US ECOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
----------------------
2010 2009
---------- ----------
Revenue $ 19,540 $ 34,965
Direct operating costs 10,285 11,245
Transportation costs 2,680 14,174
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Gross profit 6,575 9,546
Selling, general and administrative expenses 3,567 3,573
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Operating income 3,008 5,973
Other income (expense):
Interest income 14 48
Interest expense (1) (1)
Other 41 33
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Total other income 54 80
Income before income taxes 3,062 6,053
Income tax expense 1,272 2,409
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Net income $ 1,790 $ 3,644
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Earnings per share:
Basic $ 0.10 $ 0.20
Diluted $ 0.10 $ 0.20
Shares used in earnings per share calculation:
Basic 18,163 18,143
Diluted 18,185 18,176
Dividends paid per share $ 0.18 $ 0.18
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US ECOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
March 31, December 31,
2010 2009
---------- ----------
Assets
Current Assets:
Cash and cash equivalents $ 32,706 $ 31,347
Short-term investments 1,383 1,395
Receivables, net 13,739 16,302
Prepaid expenses and other current assets 1,200 1,752
Deferred income taxes 252 41
---------- ----------
Total current assets 49,280 50,837
Property and equipment, net 68,341 67,485
Restricted cash 4,796 4,800
Other assets 509 540
---------- ----------
Total assets $ 122,926 $ 123,662
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Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 2,956 $ 4,264
Deferred revenue 1,489 1,353
Accrued liabilities 4,550 4,150
Accrued salaries and benefits 1,396 1,735
Income tax payable 1,099 201
Current portion of closure and post-closure
obligations 1,366 293
Current portion of capital lease obligations 11 11
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Total current liabilities 12,867 12,007
Long-term closure and post-closure obligations 12,184 13,070
Long-term capital lease obligations 7 10
Deferred income taxes 5,457 5,077
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Total liabilities 30,515 30,164
Contingencies and commitments
Stockholders' Equity
Common stock 183 183
Additional paid-in capital 61,301 61,459
Retained earnings 32,966 34,446
Treasury stock (2,039) (2,590)
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Total stockholders' equity 92,411 93,498
---------- ----------
Total liabilities and stockholders' equity $ 122,926 $ 123,662
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US ECOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the three months
Ended March 31,
----------------------
2010 2009
---------- ----------
Cash Flows From Operating Activities:
Net income $ 1,790 $ 3,644
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, amortization and accretion 1,792 2,286
Deferred income taxes 169 240
Stock-based compensation expense 393 218
Net loss (gain) on sale of property and
equipment 48 (34)
Investment premium amortization 12 -
Changes in assets and liabilities:
Receivables, net 2,563 5,213
Income tax receivable - 2,452
Other assets 583 121
Accounts payable and accrued liabilities (1,236) (1,722)
Deferred revenue 136 477
Accrued salaries and benefits (339) (1,202)
Income tax payable 898 -
Closure and post-closure obligations (83) (148)
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Net cash provided by operating activities 6,726 11,545
Cash Flows From Investing Activities:
Purchases of property and equipment (2,114) (2,661)
Proceeds from sale of property and equipment 16 42
Restricted cash 4 (8)
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Net cash used in investing activities (2,094) (2,627)
Cash Flows From Financing Activities:
Dividends paid (3,270) (3,267)
Stock repurchases - (2)
Other (3) (1)
---------- ----------
Net cash used in financing activities (3,273) (3,270)
Increase in cash and cash equivalents 1,359 5,648
Cash and cash equivalents at beginning of period 31,347 18,473
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Cash and cash equivalents at end of period $ 32,706 $ 24,121
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Contact Information: Contact: Alison Ziegler Cameron Associates (212) 554-5469 alison@cameronassoc.com www.usecology.com