AMERICAN ECOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended For the Year Ended
December 31, December 31,
-------------------- --------------------
2008 2007 2008 2007
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Revenue $ 44,041 $ 45,862 $ 175,827 $ 165,520
Transportation costs 20,278 23,460 82,064 79,326
Other direct operating costs 11,365 10,324 44,322 40,681
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Gross profit 12,398 12,078 49,441 45,513
Selling, general and
administrative expenses 4,060 3,937 14,920 14,646
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Operating income 8,338 8,141 34,521 30,867
Other income (expense):
Interest income 101 182 413 732
Interest expense (1) (1) (7) (3)
Other 69 60 306 122
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Total other income 169 241 712 851
Income before income taxes 8,507 8,382 35,233 31,718
Income tax expense 3,258 3,523 13,735 12,322
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Net income $ 5,249 $ 4,859 $ 21,498 $ 19,396
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Earnings per share:
Basic $ 0.29 $ 0.27 $ 1.18 $ 1.06
Diluted $ 0.29 $ 0.27 $ 1.18 $ 1.06
Shares used in earnings
per share calculation:
Basic 18,222 18,223 18,236 18,217
Diluted 18,258 18,262 18,290 18,257
Dividends paid per share $ 0.18 $ 0.15 $ 0.66 $ 0.60
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AMERICAN ECOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31,
2008 December 31,
(unaudited) 2007
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Assets
Current Assets:
Cash and cash equivalents $ 18,473 $ 12,563
Short-term investments - 2,209
Receivables, net 30,737 29,422
Prepaid expenses and other current assets 2,281 3,034
Income tax receivable 2,834 994
Deferred income taxes 684 667
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Total current assets 55,009 48,889
Property and equipment, net 67,987 63,306
Restricted cash 4,716 4,881
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Total assets $ 127,712 $ 117,076
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Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 5,400 $ 4,861
Deferred revenue 4,657 4,491
Accrued liabilities 4,398 6,267
Accrued salaries and benefits 2,895 2,613
Current portion of closure and post-closure
obligations 490 803
Current portion of capital lease obligations 10 8
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Total current liabilities 17,850 19,043
Long-term closure and post-closure obligations 13,972 14,331
Long-term capital lease obligations 21 27
Deferred income taxes 3,927 577
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Total liabilities 35,770 33,978
Contingencies and commitments
Stockholders' Equity
Common stock 183 182
Additional paid-in capital 60,803 58,816
Retained earnings 33,544 24,100
Treasury Stock (2,588) -
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Total stockholders' equity 91,942 83,098
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Total liabilities and stockholders' equity $ 127,712 $ 117,076
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AMERICAN ECOLOGY CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(unaudited)
For the Twelve
Months Ended
December 31,
------------------
2008 2007
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Cash Flows From Operating Activities:
Net income $ 21,498 $ 19,396
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, amortization and accretion 10,641 10,009
Deferred income taxes 3,333 2,924
Stock-based compensation expense 820 743
Net loss (gain) on sale of property and equipment 34 (26)
Accretion of interest income (15) (158)
Changes in assets and liabilities:
Receivables (1,315) (1,730)
Income tax receivable (1,840) (344)
Other assets 753 (395)
Accounts payable and accrued liabilities (1,815) (659)
Deferred revenue 166 879
Accrued salaries and benefits 282 670
Closure and post-closure obligations (1,934) (659)
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Net cash provided by operating activities 30,608 30,650
Cash Flows From Investing Activities:
Purchases of property and equipment (13,617) (15,430)
Purchases of short-term investments (992) (24,901)
Maturities of short-term investments 3,216 28,970
Restricted cash 165 (190)
Proceeds from sale of property and equipment 14 92
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Net cash used in investing activities (11,214) (11,459)
Cash Flows From Financing Activities:
Dividends paid (12,054) (10,937)
Stock Repurchases (2,588) -
Other (10) (7)
Proceeds from stock option exercises 1,095 328
Tax benefit of common stock options 73 213
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Net cash used in financing activities (13,484) (10,403)
Increase in cash and cash equivalents 5,910 8,788
Cash and cash equivalents at beginning of period 12,563 3,775
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Cash and cash equivalents at end of period $ 18,473 $ 12,563
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Contact Information: Contact: Alison Ziegler Cameron Associates (212) 554-5469 alison@cameronassoc.com www.americanecology.com