AMERICAN ECOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
----------------------------
2009 2008
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Revenue $ 34,965 $ 46,219
Transportation costs 14,174 22,058
Other direct operating costs 11,245 10,717
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Gross profit 9,546 13,444
Selling, general and administrative expenses 3,573 3,919
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Operating income 5,973 9,525
Other income (expense):
Interest income 48 63
Interest expense (1) (1)
Other 33 65
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Total other income 80 127
Income before income taxes 6,053 9,652
Income tax expense 2,409 3,784
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Net income $ 3,644 $ 5,868
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Earnings per share:
Basic $ 0.20 $ 0.32
Diluted $ 0.20 $ 0.32
Shares used in earnings
per share calculation:
Basic 18,143 18,229
Diluted 18,176 18,277
Dividends paid per share $ 0.18 $ 0.15
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AMERICAN ECOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
March 31, December 31,
2009 2008
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Assets
Current Assets:
Cash and cash equivalents $ 24,121 $ 18,473
Receivables, net 25,524 30,737
Prepaid expenses and other current assets 2,160 2,281
Income tax receivable 382 2,834
Deferred income taxes 923 684
----------- -----------
Total current assets 53,110 55,009
Property and equipment, net 67,878 67,987
Restricted cash 4,724 4,716
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Total assets $ 125,712 $ 127,712
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Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 3,721 $ 5,400
Deferred revenue 5,134 4,657
Accrued liabilities 3,587 4,398
Accrued salaries and benefits 1,693 2,895
Current portion of closure and post-closure
obligations 1,003 490
Current portion of capital lease obligations 11 10
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Total current liabilities 15,149 17,850
Long-term closure and post-closure obligations 13,603 13,972
Long-term capital lease obligations 18 21
Deferred income taxes 4,406 3,927
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Total liabilities 33,176 35,770
Contingencies and commitments
Stockholders' Equity
Common stock 183 183
Additional paid-in capital 61,022 60,803
Retained earnings 33,921 33,544
Treasury stock (2,590) (2,588)
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Total stockholders' equity 92,536 91,942
----------- -----------
Total liabilities and stockholders' equity $ 125,712 $ 127,712
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AMERICAN ECOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the Three Months
Ended March 31,
--------------------
2009 2008
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Cash Flows From Operating Activities:
Net income $ 3,644 $ 5,868
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, amortization and accretion 2,286 2,838
Deferred income taxes 240 (90)
Stock-based compensation expense 218 201
Net gain on sale of property and equipment (34) (2)
Accretion of interest income - (14)
Changes in assets and liabilities:
Receivables, net 5,213 (8,576)
Income tax receivable 2,452 994
Other assets 121 (5)
Accounts payable and accrued liabilities (1,722) (1,026)
Deferred revenue 477 (277)
Accrued salaries and benefits (1,202) (914)
Income tax payable - 2,874
Closure and post-closure obligations (148) (164)
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Net cash provided by operating activities 11,545 1,707
Cash Flows From Investing Activities:
Purchases of property and equipment (2,661) (3,464)
Restricted cash (8) 63
Proceeds from sale of property and equipment 42 9
Purchases of short-term investments - (992)
Maturities of short-term investments - 2,216
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Net cash used in investing activities (2,627) (2,168)
Cash Flows From Financing Activities:
Dividends paid (3,267) (2,737)
Stock repurchases (2) -
Other (1) (3)
Proceeds from stock option exercises - 1
Tax benefit of common stock options - 2
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Net cash used in financing activities (3,270) (2,737)
Increase (decrease) in cash and cash equivalents 5,648 (3,198)
Cash and cash equivalents at beginning of period 18,473 12,563
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Cash and cash equivalents at end of period $ 24,121 $ 9,365
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Contact Information: Contact: Alison Ziegler Cameron Associates (212) 554-5469 alison@cameronassoc.com www.americanecology.com