UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------
FORM 10-Q
[X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 For the quarterly period ended June 30, 2000.
or
[]Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
(For the transition period from to ).
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WASTE SYSTEMS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 95-4203626
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
420 Bedford Street, Suite 300
Lexington, Massachusetts 02420
(Address of principal executive offices) (zip code)
(781) 862-3000 Phone
(781) 862-2929 Fax
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No ___
The number of shares of the Registrant's common stock, par value $.01
per share, outstanding as of August 10, 2000 was 20,348,347
<PAGE>
This Form 10-Q/A is filed to amend the Form 10-Q which was filed on August 14,
2000. Due to a typographical error, the revenue line of the Consolidated
Statement of Operations was deleted. This amended filing replaces the revenue
numbers in that line. This filing only includes the new Statement of Operations
as no other changes were required.
<PAGE>
2
WASTE SYSTEMS INTERNATIONAL, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
<TABLE>
<CAPTION> Three months ended June 30, Six months ended June 30,
<S> <C> <C> <C> <C>
2000 1999 2000 1999
---------------- ----------------- ---------------- ---------------
Revenues 19,463,154 11,219,832 36,264,795 20,082,090
Cost of operations:
Operating expenses 15,576,686 6,915,757 29,028,079 12,486,873
Depreciation and amortization 4,010,369 2,816,512 7,788,344 4,569,026
Acquisition integration costs (Note 2) 419,017 462,186 701,678 1,006,586
---------------- ----------------- ---------------- ---------------
Total cost of operations 20,006,072 10,194,455 37,518,101 18,062,485
---------------- ----------------- ---------------- ---------------
Gross profit (loss) (542,918) 1,025,378 (1,253,306) 2,019,605
Selling, general and administrative expenses 3,304,292 2,093,810 6,172,605 4,007,419
---------------- ----------------- -------------- ---------------
Loss from operations (3,847,210) (1,068,433) (7,425,911) (1,987,814)
Other income (expense):
Other (expense), net (401,966) (145,288) (1,121,419) (277,690)
Interest income 75,496 277,827 131,000 446,169
Interest expense and financing costs (3,792,379) (3,889,939) (7,949,346) (5,896,406)
Non-cash charge for debt conversion (Note 5) - - - (5,583,717)
--------------- ----------------- ---------------- ---------------
Total other (expense) (4,118,849) (3,757,400) (8,939,765) (11,311,644)
Loss before extraordinary item (7,966,059) (4,825,833) (16,365,676) (13,299,458)
Extraordinary item - Loss on extinguishment of debt (465,766) (1,350) ( 1,428,938) (224,358)
--------------- ----------------- ---------------- ---------------
Net loss (8,431,825) (4,827,183) (17,794,614) (13,523,816)
Preferred stock dividends (1,147,544) - (1,913,877) -
--------------- ----------------- ---------------- ---------------
Net loss available for common shareholders $(9,579,369) $(4,827,183) $ (19,708,491) $ (13,523,816)
=============== ================= ================ ===============
Basic net loss per share:
Loss before extraordinary item $ (0.39) $ (0.36) $ (0.81) $ (0.99)
Extraordinary item (0.02) - (0.07) (0.02)
Preferred stock dividends (0.06) - (0.09) -
Basic net loss per share $ (0.47) $ (0.36) $ (0.97) $ (1.01)
================ ================= ================ ===============
Weighted average number of shares used in
Computation of basic net loss per share 20,348,347 13,421,480 20,345,092 13,443,389
================ ================= ================ ===============
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
WASTE SYSTEMS INTERNATIONAL, INC.
Date: August 16, 2000 By: /s/ Philip Strauss
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Philip Strauss
Chairman, Chief Executive Officer and President
(Principal Executive Officer)
Date: August 16, 2000 By: /s/ James Elitzak
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James Elitzak
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
