American Ecology Delivers Another Quarter of Solid Earnings.Business Editors BOISE, Idaho--(BUSINESS WIRE)--May 1, 2000 Jim Baumgardner, Senior Vice President and Chief Financial Officer of American Ecology Corporation [Nasdaq:ECOL ECOL es.comp.os.linux.* (newsgroups) ECOL Emmanuel Church of Lakewood (San Francisco, CA) ], today announced net income of $1.4 million or $.09 per basic share after preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends, for the quarter ended March 31, 2000. This compares to net income of $119 thousand or $.001 per basic share after preferred stock dividends, for the quarter ended March 31, 1999. Revenue for the quarter increased slightly to $9.3 million in the first of quarter of 2000 from $9.2 million during the same period in 1999. "We are extremely pleased with the first quarter results," Baumgardner said, adding, "These results underscore The underscore character (_) is often used to make file, field and variable names more readable when blank spaces are not allowed. For example, NOVEL_1A.DOC, FIRST_NAME and Start_Routine. (character) underscore - _, ASCII 95. the strength in American Ecology's core capabilities and demonstrates that we are on a clear path to continued growth and increased profitability." The strong financial performance was primarily the result of better than expected operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from the company's chemical division, particularly the company's Beatty, Nevada Beatty is a census-designated place and town located on the Amargosa River in Nye County in the U.S. state of Nevada. The population was 1,154 at the 2000 census. Wired telephone service numbers for the Beatty central office follow the format: (775) 553-xxxx. facility. "We have been successful in holding the line on pricing and gross margin, while continuing to aggressively manage expenses to generate improved operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. ," Baumgardner continued. "Moving forward, we will continue to implement our growth strategy, focus on business fundamentals business fundamentals The general background within which an economy operates including earnings, sales, wage rates, taxes, and inflation. Improving business fundamentals are generally viewed as bullish for stocks, although stock prices at any given point , and strive to maximize shareholder value utilizing our core waste treatment and disposal assets," Baumgardner stated. "We believe American Ecology is well positioned to continue its recent improved performance," he concluded. The Company will hold its Annual Shareholders Meeting at 10:00 a.m. Central Standard Time on Thursday, May 18, 2000 at The Standard Club, Chicago Room, 4th Floor, 320 S. Plymouth Court, Chicago, Illinois 60604. American Ecology Corporation, through its subsidiaries, provides a variety of radioactive, PCB PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. , hazardous and non-hazardous waste services to commercial and government customers throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , such as nuclear power plants, medical and academic institutions and petro-chemical facilities. Headquartered in Boise, Idaho “Boise” redirects here. For other uses, see Boise (disambiguation). Boise is the capital and most populous city of the U.S. state of Idaho. It is the county seat of Ada County and the principal city of the Boise metropolitan area. , the Company is the oldest radioactive and hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. services Company in the United States. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based on our current expectations, beliefs, and assumptions about the industry and markets in which American Ecology Corporation and its subsidiaries operate. Actual results may differ materially from what is expressed herein. For information with respect to factors that could cause actual results to differ from expectations, please refer to American Ecology Corporation's Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission on March 30, 2000.
American Ecology Corporation
Consolidated Statements of Operations
(Unaudited)
($ in 000's except per share amounts)
Three Months Ended
March 31
2000 1999
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Revenues $ 9,319 $ 9,179
Operating Costs 4,875 4,822
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Gross profit 4,444 4,357
Selling, general and
administrative expenses 3,263 4,373
Income (loss) from
operations 1,181 (16)
Investment income 177 43
Gain on sale of assets 1 --
Other income 124 98
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Net Income before income taxes 1,483 125
Provision for income taxes 101 6
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Net income 1,382 119
Preferred stock dividends 100 103
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Net income available to common
shareholders 1,282 16
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Basic earnings per share $ .094 $ .001
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Diluted earnings per share $ .082 $ .001
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Dividends paid per common share -- --
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