Following a year of "highs and lows", BISX-listed Bahamas Waste has revealed that it suffered a slight decline in net income in 2013, with the figure down 9.69 percent over 2012. Net income attributable to ordinary shareholders fell by 35 percent, year-over-year.
Despite the decline, Managing Director Francisco de Cardenas told shareholders in the company's annual report for 2013 that the year was ultimately one which left the company feeling positive about its results and looking forward to a successful 2014.
Chief Financial Officer Disa Campbell told Guardian Business the results were "pretty much what we anticipated", although the year had "its share of challenges".
In the annual report, De Cardenas noted that 2013 was a year when Bahamas Waste increased the total number of residential homes it services to just over 13,000 homes, but also one in which it was forced to end its Abaco waste collection services after 10 years.
He told Guardian Business of the Abaco service, "We gave it a good try, but it just wasn't viable."
The managing director said that the company stands "ready and willing" to provide the services that the government and the public may require in terms of waste collection and handling.
Meanwhile, on the recycling front, the company has struggled, having yet to meet its goals in this area.
De Cardenas said he hopes that more companies will realize the benefits of recycling and its importance to the environment, and that this will spur greater take-up of the company's offerings in the area of recycling.
Of recycling, Campbell added in an interview, "The market is tough. We began the year very optimistic about recycling the cardboard exports; we had a shipment in January and February, and we were all set to have another in March, and it just came to a standstill. So the international markets appear to be very tight.
"The participation and the excitement in the community is also not there to the extent we would like it to be. I think that may be the case until we get mandatory recycling, that would help, but I think we may be a long way from that."
Campbell said that the company is "exploring" plastics recycling, but this is more complex than cardboard recycling.
Overall, current assets, which grew to $3.696 million, outweighed current liabilities, at $401,763, in 2013. Cash on hand fell to $393,562, from $515,258 in 2012.
According to the company's annual report, operating expenses rose slightly to $2.429 million from $2.359 million.
Accounts receivable increased quite significantly, by 29 percent, up to $2,464,790 from $1,907,201. This included $35,235 from a related party, and $2.77 million in trade receivables.
However, Campbell said that the outcome in the area of accounts receivable was very much a matter of timing.
"When we issue our first quarter results you'll see a significant decrease of probably another 10 or 15 percent in that, and a big increase in our cash. We had more business in 2013 as a result of new contracts. There was a lot of activity at Baha Mar and the residential side of things, so there was more business, and accounts receivable at year end would've been bigger.
"I think we had a small increase in bad debt from one year to the next. I don't know if we'll see a big shift in that because of VAT, since if it works as it is anticipated and people take advantage of registering, they can offset VAT paid (on inputs such as waste collection services)."

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