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Financial report summary
?Management Discussion
- *Does not include depreciation and amortization related to corporate selling, general, and administrative activity.
- Revenue for the second quarter of 2023 was $192.2 million compared to $156.6 million for the same quarter of 2022, an increase of $35.5 million, or 22.7%. The $35.5 million increase in revenue was mainly driven by revenue from the Patriot acquisition made during the second half of 2022 as well as higher demand and increased prices for our products and services in our Environmental and Industrial & Field Segments partially offset by the decrease in base oil sales price. For the first half of fiscal 2023, revenues increased $89.6 million, or 30.3%, from $296.0 million in the first half of fiscal 2022 to $385.6 million in the first half of 2023 mainly driven by the above mentioned factors. The second quarter of 2023 includes 5 additional working days as a result of our fiscal quarter change. We estimate that the additional working days resulted in an increase in revenues of 7.8% in the second quarter of 2023 when compared to the second quarter of 2022. The first half of fiscal 2023 includes 9 additional working days as a result of our fiscal quarter change. We estimate that the additional working days resulted in an increase of revenues of 7.0% in the first half of fiscal 2023 when compared to the first half of fiscal 2022.
- Operating costs as a percentage of revenue increased to 76.2% during the second quarter of 2023 compared to 66.9% in the second quarter of 2022. The increase is mainly due to the decrease in base oil selling price that resulted in decreased oil revenues without an equal corresponding decrease in cost of goods sold, and also due to higher labor and related benefits, disposal costs, as well as transportation related expenses as a result of the Patriot acquisition made during the second half of 2022. Operating costs increased $79.9 million, or 38.7%, in the first half of fiscal 2023 compared to the first half of fiscal 2022 mainly due to the above mentioned factors.