American Ecology Reports $4.7 Million in Earnings, 21% Revenue Growth for 2000; Company Poised for Growth in 2001.Business Editors BOISE, Idaho--(BUSINESS WIRE)--Feb. 26, 2001 Jack Lemley Jack K Lemley CBE was the Chairman of the United Kingdom Olympic Delivery Authority, which is responsible for delivering the infrastructure for the 2012 Summer Olympic Games, until his sudden resignation on October 18, 2006 [1]. , chairman, chief executive officer and president of American Ecology ecology, study of the relationships of organisms to their physical environment and to one another. The study of an individual organism or a single species is termed autecology; the study of groups of organisms is called synecology. Corporation (Nasdaq:ECOL ECOL es.comp.os.linux.* (newsgroups) ECOL Emmanuel Church of Lakewood (San Francisco, CA) ), today announced net income of $4.7 million, or $.31 per basic share, for the year ended Dec. 31, 2000, compared to net income of $4.4 million, or $.30 per basic share, for the year ending Dec. 31, 1999. Revenue for the year increased 21% to $41.9 million in 2000 from $34.6 million in 1999, as the Company continued to expand its core business. For the quarter ending Dec. 31, 2000, the Company reported income before extraordinary items of $1.4 million, or $.10 per basic share, compared to net income of $2.9 million or $.21 per basic share for the same quarter of 1999. Revenue for the quarter decreased slightly to $10.3 million in 2000 from $10.5 million in 1999. "Strategic investments and increased efficiencies in our core waste treatment and disposal business lines are paying off," Lemley stated, adding, "We achieved substantial revenue growth and increased profitability while completing major capital projects at our Texas and Nevada facilities." Contributing to the improved financial performance were expanded contracts at the Company's Beatty, Nev., 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. disposal facility, where revenues substantially exceeded the previous year. The Nevada site also added specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. organic chemical waste treatment and disposal services through the addition of advanced thermal treatment Thermal treatment is a term given to any waste treatment technology that involves high temperatures in the processing of the waste feedstock. This commonly, although not exclusively involves the combustion of waste materials. and recovery technology. Both the Nevada site and the Company's hazardous waste facility near Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. , completed major vertical expansions creating economical new disposal space. The July opening of a municipal solid waste “Municipal waste” redirects here. For other uses, see Municipal waste (disambiguation). Municipal solid waste (MSW) is a waste type that includes predominantly household waste (domestic waste) with sometimes the addition of commercial wastes collected by a landfill adjacent to the Company's Texas hazardous waste facility represented completion of another major project, while providing a growing contribution to the Company's financial results for the year. "The revenue growth and improvement in 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. demonstrate the solid platform our core business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets provide for sustained growth," noted Jim Baumgardner, senior vice president and chief financial officer. "We will continue to focus on increasing waste throughput at all of our sites through the addition of new technologies, aggressive marketing, competitive pricing, and excellent customer service." "The Feb. 1, 2001, acquisition of Envirosafe Services of Idaho, Inc. to our portfolio of treatment and disposal assets is projected to add significantly to both the top and bottom line in the coming year," Lemley noted. Envirosafe's primary assets include a hazardous and 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. waste treatment and disposal facility in Grandview, Idaho and an Illinois waste treatment facility. "We expect that revenue and earnings will continue to grow in 2001," Lemley concluded. American Ecology Corporation, through its subsidiaries, provides a variety of radioactive ra·di·o·ac·tive adj. Of or exhibiting radioactivity. radioactive characterized by radioactivity. radioactive decay , PCB, 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, steel mills, medical and academic institutions and petro-chemical facilities. The company provides advanced scientific solutions that protect people and the environment. 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 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 and no assurance can be given that the company can successfully implement its growth strategy, generate future earnings, or prevail in any pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . For information on factors that could cause actual results to differ from expectations, please refer to American Ecology Corporation's Annual Report 10-K and Quarterly Reports 10-Q filed with the Securities and Exchange Commission.
AMERICAN ECOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
($ in 000's except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
-------- -------- -------- --------
Revenue $ 10,358 $ 10,505 $ 41,958 $ 34,598
Operating costs 4,505 3,925 21,832 16,609
-------- -------- -------- --------
Gross profit 5,853 6,580 20,126 17,989
Selling, general and
administrative expenses 4,993 3,984 16,665 15,009
Income from operations 860 2,596 3,461 2,980
Investment income 156 159 931 225
Gain on sale of assets 48 160 92 826
Interest expense (101) -- (350) --
Other income 202 186 345 573
-------- -------- -------- --------
Income before income taxes
and extraordinary item 1,165 3,101 4,479 4,604
Income tax expense (81) 177 (12) 195
-------- -------- -------- --------
Income before extraordinary
item 1,246 2,924 4,491 4,409
Extraordinary gain - early
extinguishments of debt 206 -- 206 --
-------- -------- -------- --------
Net income 1,452 2,924 4,697 4,409
-------- -------- -------- --------
Preferred stock dividends 99 81 398 397
-------- -------- -------- --------
Net income available to common
shareholders $ 1,353 $ 2,843 $ 4,299 $ 4,012
======== ======== ======== ========
Basic earnings per share $ .10 $ .21 $ .31 $ .30
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Diluted earnings per share $ .08 $ .17 $ .26 $ .27
======== ======== ======== ========
Dividends paid per common
share $ -- $ -- $ -- $ --
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