecosystem. Subsequently, the growth we experienced in 2018 was driven by our first acquisition and resulted in purely organic growth throughout 2019. Thanks to our offering, we now have the resources to acquire additional companies, which is a core 2020 focus."
Using third party logistics and facilities, TerraCycle converts collected waste into raw materials that are sold to and used by manufacturers to create new products. Examples of waste streams collected and recycled by TerraCycle include chip bags, coffee capsules, cigarette butts, oral care, beauty care, child car seats, disposable contact lenses and packaging, as well as over 100 additional waste streams in the United States. Through its programs, TerraCycle has demonstrated that consumers patronize businesses which provide recycling solutions for the products they manufacture. By providing effective, turnkey programs, we enable our partners to provide customized recycling solutions implemented by TerraCycle.
Interested potential investors (minimum investment is $700) are encouraged to visit www.OwnTerraCycle.com to view detailed information and recent company updates regarding TerraCycle's Regulation A offering. The SEC Qualified Offering Circular can be accessed at Offering Circular and will remain active until January 26, 2021. Further, the most recent annual report for TerraCycle US Inc. can be found at 2019 TerraCycle US Inc. Annual Report.
For more information on TerraCycle's recycling programs, visit www.terracycle.com.
TerraCycle US Inc. is an highly acclaimed waste management company with a mission to eliminate the idea of waste®. It is a subsidiary of TerraCycle, Inc., which operates parallel national programs in 21 countries. In each country, TerraCycle partners with leading consumer product companies, retailers, cities and facilities to recycle products and packaging, including pens, oral care, beauty care, coffee capsules, contact lenses, even cigarette butts and dirty diapers, all waste streams that would have otherwise ended up being landfilled or incinerated. In addition, TerraCycle works with leading consumer product companies to integrate hard to recycle waste streams, such as ocean plastic, into their products and packaging. TerraCycle has won over 200 awards for sustainability and, on behalf of its clients, has donated over $44 million to schools and charities since its founding over 15 years ago. To learn more about TerraCycle or get involved in its recycling programs, please visit www.terracycle.com.
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SOURCE TerraCycle US Inc.