TerraCycle Reports Second Quarter 2019 Financial And Operational Results
TRENTON, N.J., Sept. 30, 2019 /PRNewswire/ -- TerraCycle US Inc., the U.S. subsidiary of international recycling leader TerraCycle, Inc., today announced financial results for the second quarter ending June 30, 2019.
Financial Highlights:
- Revenue rose to $11.2 million representing a 16% year-over-year growth over Q2 2018 revenues of $9.5 million.
- Net income more than doubled to $1.8 million, marking a 67% year-over-year growth over Q2 2018 net income of $603,000.
- TerraCycle's Regulation A capital raise is approaching $10 million.
Second Quarter Operational Highlights:
- TerraCycle has attracted investment in its Regulation A offering from ITOCHU Corporation, a 100-year old, $50 billion revenue Japanese trading company. ITOCHU, one of the largest brokers of plastic worldwide, will work with TerraCycle to expand the market for post-consumer plastics, and in particular to develop and sell plastics that come from generally non-recycled wastestreams.
- TerraCycle issued the first annual cash dividend paid in the company's history, totaling roughly $54,000 or $2.09 per share representing a yield of 2.09 percent, to shareholders that invested in the company's successful Regulation A capital raise.
- During the first two quarters of 2019, TerraCycle surpassed the prior year's total number of new contracts and programs.
- The company continues to invest in its work force, increasing its U.S. based staff by ten percent over the prior year.
"Our mission at TerraCycle has always been to eliminate waste, recycle the unrecyclable and use our innovative business solutions to minimize human impact on the planet," said TerraCycle CEO Tom Szaky. "During the course of our eighteen-year history, we've successfully translated our passion for what we do into an established company built on a strong financial foundation with sustained earnings and growth."
Using third party logistics and facilities, TerraCycle converts collected waste into raw materials that are sold to and used by manufacturers to create new products. Examples of waste streams collected and recycled by TerraCycle include chip bags, coffee capsules, cigarette butts, oral care, beauty care, writing utensils and over 100 other waste streams in the United States. Through its programs, TerraCycle has shown that consumers favor businesses that provide recycling solutions for the products they manufacture.
Interested investors are encouraged to visit www.OwnTerraCycle.com to view detailed information and recent company updates regarding TerraCycle's Regulation A offering. The SEC Qualified Offering Circular can be accessed at https://www.sec.gov/Archives/edgar/data/1714781/000114420419003817/tv511787_253g2.htm and will remain active until January 30, 2020. Further, the most recent annual report for TerraCycle US Inc. can be found at https://www.sec.gov/Archives/edgar/data/1714781/000114420419022346/tv520145_partii.htm.
For more information on TerraCycle's recycling programs, visit www.terracycle.com.
About TerraCycle
TerraCycle US Inc. is an innovative waste management company with a mission to eliminate the idea of waste®. It is a subsidiary of TerraCycle, Inc., which operates parallel national programs in 21 countries. In each country, TerraCycle partners with leading consumer product companies, retailers, cities and facilities to recycle products and packages, including pens, oral care, beauty care, coffee capsules, contact lenses, even cigarette butts and dirty diapers, all waste streams that would have otherwise ended up being landfilled or incinerated. In addition, TerraCycle works with leading consumer product companies to integrate hard to recycle waste streams, such as ocean plastic, into their products and packaging. TerraCycle has won over 200 awards for sustainability and, on behalf of its clients, has donated over $44 million to schools and charities since its founding over 15 years ago. To learn more about TerraCycle or get involved in its recycling programs, please visit www.terracycle.com.
CONTACT:
Sue Kauffman
TerraCycle
609.393.4252 x 3708
[email protected]
SOURCE TerraCycle US Inc.
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