Earnings before interest, tax and other charges for the quarter increased 108.8% over $12.2 million in the year ago quarter to $25.6 million, or 33.6% of revenues.
Ronald Mittelstaedt, chairman and CEO, said, "This was a very successful quarter on every count. We renegotiated our credit facility, completed a large strategic acquisition of the Allied Waste Kansas assets and saw operations perform well throughout the company. In addition to the Wichita transaction, we completed five other acquisitions for a total acquired annualized revenue in the quarter of $36.1 million. We are moving rapidly forward with the construction of our transfer station in Wichita to begin internalizing these waste volumes in the second half of 2001. We expect operating margins to expand throughout the balance of the year based on moderating commodity prices from recycling and because of how our recycling contracts are structured. We continue to have an active acquisition backlog at reasonable valuations and business conditions remain strong."
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