American Ecology Reports 2005 Revenue and Operating Income the Highest in Company History; Strong Fourth Quarter Generates 57 Percent Increase in Operating Income Over Fourth Quarter 2004.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. -- American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of 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 reported 2005 full year net income of $15.4 million or $0.86 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $23.4 million in net income or $1.32 per fully diluted share for 2004. 2005 annual 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. reached $19.4 million, a 48 percent increase over the $13.1 million operating income posted in 2004. For the quarter ending December December: see month. 31, 2005, net income was $3.1 million or $0.17 per fully diluted share, compared to net income of $3.2 million or $0.18 per fully diluted share for the same quarter a year ago. Operating income for the quarter reached $5.3 million, a 57 percent increase over the $3.4 million posted for the same quarter last year. "In 2005, American Ecology delivered its strongest financial performance since becoming an independent public company twenty two years ago," stated Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Romano Ro·ma·no n. A hard, sharp, dry cheese of Italian origin that is made from cow's milk and usually served grated as a garnish. [Italian, short for (pecorino) romano, Roman (sheep's milk cheese) , President and Chief Executive Officer, adding "Our high-volume, low-overhead growth strategy combined with expanded niche service delivery and our organization-wide focus on customer service excellence continues to increase shareholder value." Full Year 2005 Results Revenue for the twelve months ended December 31, 2005, reached a record $79.4 million, up $25.3 million or 47 percent over 2004. In 2005, waste disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. at the Company's three 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. facilities increased to 791,000 tons, a 35 percent increase over 2004. Higher volume reflected increased waste shipments under the Idaho Idaho (ī`dəhō), one of the Rocky Mt. states in the NW United States. It is bordered by Montana and Wyoming (E), Utah and Nevada (S), Oregon and Washington (W), and the Canadian province of British Columbia (N). facility's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contract with the U.S. Army Corps of Engineers, full resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of treatment services at the Company's Texas facility, expanded permit capabilities at the Company's Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). facility and increased shipments from clean up projects at all three hazardous disposal sites. Revenue also increased at the Company's 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) facility in Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. due to significant growth in the Company's non rate-regulated business. In 2005, the average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. for the Company's treatment and disposal services increased 3 percent. Higher revenue was partially offset by higher volume-related direct costs, including higher labor costs, depreciation and disposal cell amortization, waste treatment additive additive In foods, any of various chemical substances added to produce desirable effects. Additives include such substances as artificial or natural colourings and flavourings; stabilizers, emulsifiers, and thickeners; preservatives and humectants (moisture-retainers); and costs and other consumables. Transportation costs more than doubled to $22.3 million in 2005, up from $10.1 million in 2004, as the Company continued to execute its growth strategy based on bundling rail transportation and disposal services. Selling, general and administrative expenses (SG&A) for 2005 increased 19 percent to $12.5 million from $10.6 million reported in 2004. Over half of this increase reflected higher payroll, employee bonuses, accounting fees, director fees, bank fees and site security costs. 2004 SG&A was positively affected by a reduction in the Company's allowance for doubtful accounts Allowance for Doubtful Accounts An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. . This 2004 non-recurring adjustment accounted for much of the remaining increase in SG&A for 2005. Revenue growth at all four operating disposal facilities produced 2005 operating income of $19.4 million, 48 percent higher than the $13.1 million in operating income posted for 2004. All four operating facilities increased operating income year over year. Reported 2005 net income was $15.4 million, or $0.86 per fully diluted share, compared to net income of $23.4 million, or $1.32 per fully diluted share for the twelve months ended 2004. 2004 results benefited from a $920,000 one time gain on the sale of the Company's former Oak Ridge, Tennessee Oak Ridge is an incorporated city in Anderson and Roane Counties in East Tennessee, about 25 miles northwest of Knoxville. Oak Ridge's population was 27,387 people at the 2000 census. low-level radioactive waste processing business and an $11.3 million release of a valuation allowance for deferred tax assets. 2005 results were positively affected by receipt of an $11.8 million payment from the Central Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. Low-Level Radioactive Waste Compact, which produced a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain of $5.3 million. At December 31, 2005 the Company reported $19.8 million in cash and investments on hand. Working capital was $32 million at year end, an increase of more than $15 million from the end of 2004, with no borrowings on the Company's line of credit or any other sources. Pro-Forma Results Since 2002 the Company has reported various cash and non-cash events that have materially affected reported net income presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). These events complicate com·pli·cate tr. & intr.v. com·pli·cat·ed, com·pli·cat·ing, com·pli·cates 1. To make or become complex or perplexing. 2. To twist or become twisted together. adj. 1. comparisons of GAAP net income and earnings per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ). Management also evaluates pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma or non-GAAP financial information that excludes certain items from net income. This information should be reviewed in conjunction with GAAP information, and the reconciliation of non-GAAP items to GAAP financial results included at the end of this release.
2002 2003 2004 2005
---------- ---------- ---------- -----------
Pro-Forma Net Income $4,781,000 $6,271,000 $8,525,000 $12,466,000
Pro-Forma Diluted EPS $ 0.30 $ 0.36 $ 0.48 $ 0.69
Year over Year Change
in Pro-Forma Diluted
EPS - 20% 33% 44%
Fourth Quarter Results Revenue for the fourth quarter of 2005 increased to $23.3 million, a $9.8 million or 72 percent increase above the $13.5 million in revenue reported for the same quarter a year ago. This reflected a 42 percent increase in disposal volume and a 12 percent increase in average selling price at the Company's three hazardous waste facilities over the same quarter last year. Quarterly revenue increased at all four operating disposal sites over the same quarter last year. While this significant increase in revenue was largely offset by higher transportation costs, labor and waste treatment additive costs, the Company posted a gross profit of $8 million, a 57 percent increase over the fourth quarter of 2004. A $542,000 increase in estimates for closure and post-closure costs at the Company's formerly operated hazardous waste facility near Winona, Texas Winona is a town in Smith County, Texas, United States. The population was 582 at the 2000 census. Geography Winona is located at (32.490836, -95.171100)GR1. partially offset strong performance at its four operating facilities. SG&A for the fourth quarter increased $1.4 million to $3.5 million, compared to SG&A of $2.1 million in the fourth quarter of 2004. Higher SG&A primarily reflected employee bonuses and sales commissions recognized in the fourth quarter of 2005, and the lack of a reduction in the Company's allowance for doubtful accounts which (as noted above) benefited 2004 results. During the quarter, the Company recognized $860,000 of proceeds from business interruption insurance Noun 1. business interruption insurance - insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril . The Company continues to assert business interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. claims larger than the amount recognized. The claims remain under review by its insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. . Increased revenue and additional insurance proceeds offset most of the higher costs and increased Winona reserve, allowing the Company to post operating income of $5.3 million, a 57 percent increase over the $3.4 million of operating income posted in the fourth quarter of 2004. "Fourth quarter results highlight the sustained earning power Earning power Earnings before interest and taxes (EBIT) divided by total assets. earning power 1. The earnings that an asset could produce under optimal conditions. For example, AT&T may currently be earning $2. of American Ecology's ongoing business irrespective of irrespective of prep. Without consideration of; regardless of. irrespective of preposition despite the delayed Honeywell project The Honeywell Project was a peace group based in Minneapolis, Minnesota that existed from the late 1960s until about 1990. During its existence the organization waged a campaign to convince the board and executives of the Honeywell Corporation to convert their weapons manufacturing ," commented Senior Vice President and Chief Financial Officer Jim Baumgardner. For the fourth quarter, the Company reported after-tax net income of $3.1 million, or $0.17 per fully diluted share, compared to after-tax net income of $3.2 million, or $0.18 per fully diluted share a year ago. Outlook The Company reaffirms its 2006 guidance, first provided on December 5, 2005, and calling for the Company to generate net earnings between $0.72 and $0.82 per fully diluted share for 2006. Capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. in 2006 is expected to reach $12 million, principally for construction of a new waste treatment building at the Nevada facility, new disposal cell permitting and construction of a rail transfer station at the Texas facility, the purchase of fifty additional railcars, and construction of a second waste transload building and additional track to increase waste throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. at the Idaho rail transfer facility. "American Ecology entered 2006 well poised for continued growth and strong cash flow," Romano concluded. Dividend Payment On January 2, 2006, the Company declared a $0.15 per common share quarterly dividend for stockholders of record on that day. This $2.6 million dividend was paid using cash on hand on January 13, 2006. Honeywell Project Update In June 2005, the Company entered into a Contract that commits Honeywell International to provide American Ecology 99 percent of the chromite chromite (krō`mīt), dark brown to black mineral. It is an iron-chromium oxide, FeCr2O4, with traces of magnesium and aluminum. ore processing residues removed from a site in Jersey City, New Jersey. Total waste volumes at the site have been estimated at approximately one million tons. On October 6, 2005, Honeywell filed a motion with the U.S. District Court for the District of New Jersey (the "Court") to reduce the amount of material removed from the site by 53 percent. On January 3, 2006, the Court disqualified dis·qual·i·fy tr.v. dis·qual·i·fied, dis·qual·i·fy·ing, dis·qual·i·fies 1. a. To render unqualified or unfit. b. To declare unqualified or ineligible. 2. a Honeywell expert witness and certain attorneys in relation to this motion. This disqualification dis·qual·i·fi·ca·tion n. 1. The act of disqualifying or the condition of having been disqualified. 2. Something that disqualifies: illness as a disqualification for enlistment in the army. ruling is under judicial review. On November 17, 2005, the Company announced that Honeywell had notified it that waste shipments from the main excavation excavation In archaeology, the exposure, recording, and recovery of buried material remains. The techniques employed vary by the type of site, but all forms of archaeological excavation require great skill and careful preparation. at the Jersey City site would be delayed until March 2006. On December 30, 2005, the Court issued a Stipulation An agreement between attorneys that concerns business before a court and is designed to simplify or shorten litigation and save costs. During the course of a civil lawsuit, criminal proceeding, or any other type of litigation, the opposing attorneys may come to an agreement and Order Regarding Barrier Wall Repair and Modified Excavation Schedule setting a new main excavation commencement date of April 3, 2006. The delays are unrelated to American Ecology's performance under its contract with Honeywell, which remains in full force and effect. To minimize Honeywell project delay impacts, American Ecology has repositioned railcars and worked with its subcontractors to reduce standby standby Medtalk adjective Referring to the immediate availability of a certain specialist–anesthesiologist, surgeon, who can be deployed in a medical emergency. Cf Concurrent. costs. American Ecology will continue to assess Honeywell certain fees for not meeting minimum weekly shipment requirements as specified in the contract unless other arrangements are agreed to. These fees may or may not be sufficient to fully cover costs incurred by the Company prior to resumption of waste shipments. Investor Conference Call The Company will host an investor conference call on Wednesday, February 8, 2006 at 10 a.m. mountain time to discuss financial results for the quarter and year. Chief Executive Officer Stephen Romano, Chief Financial Officer James Baumgardner and Controller Michael Gilberg will participate. Those interested are invited to send questions in advance to info@americanecology.com, or by facsimile to 208-331-7900. Questions will also be invited during the call following presentations. To join the call, dial 866-261-3296. Participants will be asked to provide their name and affiliation. About American Ecology American Ecology Corporation, through its subsidiaries, provides radioactive ra·di·o·ac·tive adj. Of or exhibiting radioactivity. radioactive characterized by radioactivity. radioactive decay , 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 industrial 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, refineries and chemical manufacturing plants. Headquartered in Boise, Idaho, American Ecology is the oldest radioactive and hazardous waste services company in the United States, having operated for fifty three years. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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, estimates 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 will meet its 2006 earnings estimates, receive projected waste shipments from Honeywell or other customers, increase earnings through the bundling of transportation and disposal services, collect additional funds on pending insurance claims, or declare or pay future dividends. For information on other factors that could cause actual results to differ from expectations, please refer to American Ecology Corporation's most recent Annual 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. and Quarterly Report on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission. American Ecology Corporation has filed a registration statement on Form S-3 containing information regarding the Company's common stock and certain shareholders. Investors and security holders are strongly encouraged to read this filing, as well as all of the Company's current SEC filings. Non-GAAP financial measures help management and investors analyze the financial condition and operating performance of the Company and facilitate more meaningful period-to-period comparisons of key operating trends. The Non-GAAP data contained in this press release should only be used in conjunction with results reported in accordance with Generally Accepted Accounting Principles, or GAAP. While management believes these non-GAAP measures are useful to investors, they are not a replacement for GAAP results. Also, the method used by the Company to produce non-GAAP results may materially differ from methods used by other companies, investors or analysts to produce non-GAAP measures. Non-GAAP results presented in this release or the related investor conference call presentation exclude reported tax expense and benefits, non-operating settlement gains or losses, gains or losses associated with the Company's discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. operations, the Company's write off of the Ward Valley, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). asset and a gain on settlement with the Central Interstate Compact A voluntary arrangement between two or more states that is designed to solve their common problems and that becomes part of the laws of each state. Interstate compacts in the United States were first used by the American colonies to settle boundary disputes. , and apply a normalized estimated tax Federal and state tax laws require a quarterly payment of estimated taxes due from corporations, trusts, estates, non-wage employees, and wage employees with income not subject to withholding. rate. A detailed reconciliation of the adjustments between results calculated using GAAP and Non-GAAP in this release is contained in the attached financial summary.
AMERICAN ECOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) ($ in 000's except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2005 2004 2005 2004
------- ------- ------- -------
Revenue $23,263 $13,538 $79,387 $54,167
Transportation costs 6,831 2,678 22,302 10,124
Other direct operating costs 8,425 5,762 26,048 20,773
------- ------- ------- -------
Gross profit 8,007 5,098 31,037 23,270
Selling, general and
administrative expenses 3,531 2,136 12,506 10,553
Business interruption insurance
claims (860) (431) (901) (431)
------- ------- ------- -------
Operating income 5,336 3,393 19,432 13,148
Interest income 222 70 564 203
Interest expense 33 48 173 194
Fire related property impairment
and insurance claims (49) 275 (49) 275
Gain on settlement of Nebraska
Litigation -- -- 5,327 --
Other income 5 25 13 99
------- ------- ------- -------
Income before income tax and
discontinued operations 5,481 3,715 25,114 13,531
Income tax expense (benefit) 2,341 458 9,676 (8,832)
------- ------- ------- -------
Income before discontinued
operations 3,140 3,257 15,438 22,363
Gain (loss) from discontinued
operations - Oak Ridge Facility -- (21) -- 1,047
------- ------- ------- -------
Net income $ 3,140 $ 3,236 $15,438 $23,410
======= ======= ======= =======
Basic earnings from continuing
operations .18 .19 .88 1.30
Basic earnings (loss) from
discontinued operations -- (.00) -- .06
------- ------- ------- -------
Basic earnings per share $ .18 $ .19 $ .88 $ 1.36
======= ======= ======= =======
Diluted earnings from continuing
operations .17 .18 .86 1.26
Diluted earnings (loss) from
discontinued operations -- (.00) -- .06
------- ------- ------- -------
Diluted earnings per share $ .17 $ .18 $ .86 $ 1.32
======= ======= ======= =======
Dividends paid per common share $ .15 $ .25 $ .30 $ .25
======= ======= ======= =======
AMERICAN ECOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited) ($ in 000's)
As of December 31,
------------------
2005 2004
------- -------
ASSETS
Current Assets:
Cash and cash equivalents $ 3,641 $ 2,160
Short term investments 16,214 10,967
Receivables, net 13,573 8,963
Insurance receivable 157 1,285
Prepayments and other 3,183 1,469
Income tax receivable 1,248 185
Deferred income taxes 6,714 5,428
------- -------
Total current assets 44,730 30,457
Property and equipment, net 40,896 27,363
Facility development costs -- 6,478
Other assets 822 462
Deferred income taxes 3,021 12,473
------- -------
Total assets $89,469 $77,233
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long term debt $ -- $ 1,457
Accounts payable 3,665 3,022
Deferred revenue 1,261 724
State burial fees payable 1,454 1,446
Management incentive plan payable 1,272 934
Customer advances 1,535 --
Customer refunds 1,062 2,512
Accrued liabilities 1,337 725
Accrued closure and post closure obligation,
current portion 1,127 2,323
------- -------
Total current liabilities 12,713 13,143
Long term debt -- 2,734
Long term customer advances 1,752 --
Long term accrued liabilities 485 441
Accrued closure and post closure obligation,
excluding current portion 10,560 9,304
------- -------
Total liabilities 25,510 25,622
------- -------
Commitments and contingencies
Shareholders' equity:
Convertible preferred stock, 1,000,000 shares
authorized,
Common stock, $.01 par value, 50,000,000
authorized, 17,742,420 and 17,398,494 shares
issued and outstanding 177 174
Additional paid-in capital 53,213 51,015
Retained earnings 10,569 422
------- -------
Total shareholders' equity 63,959 51,611
------- -------
Total Liabilities and Shareholders' Equity $89,469 $77,233
======= =======
AMERICAN ECOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) ($ in 000's)
For the Year Ended
December 31,
2005 2004
-------- --------
Cash flows from operating activities:
Net income $ 15,438 $ 23,410
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation, amortization, and accretion 6,775 5,957
Income from discontinued operations -- (1,047)
(Gain) loss on disposal of property and
equipment and on property claim, net 49 (204)
Income tax benefit on exercise of stock options 767 634
Loss on write off of Ward Valley facility
development costs -- --
Gain on settlement of Nebraska Litigation (5,327) --
Deferred income taxes 7,103 (9,800)
Stock compensation 180 --
Changes in assets and liabilities:
Receivables (4,610) 3,633
Other assets (2,138) (605)
Closure and post closure obligation (1,018) (526)
Income taxes payable/receivable -- --
Accounts payable and accrued liabilities 4,019 2,884
-------- --------
Net cash provided by operating activities 21,238 24,336
Cash flows from investing activities:
Capital expenditures (19,426) (4,984)
Proceeds from the sale of assets 1,339 383
Proceeds from the settlement of Nebraska
Litigation 11,805 --
Transfers between cash and short term
investments, net (5,247) (10,967)
-------- --------
Net cash used by investing activities (11,529) (15,568)
Cash flows from financing activities:
Dividends paid (5,291) (4,345)
Payments of indebtedness (4,191) (1,484)
Warrants purchased and canceled -- (5,500)
Stock purchased and canceled -- --
Retirement of Series D Preferred Stock -- --
Stock options and warrants exercised 1,254 1,061
-------- --------
Net cash used by financing activities (8,228) (10,268)
-------- --------
Increase (decrease) in cash and cash equivalents 1,481 (1,500)
Net cash used by discontinued operations -- (3,014)
Cash and cash equivalents at beginning of year 2,160 6,674
-------- --------
Cash and cash equivalents at end of year $ 3,641 $ 2,160
======== ========
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest expense $ 173 $ 194
Income taxes paid 1,806 335
Non-cash investing and financing activities:
Acquisition of equipment with notes/capital
leases -- --
Impairment of assets involved in July 1, 2004
fire -- 679
Recognition of insurance proceeds for assets
involved in July 1, 2004 fire -- 854
AMERICAN ECOLOGY CORPORATION
RECONCILIATION OF NON-GAAP INFORMATION
(Unaudited) ($ in 000's except per share amounts)
For the Year Ended December 31,
--------------------------------
2002 2003 2004 2005
-------- ------- ------- -------
Reported GAAP Net Income 18,771 (8,592) 23,410 15,438
Addback:
Loss from Discontinued Operations 10,464 - - -
Write Off Ward Valley - 20,951 - -
Tax Expense - 72 - 9,676
Subtract:
Cumulative Effect of Change of
Acctg Prin. (13,141) - - -
Tax Benefits (8,505) - (8,832) -
Gain from Discontinued Operations - (2,477) (1,047) -
Gain on NE Settlement - - - (5,327)
Pro-Forma Pre-Tax Income 7,589 9,954 13,531 19,787
Pro Forma Tax Expense at 37% (2,808) (3,683) (5,006) (7,321)
Pro Forma Net Income 4,781 6,271 8,525 12,466
Pro Forma Basic After-Tax EPS 0.33 0.38 0.49 0.71
Pro Forma Diluted After-Tax EPS 0.30 0.36 0.48 0.69
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