appliance recycling ctrs amr (ARCI) Key Developments
Appliance Recycling Centers of America Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended April 4, 2015
May 27 15
Appliance Recycling Centers of America Inc. reported unaudited consolidated earnings results for the first quarter ended April 4, 2015. For the quarter, the company reported total revenues of $27.538 million compared to $33.108 million a year ago. Operating loss was $2 million compared to operating income of $1.686 million a year ago. Net loss attributable to controlling interest was $1.7 million or $0.29 per diluted share compared to net income attributable to controlling interest of $0.728 million or $0.12 per diluted share a year ago. Revenues down 16.8% compared with the same period in 2014, as a result of decreased recycling division appliance replacement sales and lower carbon offset revenue. Net loss was due mainly to the decrease in recycling division revenues, impacted by delays in the deliveries under one of large appliance replacement programs, and declining byproduct revenues resulting from the significant drop in steel and other nonferrous metal selling prices in the markets that company operate.
Appliance Recycling Centers of America Inc. Appoints Edward ('Jack') Cameron as its President and Chief Executive Officer
May 20 15
Appliance Recycling Centers of America Inc. announced the return of Edward ('Jack') Cameron as the company's president and chief executive officer. Cameron founded ARCA in 1976 and served as its president and chief executive officer until August 2014, when he retired from those positions while retaining his role as ARCA's chairman of the board.
Appliance Recycling Centers of America Inc. announced delayed 10-Q filing
May 20 15
On 05/20/2015, Appliance Recycling Centers of America Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
Brower Piven Commences Class Action Lawsuit Against Appliance Recycling Centers of America, Inc. in the United States District Court
Apr 15 15
The securities litigation law firm of Brower Piven announced that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Appliance Recycling Centers of America Inc. common stock during the period between March 15, 2012 and February 11, 2015, inclusive. Investors who wish to become proactively involved in the litigation have until May 5, 2015 to seek appointment as lead plaintiff. The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that ARC’s financial statements contained errors concerning sales tax related to its appliance replacement programs, and the Company lacked adequate internal controls over its financial reporting. According to the complaint, following the Company’s August 6, 2014 announcement that the California Board of Equalization was conducting an examination of sales and use taxes covering ARC’s appliance replacement programs and the Company’s February 11, 2015 announcement that it expects an assessment of at least $4 million from the BOE that will require it to restate its previously issued financial statement for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, for the quarters in those years, and for the quarters ended March 29, June 28 and September 27, 2014, the value of ARC’s shares declined significantly.
Appliance Recycling Centers of America Inc., Annual General Meeting, May 18, 2015
Apr 14 15
Appliance Recycling Centers of America Inc., Annual General Meeting, May 18, 2015., at 13:00 Central Standard Time. Location: Dewitt Mackall Crounse & Moore. Agenda: To elect five directors to serve for a term of one year expiring at the 2016 annual meeting of shareholders; to ratify the appointment of Baker Tilly Virchow Krause, LLP as the Company's independent registered public accounting firm for fiscal year 2015; and to transact such other business as may properly come before the annual meeting or any adjournment or postponement of the meeting.