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APPLIANCE RECYCLING CENTERS OF AMERICA REPORTS THIRD QUARTER RESULTS

 MINNEAPOLIS, Oct. 19 /PRNewswire/ -- Appliance Recycling Centers of America, Inc. (ARCA) (NASDAQ: ARCI) today reported net revenues of $4,284,000 for the third quarter of 1993, down 4 percent from $4,466,000 in the year-earlier period. The company also reported earnings of $183,000 or $.04 per share, compared to $465,000 or $.12 per share in the third quarter of 1992.
 For the first nine months of 1993, the company's net revenues declined 6 percent to $10,464,000. The company reported a net loss of $421,000 or $.11 per share, compared to net income of $1,141,000 or $.30 per share for the first nine months of 1992.
 Edward R. Cameron, ARCA's president and chief executive officer, said the company's third quarter results continued to be affected by the decision of a major customer earlier this year to reduce its recycling program due to budgetary considerations. He said the company's performance throughout 1993 has also reflected substantial investments in ARCA's new Los Angeles recycling center and new recycling technologies.
 Scheduled to open during the fourth quarter, the Los Angeles center will provide appliance recycling services for the nearly 5 million residential customers of Southern California Edison Company -- the nation's largest electric utility -- and the Los Angeles Department of Water and Power.
 He said ARCA expects to operate at or near break-even in the fourth quarter as the company enters the seasonally slow, winter recycling season. Although the company will report a net loss for the full year, he said ARCA's prospects for 1994 appear very positive.
 He said the new Southern California operations are expected to have a strongly positive impact on the company's results starting in the first quarter. He added that the company is also actively pursuing several new opportunities that could have a favorable impact on ARCA's 1994 performance.
 ARCA provides a comprehensive range of environmentally-sound recycling services for major household appliances. ARCA is traded on the NASDAQ National Market System under the symbol ARCI.
 APPLIANCE RECYCLING CENTERS OF AMERICA, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 THIRD QUARTER 1993
 Three Months Ended Nine Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Net revenues $4,284,000 $4,466,000 $10,464,000 $11,120,000
 Cost of
 revenues 2,460,000 2,213,000 6,881,000 5,493,000
 Gross profit 1,824,000 2,253,000 3,583,000 5,627,000
 Selling, general
 and administrative
 expenses 1,441,000 1,410,000 4,150,000 3,616,000
 Operating income 383,000 843,000 (567,000) 2,011,000
 Interest income 25,000 15,000 59,000 44,000
 Interest expense (58,000) (42,000) (182,000) (109,000)
 Income before
 provision for
 income taxes 350,000 816,000 (690,000) 1,946,000
 Provision for
 income taxes 167,000 351,000 (269,000) 805,000
 Net income $183,000 $465,000 $(421,000) $1,141,000
 Earnings per share $.04 $.12 ($.11) $.30
 Weighted average
 number of
 shares 4,247,000 3,792,000 3,819,000 3,782,000
 -0- 10/19/93
 /CONTACT: Kent S. McCoy of Appliance Recycling Centers of America, 612-930-9000/
 (ARCI)


CO: Appliance Recycling Centers of America, Inc. ST: Minnesota IN: ENV SU: ERN

CP-DB -- MN026 -- 4217 10/19/93 17:07 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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