BWI Holdings, Inc. was pleased to announce this morning the results of its subsidiary’s (Budget Waste Inc.) operations for the year ended March 31, 2009. For the three months and year ended March 31, 2009, the company generated revenues of $2,017,000 and $11,777,000 respectively, compared to $4,091,000 and $16,680,000 for the three months and year ended March 31, 2008. The decrease was expected in view of the downturn of the residential and industrial construction markets.
Mr. Bruce Milroy, CFO, stated, “On March 4, 2009 we announced that as a result of the global financial crisis and economic downturn that we would restructure and consolidate our operations. To ensure the longevity of the company and ensure that we were successful in our restructuring, we entered CCAA protection. We are now pleased to update the shareholders on the success of our restructuring, even over a limited period, and report that for the year ended March 31, 2009, we will present a significant positive net income and strong tangible assets. We will continue to restructure our operations and reduce overall costs, and as the economy improves, so will our profitability.”
The gross margins for the quarter and year ended March 31, 2009 totaled $743,000 and $3,697,000 respectively, representing 36.8% and 31.4% of revenue. For the year ended March 31, 2008, gross margins were $1,281,000 or 31.3% of revenue for the three months and $4,511,000 or 27.0% of revenue. The higher gross margin percentages were the result of cost cutting and process improvement strategies.
The company’s fourth quarter net income totaled $171,000 compared to ($632,000) for the same period a year earlier. Net income for the year ended March 31, 2009 totaled $324,000 compared to ($1,308,000) for the year ended March 31, 2008. This was a substantial increase in profitability considering the magnitude of the losses incurred in prior years while integrating and consolidating many different companies acquired in 2006 and 2007.
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