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Stock Market & Financial Investment News

News Breaks
March 1, 2013
11:34 EDTCLHClean Harbors to delay filing Form 10-K
The registrant acquired on December 28, 2012 all of the outstanding shares of Safety-Kleen and its subsidiaries for approximately $1.3B. The registrant is currently finalizing its financial statements for inclusion in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2012, but has experienced delays in completing those financial statements. These delays have resulted primarily from the complexity and extent of work required in light of the size of that acquisition. The registrant previously announced its unaudited fiscal year-end 2012 financial results by press release, dated February 20, a copy of which was furnished as an exhibit to a Form 8-K filed with the SEC on February 20. Such unaudited results reflected various changes in the registrant’s results of operation from the previous year, the more significant of which were summarized in the text portion of the press release. The registrant does not expect that the audited financial statements that will be included in its Form 10-K for the year ended December 31, 2012 will reflect any material differences from the results of operation reflected in such unaudited results.
News For CLH From The Last 14 Days
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January 20, 2015
07:45 EDTCLHClean Harbors to host business news update conference call
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07:33 EDTCLHClean Harbors sees FY15 adjusted EBITDA $530M-$570M
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07:32 EDTCLHClean Harbors sees FY14 revenue $3.4B-$3.42B, consensus $3.4B
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07:32 EDTCLHClean Harbors confirms FY14 revenue, adjusted EBITDa guidance
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07:31 EDTCLHClean Harbors to spin out Oil and Gas Field Services as standalone entity
Clean Harbors announced that, as a result of its strategic review, the company plans to carve out its Oil and Gas Field Services segment as a standalone public entity. Due to the synergies related to drilling activity, Clean Harbors also intends to include its lodging drill camps business from its Lodging segment as part of the new entity. “During the fourth quarter, we completed the comprehensive strategic review of our portfolio that we began in early 2014,” said Alan S. McKim, chairman and CEO. “The review was designed to determine the optimal mix of businesses to drive organic growth, enhance our margins and improve our return on invested capital. Based on this review, we are undertaking a number of initiatives to maximize shareholder value, including the carve-out of our Oil and Gas Field Services segment, while retaining the vast majority of our Lodging segment and our re-refining business.” Since acquiring many of the Oil and Gas segment’s assets in 2009, Clean Harbors has significantly grown the business and greatly expanded the value proposition it offers customers to encompass a combination of exploration, seismic and drilling support, solids/fluids control packages, disposal of drill cuttings and production services. Including the lodging drill camps business, the assets the Company plans to carve out generated approximately $250M in revenue through the first nine months of 2014. While the Oil and Gas Field Services segment experienced a down cycle in the past year, the company believes it constitutes an attractive long-term cyclical business that is well-positioned as a leader within many markets. Clean Harbors has hired Goldman Sachs & Co. as its financial advisor to assist in the proposed transaction, a process that could take more than 12 months. Completion of the transaction is subject to certain conditions, including, but not limited to, determination of the most advantageous structure from a financial and tax standpoint, receipt of regulatory approvals, the effectiveness of securities laws filings and final approval by the company’s Board of Directors. There can be no assurance regarding the ultimate structure and timing of the proposed transaction or whether the transaction will be completed.
07:31 EDTCLHClean Harbors names Eric Gerstenberg as COO
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07:30 EDTCLHClean Harbors to spin out Oil and Gas Field Services as standalone entity
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