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APPLIANCE RECYCLING CENTERS OF AMERICA ANNOUNCES SECOND QUARTER EARNINGS

APPLIANCE RECYCLING CENTERS OF AMERICA ANNOUNCES SECOND QUARTER EARNINGS
 MINNEAPOLIS, July 22 /PRNewswire/ -- Appliance Recycling Centers of America, Inc. (ARCA) (NASDAQ: ARCI) today announced its financial results for the second quarter, ended June 30, 1992. Net revenues for the quarter were $4,755,000, up 224 percent from net revenues of $1,469,000 in the second quarter last year. Net income for the quarter was $668,000 or $.18 per share, compared to $74,000 or $.02 per share for the same period in 1991.
 For the six months ended June 30, 1992, ARCA's net revenues were $6,654,000, up 162 percent from revenues of $2,539,000 for the same period in the previous year. Net income for the first six months was $676,000, or $.18 per share, compared to $69,000, or $.02 per share for the first six months last year.
 "ARCA posted record earnings in the second quarter," said ARCA's president, Jack Cameron. "The sharp upswing in business, due to a stronger than anticipated response to the opening of one of our newer centers, combined with the traditional seasonal increase in business, led to much stronger quarterly sales and earnings than anticipated. We expect the third quarter of 1992 to reflect a more traditional business level."
 Appliance Recycling Centers of America, Inc. provides comprehensive appliance recycling services to major appliance generators. The focus of the company's business is the large-scale collection and processing of unwanted major household appliances in an environmentally sound manner.
 APPLIANCE RECYCLING CENTERS OF AMERICA, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 SECOND QUARTER RESULTS
 (In thousands, except per-share data)
 Three Months Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Net revenue $4,755 $1,469 $6,654 $2,539
 Cost of revenue 2,198 702 3,280 1,289
 Gross profit 2,557 767 3,374 1,250
 Selling, general and
 administrative 1,410 643 2,206 1,104
 Operating income 1,147 124 1,168 146
 Net interest expense (28) (25) (38) (40)
 Income before provision for
 income taxes 1,119 99 1,130 106
 Provision for income taxes 451 25 454 37
 Net income $668 $74 $676 $69
 Earnings per share $.18 $.02 $.18 $.02
 Weighted average number
 of shares 3,775 3,130 3,777 3,130
 -0- 7/22/92
 /CONTACT: Edward R. Cameron of ARCA, 612-331-1000/
 (ARCI) CO: Appliance Recycling Centers of America, Inc. ST: Minnesota IN: SU: ERN


KH -- MN020 -- 2172 07/22/92 18:01 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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