US Ecology Announces Record Third Quarter 2012 Results

US Ecology Announces Record Third Quarter 2012 Results 
Q4 '12 Outlook Strong -- Full Year 2012 Guidance Increased to
$1.30-$1.35 per Share 
BOISE, ID -- (Marketwire) -- 10/29/12 --  US Ecology, Inc. (NASDAQ:
ECOL) 


 
--  Record Quarterly Operating Income of $12.4 million
--  Record Quarterly Adjusted EBITDA of $16.7 million

  
US Ecology, Inc. (NASDAQ: ECOL) ("the Company") today reported
financial results for the quarter ended September 30, 2012.  
Net income for the third quarter of 2012 was $8.7 million, or $0.47
per diluted share. Adjusted earnings per diluted share grew 33% to
$0.44 for the third quarter of 2012. This compares to $3.7 million of
net income for the third quarter of 2011, or $0.20 per diluted share,
and adjusted earnings per diluted share of $0.33. Operating income
for the third quarter of 2012 grew to a record $12.4 million, up 30%
from $9.6 million in the third quarter of 2011.  
Adjusted EBITDA for the third quarter of 2012 was a record $16.7
million, up 19% from $14.1 million posted in the same quarter last
year. A reconciliation of earnings per diluted share to adjusted
earnings per diluted share and net income to adjusted EBITDA is
attached as Exhibit A to this release.  
Total revenue for the third quarter of 2012 was $45.7 million, up 15%
from $39.7 million in the same quarter last year. Treatment and
disposal ("T&D") revenue increased 12% quarter over quarter.
Transportation revenue increased 40%. US Ecology Michigan (formerly
known as Dynecol, Inc.), acquired on May, 31, 2012, contributed $2.9
million of total revenue in the third quarter of 2012. Excluding US
Ecology Michigan, T&D revenue growth in the third quarter of 2012
reflected a 22% increase in Base Business (recurring waste streams)
revenue and a 9% decrease in Event business (discrete projects)
revenue compared to the third quarter of 2011.  
Total quarterly waste volume disposed or processed at our Idaho,
Michigan, Nevada, Texas and Quebec waste facilities was 266,000 tons
in the third quarter of 2012, down 7% from 287,000 tons disposed or
processed in the third quarter of 2011. Average selling price ("ASP")
for the third quarter of 2012 increased 21% compared to the third
quarter of 2011. The improvement in ASP and decline in volume
primarily reflects waste received in the prior year period from the
GE Hudson River cleanup project. 
For the third quarter of 2012, gross profit was $18.6 million, up 22%
from $15.3 million in the third quarter of 2011. Total gross margin
was 41% for the third quarter of 2012, up from 39% in the same
quarter last year. T&D gross margin for the third quarter of 2012 was
48%, up from 46% in the third quarter of 2011. The year-over-year
increase in T&D gross margin reflects favorable service mix. 
Selling, general and administrative ("SG&A") expense for the third
quarter of 2012 was $6.2 million, or 14% of revenue, compared to $5.7
million (also 14% of revenue) in the same quarter last year. This
$474,000 increase in the third quarter of 2012 compared to the third
quarter of 2011 primarily reflects higher business development costs,
payroll related costs including variable incentive compensation and
other general administrative costs associated with higher levels of
business activity. 
The Company's effective income tax rate for the third quarter of 2012
was 37.4%, up from 33.4% in the third quarter of 2011. The third
quarter 2012 increase is primarily the result of an increase in our
estimated state income tax rate and favorable adjustments in the
third quarter of 2011 related to 2010 tax returns. 
At September 30, 2012, cash on hand was $5.5 million. Total
borrowings on our lines of credit were $49.5 million, up from $40.6
million at December 31, 2011. This increase reflects the purchase of
Dynecol for $10.8 million (net of adjustments) on May 31, 2012. At
September 30, 2012, $24.8 million was available for future
borrowings.  
"Continued Base Business growth and a favorable service mix more than
made up for a quarter-over-quarter decline in Event Business,"
commented Vice President, Acting Chief Financial Officer and Chief
Accounting Officer Eric Gerratt. "All six of our facilities performed
at or above our expectations and, despite lower volumes, our
continued focus on building our Base Business and targeting higher
margin waste streams helped drive T&D margin to 48% in the quarter."  
Year-To-Date Results 
Revenue for the first nine months of 2012 was $118.7 million, up 5%
from $113.4 million for the first nine months of 2011. US Ecology
Michigan has contributed $4.0 million of total revenue since we
acquired the business. T&D revenue grew 11% in the first nine months
of 2012 compared to the same period in 20
11. Transportation revenue
declined by 26% over the same time period, reflecting lower revenue
on the Company's clean-up project transportation and logistics
services. Excluding US Ecology Michigan, growth in T&D revenue during
the first nine months of 2012 reflected an 18% increase in Base
Business revenue partially offset by a 6% decline in Event Business
revenue.  
Total volume disposed or processed at our Idaho, Michigan, Nevada,
Texas and Quebec waste facilities in the first nine months of 2012
was 742,000 tons, up 6% from the 701,000 tons disposed or processed
in the first nine months of 2011. ASP for the first nine months of
2012 also increased 6% the same period in 2011 on a more favorable
service mix. 
Gross profit was $48.0 million for the first nine months of 2012, up
27% from $37.8 million for the first nine months of 2011. Gross
margin was 40% for the first nine months of 2012, up from 33% for the
same period last year. T&D margin for the first nine months of 2012
was 46%, up from 42% for the same period last year. This higher gross
profit and margin reflects a favorable service mix combined with
improved operating leverage on higher waste volumes. 
SG&A expenses for the first nine months of 2012 were $18.2 million,
or 15% of revenue, compared to $15.9 million, or 14% of revenue, for
the same period last year. This $2.3 million increase is primarily
attributable to higher payroll related costs including variable
incentive compensation, business development costs and other general
administrative costs associated with higher levels of business
activity. 
Operating income for the first nine months of 2012 was $29.8 million,
up 36% from $22.0 million for the first nine months of 2011.  
Adjusted EBITDA for the first nine months of 2012 was $42.7 million,
24% above the $34.5 million posted in the same period last year. A
reconciliation of net income to adjusted EBITDA is attached as
Exhibit A to this release.  
Our effective income tax rate for the first nine months of 2012 was
38.2%, up from 37.8% for the first nine months of 2011. This increase
is primarily the result of an increase in our estimated state income
tax rate and favorable adjustments in the third quarter of 2011
related to 2010 tax returns. 
Net income was $19.5 million, or $1.07 per diluted share, for the
first nine months of 2012, up 67% from $11.7 million, or $0.64 per
diluted share, for the first nine months of 2011. As reconciled in
Exhibit A to this release, adjusted earnings per share were $1.04 per
diluted share for the first nine months of 2012, up 42% from the
$0.73 per diluted share in the first nine months of 2011.  
2012 Update and Outlook  
"Like the second quarter, stronger third quarter results were driven
by continued growth in recurring, Base Business," commented Jeff
Feeler, Acting President and Ch
ief Operating Officer. "An excellent
win rate in our Event Business more than replaced earnings from the
GE Hudson River project that shipped in the third quarter last year.
Looking ahead, the fourth quarter looks to be strong with continued
Base Business strength and a healthy pipeline of Event Business."  
"On October 4th, we entered an agreement with the U.S. Environmental
Protection Agency regarding our thermal recycling operations in
Texas. We are pleased to clarify the applicable regulatory
requirements and believe this agreement provides a clear framework
for us to continue providing quality service to thermal recycling
customers for years to come," concluded Feeler.  
With record third quarter results and a favorable outlook for the
fourth quarter of 2012, management is revising its 2012 earnings
guidance upward. Adjusted EBITDA is now expected to range between $55
and $57 million, up from $48 to $52 million, and earnings per share
is expected to range from $1.30 to $1.35 per diluted share, up from
the previous guidance of $1.05 to $1.15 per share. These record
adjusted EBITDA and earnings per share projections exclude any
foreign currency gains or losses. 
"2012 is shaping up to be a year of record financial performance for
the Company on many fronts. While we are still early in our planning
and budgeting cycle for 2013, initial views give us confidence that
we will post solid growth in 2013 as well," added Feeler. 
Dividend  
On October 1, 2012, the Company declared a quarterly dividend of
$0.18 per common share to stockholders of record on October 12, 2012.
The dividend was paid using cash on hand on October 19, 2012 in an
aggregate amount of $3.3 million. 
Conference Call 
US Ecology, Inc. will hold an investor conference call on Tuesday,
October 30, 2012 at 9 a.m. Eastern Daylight Time (7:00 a.m. Mountain
Daylight Time) to discuss these results and its current financial
position and business outlook. Questions will be invited after
management's presentation. Interested parties can join the conference
call by dialing 866-700-6293 or 617-213-8835 and using the passcode
20083109. The conference call will also be broadcast live on our
website at www.usecology.com. An audio replay will be available
through November 6, 2012 by calling 888-286-8010 or 617-801-6888 and
using the passcode 10640740. The replay will also be accessible on
our website at www.usecology.com. 
About US Ecology, Inc. 
US Ecology, Inc., through its subsidiaries, provides radioactive,
hazardous, PCB and non-hazardous industrial waste management and
recycling services to commercial and government entities, such as
refineries and chemical production facilities, manufacturers,
electric utilities, steel mills, medical and academic institutions
and waste brokers. Headquartered in Boise, Idaho, the Company is one
of the oldest radioactive and hazardous waste services companies in
North America. 
This press release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995 that are based
on our current expectations, beliefs and assumptions about the
industry and markets in which US Ecology, Inc. and its subsidiaries
operate. Because such statements include risks and uncertainties,
actual results may differ materially from what is expressed herein
and no assurance can be given that the Company will achieve its 2012
earnings estimates, successfully execute its growth strategy,
increase market share, or declare or pay future dividends. For
information on other factors that could cause actual results to
differ materially from expectations, please refer to US Ecology,
Inc.'s December 31, 2011 Annual Report on Form 10-K and other reports
filed with the Securities and Exchange Commission. Many of the
factors that will determine the Company's future results are beyond
the ability of management to control or predict. Readers should not
place undue reliance on forward-looking statements, which reflect
management's views only as of the date such statements are made. The
Company undertakes no obligation to revise or update any
forward-looking statements, or to make any other forward-looking
statements, whether as a result of new information, future events or
otherwise. Important assumptions and other important factors that
could cause actual results to differ materially from those set forth
in the forward-looking information include a loss of a major customer
or contract, compliance with and changes to applicable laws, rules,
or regulations, access to cost effective transportation services,
access to insurance, surety bonds and other financial assurances,
loss of key personnel, lawsuits, labor disputes, adverse economic
conditions, government funding or competitive pressures, incidents or
adverse weather conditions that could limit or suspend specific
operations, implementation of new technologies, market conditions,
average selling prices for recycled materials, our ability to replace
business from recently completed large projects, our ability to
perform under required contracts, our ability to permit and contract
for timely construction of new or expanded disposal cells, our
willingness or ability to pay dividends and our ability to
effectively close and integrate future acquisitions.  
Investors should also be aware that while we do, from time to time,
communicate with securities analysts, it is against our policy to
disclose to them any material non-public information or other
confidential commercial information. Accordingly, stockholders should
not assume that we agree with any statement or report issued by any
analyst irrespective of the content of the statement or report.
Furthermore, we have a policy against issuing or confirming financial
forecasts or projections issued by others. Thus, to the extent that
reports issued by securities analysts contain any projections,
forecasts or opinions, such reports are not the responsibility of US
Ecology, Inc. 


 
                                                                            
                              US ECOLOGY, INC.                              
                     CONSOLIDATED STATEMENTS OF INCOME                      
                   (in thousands, except per share data)                    
                                (unaudited)                                 
                                                                            
                                                                            
                               Three Months Ended       Nine Months Ended   
                                  September 30,           September 30,     
                             ----------------------  ---------------------- 
                                2012        2011        2012        2011    
                             ----------  ----------  ----------  ---------- 
                                                                            
Revenue                      $   45,739  $   39,670  $  118,732  $  113,350 
Direct operating costs           19,893      18,810      56,164      54,825 
Transportation costs              7,257       5,571      14,577      20,689 
                             ----------  ----------  ----------  ---------- 
                                                                            
Gross profit                
     18,589      15,289      47,991      37,836 
                                                                            
Selling, general and                                                        
 administrative expenses          6,196       5,722      18,167      15,874 
                             ----------  ----------  ----------  ---------- 
Operating income                 12,393       9,567      29,824      21,962 
                                                                            
Other income (expense):                                                     
  Interest income                     4           6          13          21 
  Interest expense                 (231)       (395)       (659)     (1,277)
  Foreign currency gain                                                     
   (loss)                         1,605      (3,661)      1,775      (2,193)
  Other                              70          73         672         245 
                             ----------  ----------  ----------  ---------- 
    Total other income                                                      
     (expense)                    1,448      (3,977)      1,801      (3,204)
                                                                            
Income before income taxes       13,841       5,590      31,625      18,758 
Income tax expense                5,179       1,864      12,078       7,087 
                             ----------  ----------  ----------  ---------- 
Net income                   $    8,662  $    3,726  $   19,547  $   11,671 
                             ==========  ==========  ==========  ========== 
                                                                            
Earnings per share:                                                         
  Basic                      $     0.48  $     0.20  $     1.07  $     0.64 
  Diluted                    $     0.47  $     0.20  $     1.07  $     0.64 
                                                                            
Shares used in earnings per                                                 
 share calculation:                                                         
  Basic                          18,236      18,202      18,228      18,194 
  Diluted                        18,270      18,227      18,262      18,219 
                                                                            
Dividends paid per share     $     0.18  $     0.18  $     0.54  $     0.54 
                             ==========  ==========  ==========  ========== 
                                                                            
                                                                            
                                                                            
                              US ECOLOGY, INC.                              
                        CONSOLIDATED BALANCE SHEETS                         
                               (in thousands)                               
                                (unaudited)                                 
                                                                            
                                               September 30,   December 31, 
                                                    2012           2011     
                                               -------------  ------------- 
Assets                                                                      
                                                                            
Current Assets:                                                             
  Cash and cash equivalents                    $       5,524  $       4,289 
  Receivables, net                                    34,167         29,818 
  Prepaid expenses and other current assets            2,646          2,185 
  Income tax receivable                                    -            181 
  Deferred income taxes                                1,108            964 
                                               -------------  ------------- 
    Total current assets                              43,445         37,437 
                                                                            
Property and equipment, net                          110,758         99,975 
Restricted cash                                        4,111          4,115 
Intangible assets, net                                41,594         39,238 
Goodwill                                              23,355         21,200 
Other assets                                             467            623 
                                               -------------  ------------- 
Total assets                                   $     223,730  $     202,588 
                                               =============  ============= 
                                                                            
Liabilities and Stockholders' Equity                                        
                                                                            
Current Liabilities:                                                        
  Accounts payable                             $       5,574  $       4,669 
  Deferred revenue                                     3,867          3,574 
  Accrued liabilities                                  7,205         10,569 
  Accrued salaries and benefits                        6,546          5,382 
  Income tax payable                                   2,025          1,510 
  Current portion of closure and post-closure                               
   obligations                                         3,167          2,890 
  Current portion of long-term debt                    2,301             71 
                                               -------------  ------------- 
    Total current liabilities                         30,685         28,665 
                                                                            
Long-term closure and post-closure obligations        15,640         14,448 
Reducing revolving line of credit                     47,200         40,500 
Other long-term liabilities                              125            150 
Unrecognized tax benefits                                464            454 
Deferred income taxes                                 18,064         18,208 
                                               -------------  ------------- 
  Total liabilities                                  112,178        102,425 
                                                                            
Contingencies and commitments                                               
                                                                            
Stockholders' Equity                                                        
  Common stock                                           183            183 
  Additional paid-in capital                          62,696         62,455 
  Retained earnings                                   48,894         39,197 
  Treasury stock                                      (1,183)        (1,555)
  Accumulated other comprehensive income                                    
   (loss)                                                962           (117)
                                               -------------  ------------- 
    Total stockholders' equity                       111,552        100,163 
                                               -------------  ------------- 
Total liabilities and stockholders' equity     $     223,730  $     202,588 
                                               =============  ============= 
                                                                            
                                                                            
                                                                            
                              US ECOLOGY, INC.                              
                   CONSOLIDATE
D STATEMENTS OF CASH FLOWS                    
                               (in thousands)                               
                                (unaudited)                                 
                                                                            
                                                                            
                                                    Nine Months Ended       
                                                       September 30,        
                                               ---------------------------- 
                                                    2012           2011     
                                               -------------  ------------- 
Cash Flows From Operating Activities:                                       
  Net income                                   $      19,547  $      11,671 
  Adjustments to reconcile net income to net                                
   cash provided by operating activities:                                   
    Depreciation and amortization of property                               
     and equipment                                    10,222          9,911 
    Amortization of intangible assets                  1,096          1,076 
    Accretion of closure and post-closure                                   
     obligations                                       1,018            970 
    Unrealized foreign currency gain                  (2,034)         2,217 
    Deferred income taxes                               (785)          (904)
    Stock-based compensation expense                     564            623 
    Unrecognized tax benefits                             10            429 
    Net (gain) loss on sale of property and                                 
     equipment                                           (34)            99 
    Changes in assets and liabilities (net of                               
     effect of business acquisition):                                       
      Receivables, net                                (1,994)         4,585 
      Income tax receivable                              187            (31)
      Other assets                                      (213)            80 
      Accounts payable and accrued liabilities        (3,485)         2,392 
      Deferred revenue                                  (112)           516 
      Accrued salaries and benefits                      875            483 
      Income tax payable                                 515         (1,646)
      Closure and post-closure obligations              (544)          (437)
                                               -------------  ------------- 
        Net cash provided by operating                                      
         activities                                   24,833         32,034 
                                                                            
Cash Flows From Investing Activities:                                       
  Purchases of property and equipment                (12,433)        (7,493)
  Business acquisition, net of cash acquired         (10,743)             - 
  Proceeds from sale of property and equipment           465             57 
  Restricted cash                                          5              - 
                                               -------------  ------------- 
        Net cash used in investing activities        (22,706)        (7,436)
                                                                            
Cash Flows From Financing Activities:                                       
  Proceeds from reducing revolving line of                                  
   credit                                             26,000         14,400 
  Payments on reducing revolving line of                                    
   credit                                            (17,000)       (29,400)
  Dividends paid                                      (9,850)        (9,832)
  Other                                                 (259)            91 
                                               -------------  ------------- 
        Net cash provided by (used in)                                      
         financing activities                         (1,109)       (24,741)
                                                                            
Effect of foreign exchange rate changes on                                  
 cash                                                    217           (140)
                                                                            
Increase (decrease) in cash and cash                                        
 equivalents                                           1,235           (283)
                                                                            
Cash and cash equivalents at beginning of                                   
 period                                                4,289          6,342 
                                               -------------  ------------- 
                                                                            
Cash and cash equivalents at end of period     $       5,524  $       6,059 
                                               =============  ============= 

 
EXHIBIT A 
Non-GAAP Results and Reconciliation 
US Ecology reports adjusted EBITDA and adjusted earnings per diluted
share results, which are non-GAAP financial measures, as a complement
to results provided in accordance with generally accepted accounting
principles in the United States (GAAP) and believes that such
information provides analysts, shareholders, and other users
information to better understand the Company's operating performance.
Because adjusted EBITDA and adjusted earnings per diluted share are
not measurements determi
ned in accordance with GAAP and are thus
susceptible to varying calculations they may not be comparable to
similar measures used by other companies. Items excluded from
adjusted EBITDA and adjusted earnings per diluted share are
significant components in understanding and assessing financial
performance.  
Adjusted EBITDA and adjusted earnings per diluted share should not be
considered in isolation or as an alternative to, or substitute for,
net income, cash flows generated by operations, investing or
financing activities, or other financial statement data presented in
the consolidated financial statements as indicators of financial
performance or liquidity. Adjusted EBITDA and adjusted earnings per
diluted share have limitations as analytical tools and should not be
considered in isolation or a substitute for analyzing our results as
reported under GAAP. Some of the limitations are: 


 
--  Adjusted EBITDA does not reflect changes in, or cash requirements for,
    our working capital needs;
--  Adjusted EBITDA does not reflect our interest expense, or the
    requirements necessary to service interest or principal payments on
    our debt;
--  Adjusted EBITDA does not reflect our income tax expenses or the cash
    requirements to pay our taxes;
--  Adjusted EBITDA does not reflect our cash expenditures or future
    requirements for capital expenditures or contractual commitments; and
--  although depreciation and amortization charges are non-cash charges,
    the assets being depreciated and amortized will often have to be
    replaced in the future, and Adjusted EBITDA does not reflect cash
    requirements for such replacements.

  
Adjusted EBITDA
 The Company defines Adjusted EBITDA as net income
before interest expense, interest income, income tax expense,
depreciation, amortization, stock based compensation, accretion of
closure and post-closure liabilities, foreign currency gain/loss and
other income/expense, which are not considered part of usual business
oper
ations. The following reconciliation itemizes the differences
between reported net income and Adjusted EBITDA for the three and
nine months ended September 30, 2012 and 2011: 


 
                                                                            
                               Three Months Ended       Nine Months Ended   
(in thousands)                    September 30,           September 30,     
                             ----------------------  ---------------------- 
                                2012        2011        2012        2011    
                             ----------  ----------  ----------  ---------- 
                                                                            
Net Income                   $    8,662  $    3,726  $   19,547  $   11,671 
  Income tax expense              5,179       1,864      12,078       7,087 
  Interest expense                  231         395         659       1,277 
  Interest income                    (4)         (6)        (13)        (21)
  Foreign currency                                                          
   (gain)/loss                   (1,605)      3,661      (1,775)      2,193 
  Other income                      (70)        (73)       (672)       (245)
  Depreciation and                                                          
   amortization of plant and                                                
   equipment                      3,428       3,604      10,222       9,911 
  Amortization of                                                           
   intangibles                      372         358       1,096       1,076 
  Stock-based compensation          181         210         564         623 
  Accretion of closure &                                                    
   post-closure liabilities         348         323       1,018         970 
                             ----------  ----------  ----------  ---------- 
Adjusted EBITDA              $   16,722  $   14,062  $   42,724  $   34,542 
                             ==========  ==========  ==========  ========== 

 
EXHIBIT A 
Non-GAAP Results and Reconciliation, continued 
Adjusted Earnings Per Diluted Share
 The Company defines adjusted
earnings per diluted share as net income plus the after tax impact of
non-cash, non-operational foreign currency gains or losses ("Foreign
Currency Gain/Loss") plus the after tax impact of business
development cost divided by the diluted shares used in the earnings
per share calculation. The Foreign Currency Gain/Loss excluded from
the earnings per diluted share calculation are related to
intercompany loans between our Canadian subsidiary and the U.S.
parent which have been established as part of our tax and treasury
management strategy. These intercompany loans are payable in CAD
requiring us to revalue the outstanding loan balance through our
consolidated income statement based on the CAD/USD currency movements
from period to period. We believe excluding the currency movements
for these intercompany financial instruments provides meaningful
information to investors regarding the operational and financial
performance of the Company. 
Business development costs relate to expenses incurred to evaluate
businesses for potential acquisition or costs related to closing and
integrating successfully acquired businesses. Business development
costs in 2012 are primarily for the acquisition of Dynecol, Inc.
which closed on May 31, 2012 and other business development and
strategic planning activities. Business development costs in 2011
primarily relate to the acquisition of Stablex on October 31, 2010.
We believe excluding these business development costs provides
meaningful information to investors regarding the operational and
financial performance of the Company. 
The following reconciliation itemizes the differences between
reported net income and earnings per diluted share to adjusted net
income and adjusted earnings per diluted share for the three and nine
months ended September 30, 2012 and 2011: 


 
                                                                            
(in thousands,                                                              
 except per       Three Months Ended September  Nine Months Ended September 
 share data)                  30,                           30,             
                 ----------------------------- -----------------------------
                      2012           2011           2012           2011     
                 -------------- -------------- -------------- --------------
                                                                            
                            per            per            per            per
                          share          share          share          share
Net income /                                                                
 earnings per                                                               
 diluted share   $ 8,662 $ 0.47 $ 3,726 $ 0.20 $19,547 $ 1.07 $11,671 $ 0.64
                                                                            
Business                                                                    
 development                                                                
 costs, net of                                                              
 tax                 290   0.02      13   0.00     483   0.03     192   0.01
Non-cash foreign                                                            
 currency                                                                   
 (gain)/loss,                                                               
 net of tax       (1,040) (0.05)  2,350   0.13  (1,141) (0.06)  1,387   0.08
                 ------- ------ ------- ------ ------- ------ ------- ------
                                                                            
Adjusted net                                              
                  
 income /                                                                   
 adjusted                                                                   
 earnings per                                                               
 diluted share   $ 7,912 $ 0.44 $ 6,089 $ 0.33 $18,889 $ 1.04 $13,250 $ 0.73
                 ======= ====== ======= ====== ======= ====== ======= ======
                                                                            
                                                                            
Shares used in                                                              
 earnings per                                                               
 diluted share                                                              
 calculation      18,270         18,227         18,262         18,219       
                 =======        =======        =======        =======       

  
Contact: 
Alison Ziegler 
Cameron Associates 
(212) 554-5469
alison@cameronassoc.com 
www.usecology.com 
 
 
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