AMERICAN ECOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
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2009 2008 2009 2008
---------- ---------- ---------- ----------
Revenue $ 37,529 $ 41,051 $ 108,871 $ 131,786
Transportation costs 16,694 20,477 46,131 61,786
Other direct operating
costs 10,852 10,553 34,099 32,957
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Gross profit 9,983 10,021 28,641 37,043
Selling, general and
administrative expenses 3,206 3,209 10,175 10,860
---------- ---------- ---------- ----------
Operating income 6,777 6,812 18,466 26,183
Other income (expense):
Interest income 18 138 103 312
Interest expense (1) (2) (2) (6)
Other 101 78 225 237
---------- ---------- ---------- ----------
Total other income 118 214 326 543
Income before income taxes 6,895 7,026 18,792 26,726
Income tax expense 2,731 2,755 7,466 10,477
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Net income $ 4,164 $ 4,271 $ 11,326 $ 16,249
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Earnings per share:
Basic $ 0.23 $ 0.23 $ 0.62 $ 0.89
Diluted $ 0.23 $ 0.23 $ 0.62 $ 0.89
Shares used in earnings
per share calculation:
Basic 18,148 18,261 18,145 18,241
Diluted 18,170 18,330 18,173 18,301
Dividends paid per share $ 0.18 $ 0.18 $ 0.54 $ 0.48
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AMERICAN ECOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
September 30, December 31,
2009 2008
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Assets
Current Assets:
Cash and cash equivalents $ 18,757 $ 18,473
Short-term investments 1,407 -
Receivables, net 29,105 30,737
Prepaid expenses and other current assets 1,846 2,281
Income tax receivable - 2,834
Deferred income taxes 1,141 684
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Total current assets 52,256 55,009
Property and equipment, net 69,699 67,987
Restricted cash 4,800 4,716
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Total assets $ 126,755 $ 127,712
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Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 3,498 $ 5,400
Deferred revenue 2,052 4,657
Accrued liabilities 4,000 4,398
Accrued salaries and benefits 1,895 2,895
Income tax payable 539 -
Current portion of closure and post-closure
obligations 2,051 490
Current portion of capital lease obligations 11 10
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Total current liabilities 14,046 17,850
Long-term closure and post-closure
obligations 12,864 13,972
Long-term capital lease obligations 12 21
Deferred income taxes 5,849 3,927
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Total liabilities 32,771 35,770
Contingencies and commitments
Stockholders' Equity
Common stock 183 183
Additional paid-in capital 61,322 60,803
Retained earnings 35,069 33,544
Treasury stock (2,590) (2,588)
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Total stockholders' equity 93,984 91,942
------------- -------------
Total liabilities and stockholders' equity $ 126,755 $ 127,712
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AMERICAN ECOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the Nine Months Ended
September 30,
----------------------------
2009 2008
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Cash Flows From Operating Activities:
Net income $ 11,326 $ 16,249
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, amortization and accretion 6,937 8,195
Deferred income taxes 1,465 1,068
Stock-based compensation expense 539 629
Net loss on sale of property and equipment 38 19
Accretion of interest income - (15)
Changes in assets and liabilities:
Receivables, net 1,632 (308)
Income tax receivable 2,834 627
Other assets 435 195
Accounts payable and accrued
liabilities (1,448) (2,128)
Deferred revenue (2,605) 404
Accrued salaries and benefits (1,000) (417)
Income tax payable 539 -
Closure and post-closure obligations (423) (1,546)
Other (19) -
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Net cash provided by operating
activities 20,250 22,972
Cash Flows From Investing Activities:
Purchases of property and equipment (8,725) (11,055)
Purchases of short-term investments (1,409) (992)
Restricted cash (84) 8
Proceeds from sale of property and equipment 62 11
Maturities of short-term investments - 3,216
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Net cash used in investing
activities (10,156) (8,812)
Cash Flows From Financing Activities:
Dividends paid (9,801) (8,760)
Stock repurchases (2) -
Other (7) (8)
Tax benefit of common stock options - 215
Proceeds from stock option exercises - 1,049
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Net cash used in financing
activities (9,810) (7,504)
Increase in cash and cash equivalents 284 6,656
Cash and cash equivalents at beginning of
period 18,473 12,563
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Cash and cash equivalents at end of period $ 18,757 $ 19,219
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Contact Information: Contact: Alison Ziegler Cameron Associates (212) 554-5469 alison@cameronassoc.com www.americanecology.com