Meridian Waste Solutions, Inc., Announces Filing of Form 10-K
MILTON, GA / ACCESSWIRE / April 19, 2016 / Meridian Waste Solutions, Inc., (OTCQB: MRDN) (the "Company") a vertically-integrated, non-hazardous solid waste collection firm announced today the filing of its Annual Report on Form 10-K (the "Form 10-K") with the U.S. Securities and Exchange Commission ("SEC") on April 14, 2016. The disclosures in this Annual Report reflect the consolidation into the Company of two recent business acquisitions completed prior to the end of the 2015 fiscal year.
Highlights from the Combined Financial Statements of Meridian Waste Solutions, Inc., and its subsidiaries for the year ending December 31,
- Revenue for the year ended 2015 was $13,506,000, an 11% increase over the annualized 2014 revenue of $12,202,000. The increase is due to the continued growth of Here to Serve Waste - Missouri, LLC, the Company's operating subsidiary, the acquisitions of Christian Disposal, LLC and Eagle Ridge Landfill, LLC, and the expansion of other service lines.
- The gross profit percentage for the year ending December 31,
- As of December 31, 2015, the Company has negative working capital of $5,871,000. This lack of liquidity is mitigated by the Company's ability to generate cash from operating activities.
- Entered into $55 million credit facility with a top NYC headquartered global investment bank and acquired Christian Disposal, LLC and Eagle Ridge Landfill with the proceeds of this credit facility.
- Cash generated from operating activities, excluding one-time expenses at approximately $3,295,000 related to the refinancing of debt and acquisitions, was
Jeff S. Cosman, Chairman and Chief Executive Officer of the Company stated, "We are pleased to have completed the filing of our Form 10-K with the SEC. The full integration of the December 2015 acquisitions of Christian Disposal, LLC and Eagle Ridge Landfill into the Company continues to be the top priority of management and we are excited by the resulting synergies. We are strategically building out our long- term business plan for increased geographic growth. In the year ahead, we look forward to continuing consolidation of our operations and seeking out additional acquisitions to grow the Company further. We have an ambitious agenda and the management team in place to bring us to the next level."
MERIDIAN WASTE SOLUTIONS, INC is a company focused on solutions in the waste industry. Currently, the Company operates in St. Louis, Missouri as Meridian Waste Services, Christian Environmental Services and Meridian Waste Solutions, serving over 70,000 residential, commercial and temporary customers in the St. Louis market. In addition to a fleet of commercial, residential and temporary roll off trucks, the Company operates three transfer stations and one municipal solid waste landfill. Meridian is focused on providing unparalleled customer service in the form of long-term and short-term contracts.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual results or outcomes of Meridian Waste Solutions, Inc. may differ materially from those anticipated. Although Meridian Waste Solutions, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, Meridian Waste Solutions, Inc. can provide no assurance that any of the forward-looking statements contained in this press release will prove to be accurate.
In light of the significant uncertainties and risks inherent in the forward-looking statements included in this press release, such information should not be regarded as a representation by Meridian Waste Solutions, Inc. that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain legal proceedings and competition. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "intend," "expect," "will," "anticipate," "estimate" or "continue" or the negatives thereof or other variations thereon or comparable terminology. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Meridian Waste Solutions, Inc.'s most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Meridian Waste Solutions, Inc. does not undertake an obligation to update publicly any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
PCG Advisory Group
Christine J. Petraglia
PCG Advisory Group
Chief Communications Officer
SOURCE: Meridian Waste Solutions, Inc.
Released April 29, 2016