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CWD Cons Envirowaste Industries Inc. (Tier1)

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Share Name Share Symbol Market Type
Cons Envirowaste Industries Inc. (Tier1) TSXV:CWD TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Consolidated Envirowaste Reports 2009 3rd Quarter Results

31/08/2009 11:58pm

Marketwired Canada


Consolidated Envirowaste Industries Inc. (TSX VENTURE:CWD) announced today its
results for the nine months ended June 30, 2009. A complete copy of the
Company's unaudited interim financial statements and accompanying management's
discussion and analysis is available on SEDAR at www.sedar.com. Excerpts from
the third quarter unaudited financial statements are as follows:




                                    Quarters Ended        Nine Months Ended
                             ----------------------------------------------
                                June 30,   June 30,    June 30,     June 30,
                                   2009       2008        2009         2008
---------------------------------------------------------------------------
Revenue                      $6,375,451 $6,618,014 $14,545,747  $15,010,593

Income (loss) before income
 tax provision               $  613,449 $   86,418 $    82,233 ($   952,039)
Income (loss) after income
 tax provision               $  625,466 $  240,285 $   170,361 ($   548,736)

Earnings (loss) per
 share-basic                 $     0.06 $     0.02 $      0.02 ($      0.05)
Earnings (loss) per
 share-diluted               $     0.06 $     0.02 $      0.02 ($      0.05)

Weighted average common
 shares outstanding-basic    10,414,699 10,414,699  10,414,699   10,414,699

Weighted average common
 shares outstanding-diluted  10,414,699 10,414,699  10,414,699   10,414,699
---------------------------------------------------------------------------



The Company recorded third quarter net income of $625,466 or $0.06 per share
($0.06 per share diluted) for the three months ended June 30, 2009 compared to
net income of $240,285 or $0.02 per share ($0.02 per share diluted) for the
third quarter ended June 30, 2008 as the Company benefited from operational
adjustments made to meet economic conditions in Florida and improved weather
conditions compared to the second quarter on the Canadian West Coast.


Results for the first nine months of the 2009 fiscal year continue to reflect
economic conditions in the Florida region, seasonal trends, and improvements
from operational adjustments in the face of the lower demand for the Company's
services.


Net income for the nine months ended June 30, 2009 was $170,361 or $0.02 per
share ($0.02 per share diluted) compared to a net loss of $548,736 or $0.05 per
share ($0.05 per share diluted). Revenue declined 3% or $464,846 to $14,545,747
for the nine months ended June 30, 2009 assisted by a favourable currency
translation difference of approximately $1.8 million compared to $15,010,593 for
the nine months ended June 30, 2008. Current economic conditions in Florida and
the poor weather in the Prairie regions of Western Canada were largely
responsible for the revenue decline.


The Company improved operating margins for the nine months ended June 30, 2009
compared to the third quarter of fiscal 2008 through a combination of operating
and pricing adjustments and strong cost controls. Fuel costs in the US
operations for the first nine months of fiscal 2009, at 45% of the costs
incurred for the same period last year were a welcome relief, however the
Company recognizes that this may be only a temporary respite and look to the
future with considerable concern with the most recent diesel fuel price
increases and the effect further increases might have on future operating costs.


With no immediate end to the U.S. financial and general economic crisis in
sight, the Company expects operating conditions for CRR Florida to remain very
challenging throughout the remainder 2009, with little prospect of any
meaningful recovery on the horizon. A continuation of the recent rise in diesel
fuel prices will cause additional operational challenges during the remainder of
the 2009 fiscal year. The Company intends to maintain strong operating cost
controls and optimize operations to face these ongoing challenges while
anticipating normal fourth quarter seasonal values.


Consolidated Envirowaste Industries Inc. is a leading processor of wood and
other organic wastes in Western Canada and Florida. The Company markets and
supplies biomass boiler fuel for electric generation facilities, charcoal
manufacturers and pulp and paper mills in the U.S., bulk landscaping products in
both of these regions, and packaged soil products to major Western Canadian
retailers.


Forward-Looking Statements: This report contains statements that are
forward-looking in nature. Readers are cautioned that such forward-looking
statements are not guarantees and may involve known and unknown risks and
uncertainties that could cause the actual results of the Company to be
materially different from those expressed or implied by those forward-looking
statements. Such risks include, among others: general economic and business
conditions, weather factors, competition, product selling prices, the cost and
availability of raw materials, operating costs, changes in foreign currency
exchange rates, dependence on contracts, the regulatory environment,
seasonality, risk of liability for environmental damage, risks associated with
litigation, and concentration of shareholder control. For a fuller description
of those risks, please see the sections headed "Critical Accounting Estimates"
and "Risk Factors" in management's discussion and analysis for the year ended
September 30, 2008, a copy of which is available under the Company's name on
SEDAR at www.sedar.com.


Consolidated Envirowaste Industries Inc.

James E. Darby, Chairman and Chief Executive Officer

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