- Adjusted EBITDA of $20.5 million for the quarter.

- Adjusted EBITDA margin of 21.4% for the quarter as compared to 21.1% in 2008.

- Adjusted earnings per share(1) from continuing operations increased to $0.031 for the quarter ended March 31, 2009 as compared to $0.027 in 2008.

- Total debt reduced by $15.8 million during the quarter.

- Provides adjusted earnings per share(1) guidance of $0.38 to $0.40 for 2009, based on current interest and exchange rate levels.

BURLINGTON, Ontario, April 21 /PRNewswire-FirstCall/ -- Waste Services, Inc. (Nasdaq: WSII) today announced financial results for the first quarter ended March 31, 2009. On an adjusted basis, fully diluted earnings per share were $0.031 for the quarter as compared to $0.027 in the first quarter of 2008. Revenue for the quarter was $95.8 million compared to $116.6 million for the same quarter in 2008. Reported net income from continuing operations for the quarter was $4.0 million as compared to income in the comparative period of $5.3 million. The results for the quarter are highlighted by:

-- Internal revenue growth from price was $3.2 million or 2.8%, and the

decline in Fuel Surcharge was $3.6 million or 3.0%.

-- Excluding recycled commodity sales, net of commodity surcharges, core

internal revenue growth from price was 3.8%.

-- Internal revenue relating to volume declined by $5.4 million or 4.7%.

-- Foreign currency translation accounted for $10.9 million or 9.3% of the

revenue reduction and the net expiration of municipal contracts

accounted for a decline of $4.8 million or 4.1%.

(1) Adjusted EPS is defined as earnings per share as adjusted for gains on the sale of non-operating assets and certain non-cash adjustments, primarily cumulative adjustments to stock-based compensation, using the average statutory income tax rate estimated at 36% (see table on page 3).

David Sutherland-Yoest, Waste Services President and Chief Executive Officer, stated, "We are pleased to report a strong start to the new year in our seasonally low first quarter and that we have had continued success as an aggressive price leader in our markets. The key to price leverage is providing strong customer service and I commend our district management for staying close to our customers and minimizing service issues. Volumes are down for the industry as a whole and we have experienced reduced special waste volumes at the landfills, but the cost savings initiatives put in place over the past three quarters helped us offset these declines to produce bottom line results slightly ahead of last year. Cash flow was strong in the quarter and we continue to pay down debt. As a result, we are in the best financial position in our history and look forward to taking advantage of our unique collection of assets."

Reconciliation of Non-GAAP Measures:

The following table reconciles the differences between income from continuing operations, as determined under US GAAP, and EBITDA from continuing operations, a non-GAAP financial measure (in thousands) (unaudited):

For The Three Months

Ended March 31,

2009 2008

Income from continuing operations $4,010 $5,330

Income tax provision (benefit) 2,588 (3,397)

Change in fair value of warrants (1,771) -

Interest expense 7,498 10,238

Depreciation, depletion and amortization 10,360 11,702

EBITDA from continuing operations (1) $22,685 $23,873

The following table reconciles the differences between EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the three months ended March 31, 2009 and 2008 (in thousands) (unaudited).

For The Three Months

Ended March 31,

2009 2008

EBITDA from continuing operations (1) $22,685 $23,873

Adjustments to EBITDA from continuing

operations (as defined per credit

agreement):

Gain on sale of assets (3,520) (245)

Non-cash items (2) 1,378 963

Adjusted EBITDA from continuing operations (1) $20,543 $24,591

(1) EBITDA from continuing operations and Adjusted EBITDA from continuing operations ("Adjusted EBITDA from continuing operations") are non-GAAP measures used by management to measure performance. We also believe that EBITDA from continuing operations and Adjusted EBITDA from continuing operations may be used by certain investors to analyze and compare our operating performance between accounting periods and against the operating results of other companies that have different financing and capital structures or tax rates and to measure our ability to service our debt. In addition, management uses EBITDA from continuing operations, among other things, as an internal performance measure. Our lenders also use Adjusted EBITDA from continuing operations to measure our ability to service and/or incur additional indebtedness under our credit facilities.