US ECOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ------------------
2010 2009 2010 2009
--------- --------- -------- --------
Revenue $ 19,832 $ 36,377 $ 39,372 $ 71,342
Direct operating costs 9,725 12,002 20,010 23,247
Transportation costs 2,964 15,263 5,644 29,437
--------- --------- -------- --------
Gross profit 7,143 9,112 13,718 18,658
Selling, general and administrative
expenses 3,343 3,396 6,910 6,969
--------- --------- -------- --------
Operating income 3,800 5,716 6,808 11,689
Other income (expense):
Interest income 17 37 31 85
Interest expense - - (1) (1)
Other 49 91 90 124
--------- --------- -------- --------
Total other income 66 128 120 208
Income before income taxes 3,866 5,844 6,928 11,897
Income tax expense 1,543 2,326 2,815 4,735
--------- --------- -------- --------
Net income $ 2,323 $ 3,518 $ 4,113 $ 7,162
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Earnings per share:
Basic $ 0.13 $ 0.19 $ 0.23 $ 0.39
Diluted $ 0.13 $ 0.19 $ 0.23 $ 0.39
Shares used in earnings
per share calculation:
Basic 18,166 18,145 18,165 18,144
Diluted 18,187 18,175 18,186 18,175
Dividends paid per share $ 0.18 $ 0.18 $ 0.36 $ 0.36
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US ECOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, December 31,
2010 2009
------------ ------------
Assets
Current Assets:
Cash and cash equivalents $ 29,256 $ 31,347
Short-term investments 2,999 1,395
Receivables, net 13,541 16,302
Prepaid expenses and other current assets 2,204 1,752
Deferred income taxes 413 41
------------ ------------
Total current assets 48,413 50,837
Property and equipment, net 71,809 67,485
Restricted cash 4,114 4,800
Other assets 509 540
------------ ------------
Total assets $ 124,845 $ 123,662
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Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 4,095 $ 4,264
Deferred revenue 1,749 1,353
Accrued liabilities 4,630 4,150
Accrued salaries and benefits 1,680 1,735
Income tax payable 666 201
Current portion of closure and post-closure
obligations 2,457 293
Current portion of capital lease obligations 10 11
------------ ------------
Total current liabilities 15,287 12,007
Long-term closure and post-closure obligations 12,554 13,070
Long-term capital lease obligations 5 10
Deferred income taxes 5,336 5,077
------------ ------------
Total liabilities 33,182 30,164
Contingencies and commitments
Stockholders' Equity
Common stock 183 183
Additional paid-in capital 61,443 61,459
Retained earnings 32,016 34,446
Treasury stock (1,979) (2,590)
------------ ------------
Total stockholders' equity 91,663 93,498
------------ ------------
Total liabilities and stockholders' equity $ 124,845 $ 123,662
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US ECOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the six months Ended
June 30,
--------------------------
2010 2009
------------ ------------
Cash Flows From Operating Activities:
Net income $ 4,113 $ 7,162
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, amortization and accretion 3,637 4,642
Deferred income taxes (113) 935
Stock-based compensation expense 595 416
Net loss (gain) on sale of property and
equipment 51 (3)
Investment premium amortization 20 -
Changes in assets and liabilities:
Receivables, net 2,761 4,261
Income tax receivable - 2,392
Other assets (421) (336)
Accounts payable and accrued liabilities (1,078) (1,120)
Deferred revenue 396 556
Accrued salaries and benefits (55) (899)
Income tax payable 465 -
Closure and post-closure obligations (147) (288)
Other (1) (19)
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Net cash provided by operating activities 10,223 17,699
Cash Flows From Investing Activities:
Purchases of short-term investments (4,998) -
Purchases of property and equipment (4,879) (4,768)
Maturities of short-term investments 3,375 -
Restricted cash, net 686 (11)
Proceeds from sale of property and equipment 51 42
------------ ------------
Net cash used in investing activities (5,765) (4,737)
Cash Flows From Financing Activities:
Dividends paid (6,543) (6,534)
Stock repurchases - (2)
Other (6) (4)
------------ ------------
Net cash used in financing activities (6,549) (6,540)
(Decrease) Increase in cash and cash
equivalents (2,091) 6,422
Cash and cash equivalents at beginning of
period 31,347 18,473
------------ ------------
Cash and cash equivalents at end of period $ 29,256 $ 24,895
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Contact Information: Contact: Alison Ziegler Cameron Associates (212) 554-5469 alison@cameronassoc.com www.usecology.com