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Clean Harbors, Inc.$48.16($.08)(.17%)

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 Clean Harbors Announces Fourth-Quarter and Full-Year 2016 Financial Results
   Wednesday, February 22, 2017 7:30:00 AM ET

--Announces GAAP Net Loss of $12.7 Million, or $0.22 Per Share

--Posts Adjusted Net Loss of $3.4 Million, or $0.06 Per Share

--Achieves Adjusted EBITDA of $95.9 Million

--Announces 2017 Adjusted EBITDA Guidance Range

Clean Harbors, Inc. ("Clean Harbors") (CLH ), the leading provider of environmental, energy and industrial services throughout North America, today announced financial results for the fourth quarter and year ended December 31, 2016.

Revenues for the fourth quarter of 2016 were $692.1 million, compared with $713.0 million in the same period a year ago. Income from operations was $21.9 million in the fourth quarter of 2016, compared with $25.5 million in the same period in 2015.

Fourth-quarter 2016 net loss was $12.7 million, or $0.22 per share, which included non-cash tax-related valuation allowances totaling $9.6 million. The Company reported an adjusted net loss for the fourth quarter of 2016 of $3.4 million, or $0.06 per share. Net income for the fourth quarter of 2015 was $0.6 million, or $0.01 per diluted share. Net loss and adjusted net loss results for the fourth quarter of 2016 and net income results for the fourth quarter of 2015 included pre-tax integration and severance costs of $5.9 million and $4.5 million, respectively.

Adjusted EBITDA (see description below) in the fourth quarter of 2016 was $95.9 million, or a margin of 13.9%, compared with $97.2 million, or a margin of 13.6%, in the same period of 2015.

Comments on the Fourth Quarter

"Our fourth-quarter results were largely in line with our expectations," said Alan S. McKim, Chairman, President and Chief Executive Officer. "On the top line, we saw strong revenue growth from our Safety-Kleen business, which helped offset year-end weakness in the energy and industrial markets that affected several other segments. Adjusted EBITDA came in at the lower end of our range, primarily due to higher-than-expected severance costs incurred as we accelerated some cost reductions planned for 2017. Despite the lower revenue, our gross margin in the quarter was 150 basis points higher than a year ago as a result of our comprehensive cost-reduction efforts."

Beginning with the fourth quarter of 2016, Clean Harbors has reduced the number of its reportable segments. SK Environmental Services and Kleen Performance Products have been combined into a single reporting segment called ’Safety-Kleen.’ This reflects the increasing interdependencies between these businesses, highlighted by the Company’s OilPlus(TM) closed-loop initiative and the recent appointment of David Vergo as President of Safety-Kleen. In addition, the Company’s Oil and Gas Field Services and Lodging Services businesses are now shown on a combined reporting basis under the heading ’Oil, Gas and Lodging Services.’

"In the fourth quarter, our Safety-Kleen segment continued its strong top-line performance, increasing revenues by 15% and profitability by 35%. This growth was supported by higher base oil and lubricant pricing and acquisitions. Revenues from Technical Services declined from a year ago due to industrial weakness, project deferrals and reduced year-end customer spending. Incinerator utilization was strong - increasing to 90% - while our fourth-quarter landfill volumes fell 28% from those in the prior year. Within Industrial and Field Services, we increased profitability despite lower revenue resulting from the sale of our Catalyst Services business and weakness in Western Canada. The year-over-year slowdown in energy markets continued to pressure our Oil, Gas and Lodging Services business," McKim said.

Full-Year 2016 Results

Revenues for 2016 were $2.76 billion, compared with $3.28 billion in 2015. Revenues in 2015 included approximately $314 million of large-scale emergency response projects.

GAAP net loss for 2016 was $39.9 million, or $0.69 per share, which included the non-cash tax-related valuation allowances primarily related to Canadian operations totaling $22.6 million, a $34.0 million non-cash goodwill impairment charge and a $15.4 million gain on sale of a business. This compared with net income for 2015 of $44.1 million, or $0.76 per diluted share, which included a $30.0 million non-cash goodwill impairment charge. Excluding the negative tax impacts, goodwill impairment charges and gain on sale of a business, the Company reported an adjusted net income for 2016 of $1.3 million, or $0.02 per diluted share, compared with $74.1 million, or $1.27 per diluted share, in 2015. Net loss and adjusted net income for 2016 included $24.4 million of pre-tax integration and severance costs; 2015 net income included $11.0 million of pre-tax integration and severance costs.

Adjusted EBITDA (see description below) was $400.4 million in 2016, compared with $504.2 million in 2015. Adjusted EBITDA in 2015 included a contribution of approximately $76 million from large-scale emergency response projects.

"The Company was severely impacted in 2016 by the deterioration in crude oil pricing which resulted in reduced lube oil prices, lower industrial production and further weakness in the North American energy marketplace," McKim said. "Faced with these adverse market conditions, we focused our energies on controlling the areas we could, eliminating more than $100 million of costs over the course of the year. The Company also moved forward with several key strategic initiatives including the completion of seven acquisitions to support our OilPlus closed-loop direct sales model and our environmental businesses. Additionally, our team delivered the best safety performance in our history, improving our safety record for the fourth consecutive year, as we protected our employees, customers and communities."

Business Outlook and Financial Guidance

"Through the first two months of 2017, we have seen positive signs across a number of our markets," McKim said. "Energy markets are slowly improving, with crude oil prices recently stabilizing in the $50 range. This has led to an increase in rig counts. The rise in energy activity also has modestly increased base oil and lubricant prices, even during a seasonally slower period. We are starting to see a growing pipeline of potential projects for this year, and an improving industrial and energy environment should help spur customer spending, which has been constrained for the past several years.

"The newest addition to our incinerator network became operational in early 2017 in El Dorado, Arkansas. This facility will provide a boost to Technical Services as we work toward maximizing its capacity in the years ahead. Our OilPlus closed-loop offering should grow steadily throughout 2017, following the national launch of our packaged lubricants in late 2016 and the introduction of bulk lubricants delivery in additional metropolitan areas this year. We also will continue our comprehensive cost-reduction efforts, including maximizing synergies from acquisitions, optimizing transportation and network efficiencies and internalizing more third-party spending," McKim concluded.

Based on its 2016 financial performance and current market conditions, Clean Harbors expects full-year 2017 Adjusted EBITDA in the range of $435 million to $475 million. A reconciliation of the Company’s Adjusted EBITDA guidance to net income guidance is included below. On a GAAP basis, the Company’s guidance is based on 2017 net income in the range of $4 million to $35 million. Adjusted net income for 2017, which includes the recognition of the non-cash tax benefits in Canada and valuation allowances, is in the range of $24 million to $48 million. A reconciliation of the Company’s Adjusted EBITDA guidance and adjusted net income to net income guidance is included below.

Non-GAAP Results

Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP), but viewed only as a supplement to those measurements. The Company believes that Adjusted EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved and the fact that management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA consistently and in accordance with its existing credit agreement, as described in the following reconciliation showing the differences between reported net (loss) income and Adjusted EBITDA for the three months and years ended December 31, 2016 and 2015 (in thousands):

                                                                                                                                               
                                                                                                                                       For the Three Months Ended:                                                                                                                                       For the Year Ended:
                                                                                                      ---------------------------------------------------------------------------------------------                                                               -------------------------------------------------------------------------------------------------
                                                                                                       December 31,         December 31,                                                                 December 31,           December 31,
                                                                                                           2016                                                                          2015                                                                         2016                                                                            2015
                                                                                                      --------------                                                                --------------                                                                ------------                                                                --------------------
                                                                                                                                                                                                                                                                                                                                               
Net (loss) income                                                                                          ($12,713)                                                                          $568                                                                   ($39,873)                                                                             $44,102
Accretion of environmental liabilities                                                                         2,648                                                                         2,607                                                                      10,177                                                                              10,402
Depreciation and amortization                                                                                 71,347                                                                        69,005                                                                     287,002                                                                             274,194
Goodwill impairment charge                                                                            --                                                                --                                                                      34,013                                                                              31,992
Other (income) expense                                                                                       (6,932)                                                                           990                                                                     (6,195)                                                                               1,380
Gain on sale of business                                                                                       (453)                                                                --                                                                    (16,884)                                                                      --
Interest expense, net                                                                                         21,333                                                                        18,849                                                                      83,525                                                                              76,553
Provision for income taxes                                                                                    20,708                                                                         5,142                                                                      48,589                                                                              65,544
                                                                                                      --------------                                                                --------------                                                                ------------                                                                --------------------
Adjusted EBITDA                                                                                              $95,938                                                                       $97,161                                                                    $400,354                                                                            $504,167
                                                                                                      ==============                                                                ==============                                                                ============                                                                ====================
                                                                                                                                                                                                                                                                                                                                               

This press release includes a discussion of income from operations adjusted for the goodwill impairment charge identified in the reconciliation provided below. This press release also includes a discussion of net (loss) income and (loss) earnings per share adjusted for the non-cash impact of unbenefited tax losses in Canada and valuation allowances, the goodwill impairment charge and gain on sale of business identified in the reconciliations provided below. The Company believes that discussion of these additional non-GAAP measures provides investors with meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance. The following shows the difference between income from operations to adjusted income from operations, net (loss) income to adjusted net (loss) income and (loss) earnings per share to adjusted (loss) earnings per share for the three months and years ended December 31, 2016 and 2015 (in thousands, except per share amounts):

                                                                                                                                                 
                                                                                                                                       For the Three Months Ended:                                                                                                                                         For the Year Ended:
                                                                                                      ----------------------------------------------------------------------------------------                                                                                         --------------------------------------------------------------------------------------------
                                                                                                       December 31,         December 31,                                                                                      December 31,           December 31,
                                                                                                           2016                                                                          2015                                                                                              2016                                                                            2015
                                                                                                      --------------                                                                --------------                                                                                     ------------                                                                --------------------
Adjusted income from operations
Income from operations                                                                                       $21,943                                                                       $25,549                                                                                          $69,162                                                                            $187,579
Goodwill impairment charge                                                                            --                                                                --                                                                                           34,013                                                                              31,992
                                                                                                      --------------                                                                --------------                                                                                     ------------                                                                --------------------
Adjusted income from operations                                                                              $21,943                                                                       $25,549                                                                                         $103,175                                                                            $219,571
                                                                                                      ==============                                                                ==============                                                                                     ============                                                                ====================
                                                                                                                                                                                                                                                                                                                                                                    
Adjusted net (loss) income
Net (loss) income                                                                                          ($12,713)                                                                          $568                                                                                        ($39,873)                                                                             $44,102
Goodwill impairment charge, net of tax                                                                --                                                                --                                                                                           34,013                                                                              30,030
Gain on sale of business, net of tax                                                                           (289)                                                                --                                                                                         (15,380)                                                                      --
Tax-related valuation allowances                                                                               9,609                                                                --                                                                                           22,564                                                                      --
                                                                                                      --------------                                                                --------------                                                                                     ------------                                                                --------------------
Adjusted net (loss) income                                                                                  ($3,393)                                                                          $568                                                                                           $1,324                                                                             $74,132
                                                                                                      ==============                                                                ==============                                                                                     ============                                                                ====================
                                                                                                                                                                                                                                                                                                                                                                    
Adjusted (loss) earnings per share
(Loss) earnings per share                                                                                    ($0.22)                                                                         $0.01                                                                                          ($0.69)                                                                               $0.76
Goodwill impairment charge, net of tax                                                                --                                                                --                                                                                             0.59                                                                                0.51
Gain on sale of business, net of tax                                                                          (0.01)                                                                --                                                                                           (0.27)                                                                      --
Tax-related valuation allowances                                                                                0.17                                                                --                                                                                             0.39                                                                      --
                                                                                                      --------------                                                                --------------                                                                                     ------------                                                                --------------------
Adjusted (loss) earnings per share                                                                           ($0.06)                                                                         $0.01                                                                                            $0.02                                                                               $1.27
                                                                                                      ==============                                                                ==============                                                                                     ============                                                                ====================
                                                                                                                                                                                                                                                                                                                                                                    

Adjusted EBITDA Guidance Reconciliation

An itemized reconciliation between projected net income and projected Adjusted EBITDA is as follows:

                                            
                                                                                                                                  For the Year Ending
                                                                                                                                   December 31, 2017
                                                                                   ----------------------------------------------------------------------------------------------------------
                                                                                                                                        Amount
                                                                                   -----------------------------------------------------------------------------------------------------------------
                                                                                                                                     (In millions)
Projected GAAP net income                                                            $4     to                      $35
Adjustments:
  Accretion of environmental liabilities                                             11                                           to                                                             10
  Depreciation and amortization                                                     290                                           to                                                            280
  Interest expense, net                                                              91                                           to                                                             91
  Provision for income taxes                                                         39     to                       59
                                                                                   ---- -------------------- -------------------- -- -------------------- -------------------- --------------------
Projected Adjusted EBITDA                                                          $435     to                     $475
                                                                                   ==== ==================== ==================== == ==================== ==================== ====================
                                                                                                                                                                                

An itemized reconciliation between projected net income and projected adjusted net income is as follows:

                                    
                                                                                                                          For the Year Ending
                                                                                                                           December 31, 2017
                                                                           ---------------------------------------------------------------------------------------------------------
                                                                                                                                Amount
                                                                           ----------------------------------------------------------------------------------------------------------------
                                                                                                                             (In millions)
Projected GAAP net income                                                   $4     to                      $35
Tax-related valuation allowances                                            20     to                       13
                                                                           --- -------------------- -------------------- -- -------------------- -------------------- --------------------
Projected adjusted net income                                              $24     to                      $48
                                                                           === ==================== ==================== == ==================== ==================== ====================
                                                                                                                                                                       

Conference Call Information

Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. On the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 201.689.8881 or 877.709.8155 prior to the start of the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.

About Clean Harbors

Clean Harbors (CLH ) is North America’s leading provider of environmental, energy and industrial services. The Company serves a diverse customer base, including a majority of the Fortune 500, across the chemical, energy, manufacturing and additional markets, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates throughout the United States, Canada, Mexico and Puerto Rico. For more information, visit www.cleanharbors.com.

Safe Harbor Statement

Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "estimates," "projects," or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, the Company’s planned carve-out and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially including, without limitation, those items identified as "risk factors" in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the "Investors" section of Clean Harbors’ website at www.cleanharbors.com.

 
                                                                                                                                                                               CLEAN HARBORS, INC. AND SUBSIDIARIES
                                                                                                                                                                          UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                              (in thousands except per share amounts)
 
                                                                                                              For the Three Months Ended:                                                                             For the Year Ended:
                                                                                                                      December 31,           December 31,                                                              December 31,           December 31,
                                                                                                                          2016                                                                            2015                                                                      2016                                                                            2015
                                                                                                                  --------------------                                                                ------------                                                          --------------------                                                                ------------
                                                                                                                                                                                                                                                                                                                                                                              
Revenues                                                                                                                                           $692,113                                                              $713,044                                                                          $2,755,226                                                                  $3,275,137
Cost of revenues (exclusive of items shown separately below)                                                                                        496,661                                                               522,965                                                                           1,932,857                                                                   2,356,806
Selling, general and administrative expenses                                                                                                         99,514                                                                92,918                                                                             422,015                                                                     414,164
Accretion of environmental liabilities                                                                                                                2,648                                                                 2,607                                                                              10,177                                                                      10,402
Depreciation and amortization                                                                                                                        71,347                                                                69,005                                                                             287,002                                                                     274,194
Goodwill impairment charge                                                                                                                   --                                                        --                                                                              34,013                                                                      31,992
                                                                                                                                       --------------------                                                        --------------                                                                --------------------                                                        --------------------
Income from operations                                                                                                                               21,943                                                                25,549                                                                              69,162                                                                     187,579
Other income (expense)                                                                                                                                6,932                                                                 (990)                                                                               6,195                                                                     (1,380)
Gain on sale of business                                                                                                                                453                                                        --                                                                              16,884                                                              --
Interest expense, net                                                                                                                              (21,333)                                                              (18,849)                                                                            (83,525)                                                                    (76,553)
                                                                                                                                       --------------------                                                        --------------                                                                --------------------                                                        --------------------
Income before provision for income taxes                                                                                                              7,995                                                                 5,710                                                                               8,716                                                                     109,646
Provision for income taxes                                                                                                                           20,708                                                                 5,142                                                                              48,589                                                                      65,544
                                                                                                                                       --------------------                                                        --------------                                                                --------------------                                                        --------------------
Net (loss) income                                                                                                                                 ($12,713)                                                                  $568                                                                           ($39,873)                                                                     $44,102
                                                                                                                                       ====================                                                        ==============                                                                ====================                                                        ====================
(Loss) earnings per share:
       Basic                                                                                                                                        ($0.22)                                                                 $0.01                                                                             ($0.69)                                                                       $0.76
                                                                                                                                       ====================                                                        ==============                                                                ====================                                                        ====================
       Diluted                                                                                                                                      ($0.22)                                                                 $0.01                                                          ($0.69)                                                                       $0.76
                                                                                                                                       ====================                                                        ==============                                                                ====================                                                        ====================
                                                                                                                                                                                                                                                                                                                                                                              
Shares used to compute (loss) earnings per share -- Basic                                                                                57,350                                                                57,594                                                                              57,532                                                                      58,324
                                                                                                                                       ====================                                                        ==============                                                                ====================                                                        ====================
Shares used to compute (loss) earnings per share -- Diluted                                                                              57,350                                                                57,720                                                                              57,532                                                                      58,434
                                                                                                                                       ====================                                                        ==============                                                                ====================                                                        ====================
                                                                                                                                                                                                                                                                                                                                                                              
 
                                                                                                                    CLEAN HARBORS, INC. AND SUBSIDIARIES
                                                                                                               UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                                                                               (in thousands)
 
                                                                                            December 31, 2016                     December 31, 2015
                                                                                                                                              -------------------------------                                                               --------------------------------
Current assets:
     Cash and cash equivalents                                                                                                                                      $306,997                                                                                       $184,708
     Accounts receivable, net                                                                                                                     496,226                                                                     496,004
     Unbilled accounts receivable                                                                                                                                     36,190                                                                                         25,940
     Deferred costs                                                                                                                                                   18,914                                                                                         18,758
     Inventories and supplies                                                                                                                                        178,428                                                                                        149,521
     Prepaid expenses and other current assets                                                                                                     56,116                                                                      46,265
                                                                                                                                              -------------------- ---------                                                                -------------------- ----------
        Total current assets                                                                                                                    1,092,871                                                                     921,196
                                                                                                                                              -------------------- ---------                                                                -------------------- ----------
Property, plant and equipment, net                                                                                                              1,611,827                                                                   1,532,467
                                                                                                                                              -------------------- ---------                                                                -------------------- ----------
Other assets:
     Goodwill                                                                                                                                                        465,154                                                                                        453,105
     Permits and other intangibles, net                                                                                                                              498,721                                                                                        506,818
     Other                                                                                                                                         13,347                                                                      17,842
                                                                                                                                              -------------------- ---------                                                                -------------------- ----------
        Total other assets                                                                                                                        977,222                                                                     977,765
                                                                                                                                              -------------------- ---------                                                                -------------------- ----------
        Total assets                                                                                                                                              $3,681,920                                                                                     $3,431,428
                                                                                                                                              ===============================                                                               ================================
Current liabilities:
     Accounts payable                                                                                                                                                229,534                                                                                        241,183
     Deferred revenue                                                                                                                                                 64,397                                                                                         61,882
     Accrued expenses                                                                                                                                                190,721                                                                                        193,660
     Current portion of closure, post-closure and remedial liabilities                                                                             20,016                                                                      20,395
                                                                                                                                              -------------------- ---------                                                                -------------------- ----------
        Total current liabilities                                                                                                                                    504,668                                                                                        517,120
Other liabilities:
     Closure and post-closure liabilities, less current portion                                                                                                       52,111                                                                                         49,020
     Remedial liabilities, less current portion                                                                                                                      114,211                                                                                        118,826
     Long-term obligations                                                                                                                                         1,633,272                                                                                      1,382,543
     Deferred taxes, unrecognized tax benefits and other long-term                                                                                293,417                                                                     267,637
     liabilities
                                                                                                                                              -------------------- ---------                                                                -------------------- ----------
         Total other liabilities                                                                                                                2,093,011                                                                   1,818,026
                                                                                                                                              -------------------- ---------                                                                -------------------- ----------
         Total stockholders’ equity, net                                                                             1,084,241                                                                   1,096,282
                                                                                                                                              -------------------- ---------                                                                -------------------- ----------
         Total liabilities and stockholders’ equity                                                                                    $3,681,920                                                                                     $3,431,428
                                                                                                                                              ===============================                                                               ================================
                                                                                                                                                                                                                                             
 
Supplemental Segment Data (in thousands)
 
                                                                                                                                                                                                                                                                         For the Three Months Ended:
                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Revenue                                                                                                                                                                                         December 31, 2016                                                                                                                                                                                                           December 31, 2015
                                                                                             ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                      Third Party                        Intersegment                          Direct                                                                                    Third Party                        Intersegment                          Direct
                                                                                                       Revenues                                                                                     Revenues                                                                                    Revenues                                                                                    Revenues                                                                                     Revenues                                                                                    Revenues
                                                                                                                                                                                                 (Expense), net                                                                                                                                                                                                                                                                       (Expense), net
                                                                                             ---------------------------  -------------------- -------------------- -------------------- ----------------------------  -------------------- -------------------- -------------------- ---------------------------                                                                 ---------------------------  -------------------- -------------------- -------------------- ----------------------------  -------------------- -------------------- -------------------- ---------------------------
Technical Services                                                                                               $225,778                             $39,476                           $265,254                                                                                    $249,991                             $36,747                           $286,738
Industrial and Field Services                                                                  151,226                                                                  (10,218)                                                                  141,008                                                                  163,376                                                                   (8,420)                                                                  154,956
Safety-Kleen                                                                                                      288,969                                                                                     (28,683)                                                                                     260,286                                                                                     255,796                                                                                     (29,474)                                                                                     226,322
Oil, Gas and Lodging Services                                                                                      25,137                                                                                          327                                                                                      25,464                                                                                      43,770                                                                                        1,814                                                                                      45,584
Corporate Items                                                                                  1,003            (902)             101                                                                      111            (667)           (556)
                                                                                             -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------                                                                -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------
Total                                                                                                            $692,113                     $--                           $692,113                                                                                    $713,044                     $--                           $713,044
                                                                                             ===========================  ==================== ==================== ==================== ============================  ==================== ==================== ==================== ===========================                                                                 ===========================  ==================== ==================== ==================== ============================  ==================== ==================== ==================== ===========================
                                   
                                                                                                                                                                                                                                                                                                                                  For the Year Ended:
                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Revenue                                                                                                                                                                                          December 31, 2016                                                                                                                                                                                                                December 31, 2015
                                                                                             -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                       Third Party                         Intersegment                           Direct                                                                                     Third Party                         Intersegment                             Direct
                                                                                                        Revenues                                                                                      Revenues                                                                                     Revenues                                                                                     Revenues                                                                                      Revenues                                                                                       Revenues
                                                                                                                                                                                                   (Expense), net                                                                                                                                                                                                                                                                          (Expense), net
                                                                                             -----------------------------  -------------------- -------------------- -------------------- -----------------------------  -------------------- -------------------- -------------------- ---------------------------                                                                 -----------------------------  -------------------- -------------------- -------------------- -----------------------------  -------------------- -------------------- -------------------- ------------------------------
Technical Services                                                                                                 $906,495                             $150,240                         $1,056,735                                                                                      $991,410                             $147,670                            $1,139,080
Industrial and Field Services                                                                    618,245                                                                   (36,030)                                                                  582,215                                                                  1,023,638                                                                   (33,685)                                                                     989,953
Safety-Kleen                                                                                                      1,110,727                                                                                     (114,644)                                                                                     996,083                                                                                     1,060,926                                                                                     (119,237)                                                                                        941,689
Oil, Gas and Lodging Services                                                                                       116,692                                                                                         3,191                                                                                     119,883                                                                                       198,705                                                                                         8,434                                                                                        207,139
Corporate Items                                                                                    3,067           (2,757)             310                                                                        458           (3,182)            (2,724)
                                                                                             -------------------- --------- -------------------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------                                                                -------------------- --------- -------------------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- ----------
Total                                                                                                            $2,755,226                      $--                         $2,755,226                                                                                    $3,275,137                      $--                            $3,275,137
                                                                                             =================================================== ==================== ==================== =================================================== ==================== ==================== =============================                                                               =================================================== ==================== ==================== =================================================== ==================== ==================== ================================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                    For the Three Months Ended:                                                                                                                 For the Year Ended:
                                                                                             ---------------------------------------------------------------------------------------------------------------------------                                                               ----------------------------------------------------------------------------------------------------------------------------------------
Adjusted EBITDA                                                                                     December 31, 2016                   December 31, 2015                                                                            December 31, 2016                          December 31, 2015
                                                                                             ------------------------------                                                               ------------------------------                                                               -------------------------------                                                               ------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                      
Technical Services                                                                                                 $69,554                                                                                      $72,480                                                                                      $271,176                                                                                                 $291,737
Industrial and Field Services                                                                    12,564                                                                    11,849                                                                     51,191                                                                               161,447
Safety-Kleen                                                                                                        54,204                                                                                       40,251                                                                                       219,546                                                                                                  172,262
Oil, Gas and Lodging Services                                                                                      (3,427)                                                                                        2,063                                                                                       (3,292)                                                                                                   11,704
Corporate Items                                                                                (36,957)                                                                  (29,482)                                                                  (138,267)                                                                             (132,983)
                                                                                             -------------------- --------                                                                -------------------- --------                                                                -------------------- ---------                                                                -------------------- --------------------
Total                                                                                                              $95,938                                                                                      $97,161                                                                                      $400,354                                                                                                 $504,167
                                                                                             ==============================                                                               ==============================                                                               ===============================                                                               ==========================================
                                                                                                                                                                                                                                                                                                                                                                                                           

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170222005768r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170222005768/en/

SOURCE: Clean Harbors, Inc.

Clean Harbors, Inc. 
Investors: 
Jim Buckley, 781-792-5100 
SVP Investor Relations 
Buckley.James@cleanharbors.com 
or 
Media: 
Eric Kraus, 781-792-5100 
EVP Corporate Communications & Public Affairs 
Kraus.Eric@cleanharbors.com


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