US ECOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- --------------------
2010 2009 2010 2009
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Revenue $ 25,984 $ 37,529 $ 65,356 $ 108,871
Direct operating costs 10,229 10,852 30,239 34,099
Transportation costs 5,383 16,694 11,027 46,131
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Gross profit 10,372 9,983 24,090 28,641
Selling, general and
administrative expenses 3,929 3,206 10,839 10,175
---------- --------- --------- ---------
Operating income 6,443 6,777 13,251 18,466
Other income (expense):
Interest income 16 18 47 103
Interest expense - (1) (1) (2)
Other 30 101 120 225
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Total other income 46 118 166 326
Income before income taxes 6,489 6,895 13,417 18,792
Income tax expense 2,551 2,731 5,366 7,466
---------- --------- --------- ---------
Net income $ 3,938 $ 4,164 $ 8,051 $ 11,326
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Earnings per share:
Basic $ 0.22 $ 0.23 $ 0.44 $ 0.62
Diluted $ 0.22 $ 0.23 $ 0.44 $ 0.62
Shares used in earnings
per share calculation:
Basic 18,172 18,148 18,167 18,145
Diluted 18,186 18,170 18,186 18,173
Dividends paid per share $ 0.18 $ 0.18 $ 0.54 $ 0.54
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US ECOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
September 30, December 31,
2010 2009
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Assets
Current Assets:
Cash and cash equivalents $ 30,439 $ 31,347
Short-term investments - 1,395
Receivables, net 17,758 16,302
Prepaid expenses and other current assets 2,429 1,752
Deferred income taxes 427 41
------------- -------------
Total current assets 51,053 50,837
Property and equipment, net 72,827 67,485
Restricted cash 4,114 4,800
Other assets 509 540
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Total assets $ 128,503 $ 123,662
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Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 5,857 $ 4,264
Deferred revenue 1,836 1,353
Accrued liabilities 4,742 4,150
Accrued salaries and benefits 1,657 1,735
Income tax payable 1,062 201
Current portion of closure and post-closure
obligations 3,545 293
Current portion of capital lease obligations 8 11
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Total current liabilities 18,707 12,007
Long-term closure and post-closure
obligations 11,690 13,070
Long-term capital lease obligations 4 10
Deferred income taxes 5,580 5,077
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Total liabilities 35,981 30,164
Contingencies and commitments
Stockholders' Equity
Common stock 183 183
Additional paid-in capital 61,637 61,459
Retained earnings 32,681 34,446
Treasury stock (1,979) (2,590)
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Total stockholders' equity 92,522 93,498
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Total liabilities and stockholders' equity $ 128,503 $ 123,662
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US ECOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the Nine months
Ended September 30,
------------------------
2010 2009
----------- -----------
Cash Flows From Operating Activities:
Net income $ 8,051 $ 11,326
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, amortization and accretion 5,841 6,937
Deferred income taxes 117 1,465
Stock-based compensation expense 789 539
Net loss on sale of property and equipment 167 38
Investment premium amortization 20 -
Changes in assets and liabilities:
Receivables, net (1,456) 1,632
Income tax receivable - 2,834
Other assets (646) 435
Accounts payable and accrued liabilities 1,884 (1,448)
Deferred revenue 483 (2,605)
Accrued salaries and benefits (78) (1,000)
Income tax payable 861 539
Closure and post-closure obligations (215) (423)
Other (2) (19)
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Net cash provided by operating activities 15,816 20,250
Cash Flows From Investing Activities:
Purchases of property and equipment (9,023) (8,725)
Purchases of short-term investments (4,998) (1,409)
Maturities of short-term investments 6,375 -
Restricted cash, net 686 (84)
Proceeds from sale of property and equipment 61 62
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Net cash used in investing activities (6,899) (10,156)
Cash Flows From Financing Activities:
Dividends paid (9,816) (9,801)
Stock repurchases - (2)
Other (9) (7)
----------- -----------
Net cash used in financing activities (9,825) (9,810)
(Decrease) Increase in cash and cash equivalents (908) 284
Cash and cash equivalents at beginning of period 31,347 18,473
----------- -----------
Cash and cash equivalents at end of period $ 30,439 $ 18,757
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Contact Information: Contact: Alison Ziegler Cameron Associates (212) 554-5469 alison@cameronassoc.com www.usecology.com