American Ecology Reports Solid Earnings, 31% Year-to-Date Revenue Growth; Core Business Performance Fuels Fourth Consecutive Profitable Quarter.Business Editors BOISE, Idaho--(BUSINESS WIRE)--Oct. 30, 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 million or $.07 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 September 30, 2000 compared to a loss of $212 thousand or ($.02) loss per basic share after preferred stock dividends for the same period last year. Revenue for the third quarter increased to $11.8 million, almost double the $6 million in revenue posted for the same period in 1999. Net income for the nine months ending September 30, 2000 was $2.9 million or $.22 per basic share after preferred stock dividends compared to $1.1 million or $.08 per basic share for the same period last year. Revenue for the nine months just ended climbed to $31.6 million, a 31% increase over the first nine months of 1999. "As these results demonstrate, American Ecology continues to post solid earnings while growing revenues," Baumgardner said, adding "We believe the company is well positioned for future growth." The company's chemical division, specifically its 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, continued to perform ahead of plan in the third quarter. The company also commenced operations at its new 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 in Robstown, Texas Robstown is a suburb-city in Nueces County, west of Corpus Christi, Texas. It was founded about 1906, and was named for Robert Driscoll, a prominent figure from Corpus Christi. The population was 12,727 at the 2000 census. during the third quarter. The radioactive waste radioactive waste, material containing the unusable radioactive byproducts of the scientific, military, and industrial applications of nuclear energy. Since its radioactivity presents a serious health hazard (see radiation sickness), disposing of such material is a division also showed improvement from previous periods, in large part due to slightly better performance at the company's 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. facility. 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. The company provides 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 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 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 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 Report 10-K 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 Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
Revenue $11,796 $6,007 $31,600 $24,093
Operating costs 6,555 3,664 17,327 12,684
Gross profit 5,241 2,343 14,273 11,409
Selling, general
and administrative
expenses 4,228 2,280 11,672 11,025
Income from
operations 1,013 63 2,601 384
Investment income
(loss) (95) (200) 141 113
Gain on sale of
assets 45 3 44 666
Other income 145 (21) 528 274
Net income before
income taxes 1,108 (155) 3,314 1,437
Income tax expense
(benefit) 8 (29) 69 18
Net income 1,100 (126) 3,245 1,419
Preferred stock
dividends 100 86 299 316
Net income (loss)
available to common
Shareholders $1,000 $(212) $2,946 $1,103
Basic earnings per
share $.07 $(.02) $.22 $.08
Diluted earnings
per share $.06 $(.02) $.18 $.07
Dividends paid per
common share $-- $-- $-- $--
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