Sale Proceeds Give Henley $39-Million Quarterly Net

Thanks to a $75-million gain resulting from the sale to the public of a minority interest in its Wheelabrator Technologies Inc. subsidiary, Henley Group posted net income of $39 million on revenue of $872 million during the third quarter ended Sept. 30. For the same quarter last year, Henley posted a loss of $30 million on revenue of $821 million.

Wheelabrator held a 6.9-million-share initial public stock offering Sept. 17. Henley retains ownership of 81% of outstanding Wheelabrator shares. The third-quarter gain resulted from the revaluing of the pre-offering book value of Henley’s 81% interest in Wheelabrator to reflect the addition of the proceeds from the stock offering.

For the nine months ended Sept. 30, Henley posted an $81-million net loss on revenue of $2.7 billion, contrasted with a loss of $72 million on revenue of $2.3 billion for the same three quarters last year.