American Ecology Names Chief Financial Officer, Poises for Growth.BOISE, Idaho--(BUSINESS WIRE)--Nov. 1, 1999-- Jack K. Lemley, chairman and chief executive officer of American Ecology Corporation, (Nasdaq:ECOL ECOL es.comp.os.linux.* (newsgroups) ECOL Emmanuel Church of Lakewood (San Francisco, CA) ) announced today that James Baumgardner has joined the company as senior vice president and chief financial officer. "The addition of Jim Baumgardner to our management team poises American Ecology for aggressive moves to grow earnings and the business as a whole," Lemley explained. "He is the right fit, at the right time," Lemley added. Baumgardner joins American Ecology after serving as Treasurer of WaferTech, where he played a pivotal role in the start-up of the Washington State-based manufacturing joint venture. He also has held senior financial positions with Symbios Logic Symbios Logic was a manufacturer of SCSI host adapter chipsets and disk array storage subsystems. It was a wholly owned subsidiary of Hyundai Electronics America. It was originally a division of NCR Corporation, before NCR's takeover by AT&T. AT&T sold off the division to Hyundai. , Inc., Silicon Valley Bank and First Interstate Bank. "Jim brings a unique combination of strategic financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against ability, capital markets experience, and a strong profit and loss perspective," Lemley stated. For the nine months ended Sept. 30, 1999, American Ecology reported net income of $0.08 per basic share on revenue of $24.1 million. For 1998, the company posted positive earnings for the first time in three years. Management has restructured operations, improved sales efforts, and sold certain underperforming assets underperforming asset An asset that earns a lower rate of return than it would be capable of earning if it were properly used. A firm with underperforming assets is a prime target for takeover. Compare nonperforming asset. . Each of these efforts contributed to restored profitability. In late 1998, the company also succeeded in eliminating virtually all of its long term bank debt in a negotiated agreement with Chase Bank of Texas, N.A. "All of the pieces are now in place to take the company to the next level," Lemley concluded. American Ecology provides processing, packaging, transportation Remediation and disposal services for generators of hazardous, non-hazardous and low-level radioactive waste Noun 1. low-level radioactive waste - (medicine) radioactive waste consisting of objects that have been briefly exposed to radioactivity (as in certain medical tests) at licensed facilities 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. . |
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