2009-10-29 21:25:03 -
TORONTO, ONTARIO -- (Marketwire) -- 10/29/09 -- IESI-BFC Ltd. (the "Company") (TSX: BIN)(NYSE: BIN) reported financial results for the three and nine months ended September 30, 2009.
(All amounts are in United States ("U.S.") dollars, unless otherwise stated)
Management Commentary
Revenue totalled $268.4 million in the quarter compared with $282.2 million in the year ago period. Holding foreign currency exchange ("FX") constant, revenue in the third quarter would have totalled $274.7 million. Operating income was $37.0 million compared with $33.8 million in the third quarter of 2008. Excluding the impact of FX, operating income would have been $38.6 million, an increase of 14.3% over the year ago period. Operating income before amortization, or EBITDA(A), for the quarter was $78.9 million, or 29.4% of revenue, compared to $80.7 million, or 28.6% of revenue, in the third quarter of 2008. Holding FX constant, EBITDA(A) for the third quarter of 2009 would have been $81.4 million.
Net income in the quarter was $19.1 million, or $0.20 per diluted share compared to net income of $16.3 million, or $0.24 per diluted share in the year ago period. Before the impact of FX, net income in the quarter was $20.3 million or $0.22 per diluted share. We increased our comparative diluted share count as a result of equity offerings completed in March and June 2009.
In the quarter, organic gross revenue grew 1.6% in Canada. Continued core pricing growth, 3.0%, coupled with volume growth, 0.3%, and recycling and other pricing growth, 0.2%, was partially offset by a 1.9% decline in fuel surcharges. In the U.S., organic gross revenues declined 3.9% in the quarter. While we realized core price growth of 2.0%, declines in fuel surcharges, 3.8%, recycling and other pricing, 1.6%, and volumes, 0.5%, offset this growth.
"We delivered strong performance in the third quarter relative to current economic conditions," said Keith Carrigan, Vice Chairman and Chief Executive Officer, IESI-BFC Ltd. "We continued to drive core price growth in our business and achieved positive volume in our Canadian operations with only a marginal volume decline in the U.S. Our disciplined strategies for growth resulted in an increase in EBITDA(A), excluding the impact of FX, and an 80 basis point improvement in EBITDA margin. Free cash flow(B) increased 85.5% to $38.5 million, resulting in a free cash flow yield of 14.3%."
Mr. Carrigan added, "We are very pleased with these improvements in our business, which illustrate the effectiveness of our differentiated operating model. With our free cash flow(B) levels and strong balance sheet, we are well-positioned to further apply our strategies for organic growth, and growth through acquisition."
For the nine months ended September 30, 2009, revenues were $746.0 million, compared with revenues of $803.2 million in the year ago period. Holding FX constant, year-to-date revenue would have been $783.6 million. Operating income was $93.4 million compared with $90.7 million in the same period in 2008. Year-to-date operating income would have been $101.0 million, an increase of 11.4% over 2008, holding FX constant. EBITDA(A) for the year-to-date period was $214.1 million compared to $226.0 million in 2008 and would have been $227.3 million holding FX constant.
For the nine months ended September 30, 2009, net income was $43.9 million, or $0.53 per diluted share, compared with $45.0 million or $0.66 per diluted share in the year ago period.
Financial and Other Highlights
For the Three Months Ended September 30, 2009
-- Revenues declined $7.5 million or 2.7%, excluding the impact of FX
-- EBITDA(A) increased $0.7 million or 0.8%, excluding the impact of FX
-- Free cash flow increased $19.4 million or 93.5%, excluding the impact of
FX
-- Net income per diluted share, $0.20, or $0.22 excluding the impact of FX
-- Core price increased 3.0% in Canada and 2.0% in the U.S.
-- Volumes increased 0.3% in Canada and declined (0.5%) in the U.S.
For the Nine Months Ended September 30, 2009
-- Revenues declined $19.6 million or 2.4%, excluding the impact of FX
-- EBITDA(A) increased $1.3 million or 0.6%, excluding the impact of FX
-- Free cash flow increased $20.5 million or 26.5%, excluding the impact of
FX
-- Net income per diluted share, $0.53, or $0.59 excluding the impact of FX
-- Core price increased 3.3% in Canada and 2.5% in the U.S.
-- Volumes decreased (0.9%) in Canada and (3.1%) in the U.S.
-- Raised gross common share proceeds of $149.5 million through a U.S.
public offering in June 2009
-- Raised gross common share proceeds of $74.6 million through a bought
deal offering in Canada in March 2009
-- Applied the net proceeds from both offerings, approximately $209.7
million to reduce U.S. long-term debt advances
-- At September 30, 2009, our funded debt to EBITDA(A) ratios, calculated
in accordance with our Canadian and U.S. long-term debt facilities, are
1.78 and 2.59 times, respectively.
Change in Reporting Currency and Generally Accepted Accounting Principles
In connection with our listing on the New York Stock Exchange ("NYSE") and U.S. public offering, we elected to report our financial results in U.S. dollars. Accordingly, all comparative financial information contained in this press release has been recast from thousands of Canadian to U.S. dollars, unless otherwise stated.
Electing to report our financial position and results of operations in U.S. dollars reduces foreign exchange fluctuations in our reported amounts as a significant portion of our assets, liabilities and operations are resident or conducted in the U.S., in U.S. dollars.
We also elected to report our financial results in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") to improve the comparability of our financial information with our peers, who are predominantly U.S. publicly listed companies.
FX Rates
Our consolidated financial position and operating results have been translated to U.S. dollars applying the following FX rates:
2009 2008
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Consolidated Consoli- Consolidated
Consolidated Statement of dated Statement of
Balance Operations and Balance Operations and
Sheet Comprehensive Income Sheet Comprehensive Income
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Cumulative Cumulative
Current Average Average Current Average Average
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December 31 $0.8166 $0.9371
March 31 $0.7935 $0.8030 $0.8030 $0.9729 $0.9959 $0.9959
June 30 $0.8602 $0.8568 $0.8290 $0.9817 $0.9901 $0.9930
September 30 $0.9327 $0.9113 $0.8547 $0.9435 $0.9599 $0.9817
Financial Highlights
(in thousands of U.S. dollars, except per weighted average share or trust
unit amounts, unless otherwise stated)
Three months ended Nine months ended
September 30 September 30
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2009 2008 2009 2008
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(unaudited) (unaudited) (unaudited) (unaudited)
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Operating results
Revenues $268,411 $282,235 $746,004 $803,197
Operating expenses 156,195 169,209 435,969 484,501
Selling, general and
administrative ("SG&A") 33,272 32,301 95,949 92,709
Amortization 41,946 46,928 120,702 135,297
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Operating income 36,998 33,797 93,384 90,690
Interest on long-term debt 7,851 13,367 26,246 40,111
Net gain on sale of capital
and landfill assets (13) (265) (128) (351)
Net foreign exchange loss
(gain) 61 3 238 (617)
Net loss (gain) on financial
instruments 305 98 (866) 3,623
Conversion costs 93 2,216 208 2,216
Other expenses 44 31 109 88
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Income before income taxes 28,657 18,347 67,577 45,620
Income tax expense 9,548 2,073 23,724 580
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Net income $ 19,109 $ 16,274 $ 43,853 $ 45,040
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Net income per weighted
average share or trust unit,
basic $ 0.20 $ 0.24 $ 0.54 $ 0.66
Net income per weighted
average share or trust unit,
diluted $ 0.20 $ 0.24 $0.53 $ 0.66
Weighted average number of
shares or trust units
outstanding (thousands),
basic 82,294 57,569 71,102 57,569
Weighted average number of
shares or trust units
outstanding (thousands),
diluted 93,431 68,706 82,239 68,706
Replacement and growth
expenditures (see page 10)
Replacement expenditures $ 19,322 $ 26,834 $ 49,094 $ 56,206
Growth expenditures 8,839 15,743 38,781 45,873
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Total replacement and growth
expenditures $ 28,161 $ 42,577 $ 87,875 $102,079
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Operating and free cash
flow(B)
Cash generated from operating
activities $ 76,597 $ 69,876 $192,649 $169,170
Free cash flow(B) $ 38,504 $ 20,755 $ 90,604 $ 77,423
Free cash flow(B) per weighted
average share or trust unit
outstanding, diluted $ 0.41 $ 0.30 $ 1.10 $ 1.13
Dividends and distributions
Dividends and distributions
declared (shares or trust
units) $ 18,546 $ 25,094 $ 49,560 $ 77,058
Dividends declared
(participating preferred
shares ("PPSs")) 2,523 4,853 7,140 14,909
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Total dividends and
distributions declared $ 21,069 $ 29,947 $ 56,700 $ 91,967
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Total dividends or distributions
declared per weighted
average share or trust unit,
diluted $ 0.23 $ 0.44 $ 0.69 $ 1.34
FX Impact on Consolidated Results
The following tables have been prepared to assist readers in assessing the impact of FX on select consolidated results for the three and nine months ended September 30, 2009.
###PRECONTENT2### Conversion
Pursuant to the plan of arrangement, the conversion of the BFI Canada Income Fund (the "Fund") trust structure to a corporation resulted in unitholders of the Fund receiving one common share of BFI Canada Ltd., predecessor to IESI-BFC Ltd. ("IESI-BFC"), for each trust unit held on the effective date of conversion, October 1, 2008. The Class A unit held by IESI Corporation ("IESI") was redeemed by the Fund for ten Canadian dollars and IESI-BFC issued, and IESI subscribed for, 11,137 special voting shares for aggregate cash consideration of ten Canadian dollars. The PPSs issued by IESI remain outstanding and exchangeable into common shares of IESI-BFC on a one for one basis, instead of trust units of the Fund. These exchanges did not constitute a change of control such that the consolidated financial statements have been prepared applying continuity of interests accounting. With the exception of the December 31, 2008 consolidated balance sheet, the comparative figures presented herein are those of the Fund.
Management's Discussion
(all amounts are in thousands of U.S. dollars, except per share or trust unit, PPS, and FX rate amounts, unless otherwise stated) ###PRECONTENT3### Three months ended
Excluding the impact of FX, the increase in Canadian segment gross revenues is attributable to core price, acquisition and volume growth. With the exception of recycled materials pricing, we realized price growth in all of our services. Volume growth was modest, but we achieved growth in our commercial, transfer, landfill and recycling services. As in the prior quarter, comparative industrial collection volumes remained soft and partially offset this volume growth. Lower diesel fuel costs are the primary reason for lower fuel surcharges.
U.S. south segment gross revenues increased. Core price, acquisition and volume growth all contributed to the comparative increase. We enjoyed volume growth from our commercial and residential services, as a result of increased sales efforts and contract wins. This volume growth was partially offset by lower comparative industrial volumes, which is attributable to the softer economic environment in this segment. Lower comparative fuel surcharges is the primary offset to gross revenue growth as a result of lower comparative diesel fuel costs. A comparative decline in recycled materials pricing represents the balance of the comparative change.
Gross revenues in our U.S. northeast segment declined. Volume and fuel surcharge declines were partially offset by modest price growth. While gross revenues continue to be affected by lower volumes, we have not experienced any further deterioration as a result of the economic slowdown. Pricing in our collection service lines remained strong, but was partially offset by pricing at our landfills and transfer stations. Volume growth in our landfills has more than offset landfill pricing declines. The balance of the change is the result of lower recycled materials pricing. Recycled materials pricing started to decline in the third and fourth quarters of 2008, and while pricing has strengthened since the fourth quarter of 2008, it has not reached the same levels as the comparative period.
Nine months ended
Excluding the impact of FX, the increase in Canadian segment gross revenues is attributable to core price and acquisition growth. Fuel surcharge declines and declines due to lower volumes were the primary offsets to core price and acquisition growth. Lower diesel fuel costs is the primary reason for lower fuel surcharges, while lower industrial collection volumes was the most significant contributor to the decline in gross revenues attributable to volumes. A decline in year-to-date recycled materials pricing accounts for the balance of the change.
On a year-to-date basis, U.S. south segment gross revenues increased marginally. The comparative increase is the result of strong core price, acquisition and volume growth. The reasons for this growth are consistent with those outlined above for the three months ended. Lower comparative fuel surcharges are the primary offset, coupled with lower gross revenue contributions from recycled materials pricing.
Gross revenues in our U.S. northeast segment declined. Consistent with the three months ended, volume and fuel surcharge declines account for the year-to-date comparative decline in gross revenues. Pricing for our collection services continues to be strong but has been offset by recycled materials pricing and to a lesser extent landfill pricing. The balance of the year-to-date change is attributable to contributions from acquisitions.
Operating expenses
Three months ended
Excluding the impact of FX, the decline in Canadian segment operating expenses is due to lower vehicle operating costs. Lower comparative diesel fuel costs contributed to the comparative decline. Higher labour costs attributable to acquisitions partially offset vehicle operating cost declines.
Operating costs in our U.S. south segment increased marginally period over period. Comparatively, we incurred higher labour costs to collect higher comparative waste volumes and incurred higher insurance costs. Higher insurance costs represent a non-cash actuarial adjustment to our U.S. accident claims reserves. Cost savings resulting from lower vehicle operating costs, attributable to lower diesel fuel costs, almost entirely offset these increases.
In the U.S. northeast, operating costs declined. The decline is attributable to lower disposal, transportation and vehicle operating costs. Lower disposal costs are the result of the economic slowdown in this region, while lower transportation and vehicle operating costs are due to the comparative decline in diesel fuel costs. Higher accident claims reserves partially offset these declines.
Nine months ended
Excluding the impact of FX, the year-to-date decline in Canadian segment operating expenses is due to lower disposal and vehicle operating costs, partially offset by higher labour costs due in part to acquisitions. The reasons for these changes are consistent with the explanations outlined above for the three months ended.
Year-to-date, our U.S. south segment has benefited from lower diesel fuel costs. The balance of the change is attributable to higher labour and insurance claims costs. Acquisitions and marginally higher collected volumes is the primary reason for the rise in comparative labour costs.
The reasons for the U.S. northeast segment decline are consistent with those outlined above for the three months ended.
SG&A expenses
Three months ended
Our Canadian segment SG&A expense increase is due entirely to fair value changes in share based compensation, which is an expense in the current period compared to a prior period recovery.
Higher salary expense, due to higher sales staffing levels in our U.S. south segment, is the primary reason for the increase. Lower professional fees and salaries in our U.S. northeast segment are the primary reasons for the period over period decline.
Nine months ended
Excluding the impact of FX, Canadian segment SG&A expense increased. The increase is attributable to fair value changes to share based compensation as well as higher salaries. Higher sales staffing levels is the primary contributor to the rise in comparative salaries.
Higher salaries and professional fees are the primary cause of the year-to-date increase in SG&A expense for our U.S. south and northeast segments.
Non-controlling interest
With the adoption of guidance on non-controlling interests in consolidated financial statements, which became effective January 1, 2009, we changed the presentation of non-controlling interests from mezzanine equity to equity on our consolidated balance sheet. Non-controlling interest is no longer deducted in the determination of net income. Instead, net income and each component of other comprehensive income or loss is attributed to shareholders' equity and non-controlling interest. Adopting this guidance affects our determination of net income presented in the consolidated statement of operations and comprehensive income, the presentation of net income and non-controlling interest in the consolidated statement of cash flows, and the presentation of non-controlling interest in the consolidated statement of equity.
Free cash flow (B)
Purpose and objective
The purpose of presenting this non-GAAP measure is to align our disclosure with other U.S. publicly listed companies in our industry. Investors and analysts use this calculation as a measure of our valuation and liquidity. We use this non-GAAP measure to assess our performance relative to other U.S. publicly listed companies, to assess our primary sources and uses of cash flow, and to assess our ability to sustain our dividend policy.
###PRECONTENT4### Three months ended
Free cash flow(B) increased period over period. Excluding the impact of FX, we generated modest increases in Canadian and U.S. south segment EBITDA(A). Our U.S. northeast segment delivered a slight reduction in comparative EBITDA(A) contributions due to lower volumes and lower commodity and other pricing stemming from economic weakness. Lower capital and landfill asset purchases in our U.S. segment are the primary contributors to the increase in free cash flow(B). This comparative decline in purchases is principally attributable to the timing of landfill cell construction. The Canadian segment also contributed to the comparative decline due primarily to the timing of growth expenditures as a result of a decline in new contract wins. Lower interest rates and overall debt levels contributed to the decline in interest expense, while higher cash taxes in Canada partially offset this decline. Higher Canadian cash taxes are the result of eroding loss carryforwards. The timing of restricted share purchases also contributed to the comparative increase in free cash flow(B).
Nine months ended
For the nine months ended, free cash flow(B) increased comparatively. As outlined above for the three months ended, modest contributions from increasing EBITDA(A), excluding the impact of FX, coupled with lower capital and landfill purchases and borrowing costs are the primary reasons for the increase in free cash flow(B). The reasons for these changes are consistent with those outlined above for the three months ended.
Capital and landfill purchases
Capital and landfill purchases characterized as replacement and growth expenditures are as follows:
###PRECONTENT5### Capital and landfill purchases - replacement
Capital and landfill purchases characterized as "replacement expenditures" represent cash outlays to sustain current cash flows and are funded from free cash flow(B). Replacement expenditures may include the replacement of existing capital assets, including vehicles, equipment, containers, compactors, furniture, fixtures and computer equipment. Replacement expenditures also include all construction spending for our operating landfills.
Three months ended
Excluding the impact of FX, replacement expenditures decreased. The decline is attributable to the timing of landfill expenditures in our U.S. segment.
Nine months ended
Excluding the impact of FX, replacement expenditures decreased. As outlined above for the three months ended, landfill expenditures in our U.S. segment represent the majority of the comparative decline. The balance of the change is attributable to the timing of landfill construction in our Canadian segment.
Capital and landfill purchases - growth
Capital and landfill purchases characterized as "growth expenditures" represent cash outlays to generate new or future cash flows and are generally funded from free cash flow(B). Growth expenditures may include vehicles, equipment, containers, compactors, furniture, fixtures, computer equipment and facilities (new or expansion) to support new contract wins and organic business growth.
Three months ended
Net of FX, growth expenditures decreased. The decline is most pervasive in Canada, as a result of building, infrastructure and landfill equipment expenditures incurred in 2008 that did not recur in 2009. Both our Canadian and U.S. segments are experiencing lower growth expenditure levels in light of continuing economic weakness.
Nine months ended
Net of FX, growth expenditures decreased. In Canada, the decline in growth expenditures is due in large part to capital purchased to service new residential contract wins which commenced in 2008. Our U.S. segment decline has not been as pronounced as our Canadian segment decline due in large part to new contract wins.
Readers are reminded that revenue, EBITDA(A), and cash flow contributions derived from vehicles, equipment and container growth expenditures will materialize over future periods.
Dividends and Distributions
(all amounts are in thousands of U.S. dollars, except per share or trust unit and PPS amounts)
2009
Our expected regular dividend record and payment dates, and payment amounts, are as follows:
###PRECONTENT6### Our expected special dividend record and payments dates, and payment amounts, payable only in 2009, are as follows:
###PRECONTENT7### 2008
In 2008, we declared distributions and dividends to trust unit and participating preferred shareholders for the three and nine month periods ended September 2008 totalling $29,947 and $91,967, respectively. The declarations represented a monthly Canadian dollar ("C$") payout of fifteen point one five cents per trust unit and PPS.
Long-term debt
Summary details of our long-term debt facilities at September 30, 2009 are as follows:
###PRECONTENT8### Canadian long-term debt facilities
We drew on our revolving credit facility capacity to repay our C$47,000 senior secured series A debenture which matured on June 26, 2009. Drawing on the revolving credit facility had no impact on our Canadian segment's funded debt to EBITDA(A) covenant, as this covenant includes both revolving credit facility drawings and senior secured debenture borrowings. We entered into our fifth amendment to our amended and restated credit facility. The fifth amendment simply recognized the wind-up of the Fund and Ridge Landfill Trust. All significant terms and pricing remained unchanged.
Long-term debt to EBITDA(A)
At September 30, 2009, we are not in default of our Canadian and U.S. long-term debt facility covenants. As a reminder, our long-term debt to EBITDA(A) covenants are not subject to FX fluctuations. Holding the FX rate at parity results in a long-term debt to EBITDA(A) ratio of 2.18 times. Readers are further reminded that contributions to EBITDA(A) from acquisitions completed within the last twelve months are not included in this ratio. We have two revolving credit facilities to support our Canadian and U.S. operations, each of which require financial covenant tests to be prepared independently, and both facilities allow for pro forma EBITDA(A) contributions from acquisitions.
Funded debt to EBITDA(A)
At September 30, 2009, funded long-term debt to EBITDA(A), as defined and calculated in accordance with the underlying Canadian and U.S. long-term debt facilities, is as follows:
###PRECONTENT9### Definitions of EBITDA and free cash flow
(A) All references to "EBITDA" in this press release are to revenues less operating and SG&A expenses on the consolidated statement of operations and comprehensive income. EBITDA excludes some or all of the following: "amortization, interest on long-term debt, financing costs, net gain or loss on sale of capital and landfill assets, net foreign exchange gain or loss, net gain or loss on financial instruments, conversion costs, other expenses, and income taxes". EBITDA is a term used by us that does not have a standardized meaning prescribed by U.S. GAAP and is therefore unlikely to be comparable to similar measures used by other issuers. EBITDA is a measure of our operating profitability, and by definition, excludes certain items as detailed above. These items are viewed by us as either non-cash (in the case of amortization, net gain or loss on financial instruments, net foreign exchange gain or loss, and deferred income taxes) or non-operating (in the case of interest on long-term debt, net gain or loss on sale of capital and landfill assets, conversion costs, other expenses, and current income taxes). EBITDA is a useful financial and operating metric for us, our Board of Directors, and our lenders, as it represents a starting point in the determination of free cash flow(B). The underlying reasons for the exclusion of each item are as follows:
Amortization - as a non-cash item amortization has no impact on the determination of free cash flow(B).
Interest on long-term debt - interest on long-term debt is a function of our debt/equity mix and interest rates; as such, it reflects our treasury/financing activities and represents a different class of expense than those included in EBITDA.
Net gain or loss on sale of capital and landfill assets - proceeds from the sale of capital and landfill assets are either reinvested in additional or replacement capital or landfill assets or used to repay revolving credit facility borrowings.
Net foreign exchange gain or loss - as non-cash items, foreign exchange gains or losses have no impact on the determination of free cash flow(B).
Net gain or loss on financial instruments - as non-cash items, gains or losses on financial instruments have no impact on the determination of free cash flow(B).
Conversion costs - conversion costs represent professional fees incurred on the Fund's conversion from an income trust to a corporation and its eventual wind-up. Conversion costs represent a different class of expense than those included in EBITDA.
Other expenses - other expenses typically represent amounts paid to certain management of acquired companies who are retained by us post acquisition. These expenses are not considered an expense indicative of continuing operations. Accordingly, other expenses represent a different class of expense than those included in EBITDA.
Income taxes - income taxes are a function of tax laws and rates and are affected by matters which are separate from our daily operations.
EBITDA should not be construed as a measure of income or of cash flows. The reconciling items between EBITDA and net income are detailed in the consolidated statement of operations and comprehensive income or loss beginning with operating income before amortization and ending with net income.
(B) We have adopted a measure called "free cash flow" to supplement net income or (loss) as a measure of operating performance. Free cash flow is a term which does not have a standardized meaning prescribed by U.S. GAAP, is prepared before dividends and or distributions declared, and is therefore unlikely to be comparable to similar measures used by other issuers. The objective of presenting this non-GAAP measure is to align our disclosure with disclosures presented by other U.S. publicly listed companies in the waste industry, to assess our primary sources and uses of cash flow, and to assess our ability to sustain our dividend. All references to "free cash flow" in this press release have the meaning set out in this note.
Forward-looking statements
This press release contains forward-looking statements, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. A number of factors could cause actual outcomes and results to differ materially from those estimated, forecast or projected. These factors include those set forth in the Company's Annual Information Form for the year ended December 31, 2008. Consequently, readers should not rely on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with these forward looking statements, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
About IESI-BFC Ltd.
IESI-BFC Ltd., through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services for commercial, industrial, municipal and residential customers in five provinces and ten U.S. states. Its two brands, IESI and BFI Canada, are leaders in their markets and serve over 1.8 million customers with vertically integrated collection and disposal assets. The Company's shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN.
To find out more about IESI-BFC Ltd., visit our website at www.iesi-bfc.com :
.
Management will hold a conference call on Friday, October 30, 2009, at 8:30 a.m. (ET) to discuss results for the three and nine months ended September 30, 2009. To access the call, participants should dial 416-644-3414 or 1-800-814-4859. The conference call will also be webcast live at www.streetevents.com :
and www.iesi-bfc.com :
and subsequently archived on both websites.
A rebroadcast of the call will be available until midnight on November 13, 2009. To access the rebroadcast, dial 416-640-1917 or 1-877-289-8525 and quote the reservation number 4169379#.
IESI-BFC Ltd.
Consolidated Balance Sheets
September 30, 2009 and December 31, 2008 (unaudited - stated in accordance with accounting principles generally accepted in the United States of America and in thousands of U.S. dollars) ###PRECONTENT10### IESI-BFC Ltd.
Consolidated Statements of Operations and Comprehensive Income
For the periods ended September 30, 2009 and 2008 (unaudited - stated in accordance with accounting principles generally accepted in the United States of America and in thousands of U.S. dollars, except net income per share or trust unit amounts) ###PRECONTENT11### IESI-BFC Ltd.
Consolidated Statements of Cash Flows
For the periods ended September 30, 2009 and 2008 (unaudited - stated in accordance with accounting principles generally accepted in the United States of America and in thousands of U.S. dollars)
Three months ended Nine months ended
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2009 2008 2009 2008
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NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES
OPERATING
Net income $19,109 $16,274 $43,853 $45,040
Items not affecting cash
Restricted share expense 390 954 1,081 954
Write-off of landfill
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