March 17, 2014

US ECOLOGY POSTS RECORD QUARTER

By ExchangeMonitor

US Ecology reported its second-best quarter in company history yesterday, with revenue up 53 percent to $39.7 million, and gross profit up 47 percent to $15.3 million for the third quarter of 2011 compared to the same quarter in 2010. “During the third quarter we grew revenue, grew operating income and grew cash flow significantly from both last year and sequentially,” Jim Baumgardner, president and CEO of US Ecology, said during an earnings call with investors yesterday. “Operating income was at the highest level since Q2 2008—which was a record quarter—making this quarter, the third quarter of 2011, the second best performance in the company’s history.” 

Revenues from recurring waste stream business and event business increased 76 percent and 46 percent, respectively, during the third quarter of 2011, and treatment and disposal revenue from US Ecology’s private cleanup events increased 22 percent over the same quarter last year. Total volume disposed or processed at the company’s Idaho, Nevada, Texas and Quebec waste facilities was 287,000 tons in the third quarter of 2011, up 20 percent from the 240,000 tons disposed or processed in the third quarter of 2010. Much of the company’s boost came from its Stablex business based in Canada, acquired a year ago in October 2010.
 
Despite the strength US Ecology reported in commercial work, government work continued its downward trend. The company’s government cleanup customer group was down 62 percent during the quarter as compared to the same period last year. “The primary reason for this decline was lower shipments from the Army Corps of Engineers and a sealed services project that was completed in 2010,” Jeff Feeler, vice president and CFO of US Ecology, said. “Total revenue from the Army Corps of Engineers, including transportation services, was $1.7 million for Q3 compared to $5 million in the third quarter of last year. Backing out transportation services, which was a higher proportion of revenue in 2010, treatment and disposal revenue from the Army Corps of Engineers was down 50 percent in the third quarter of 2011. This decrease was due to project timing, specific timing at multiple army Corps cleanup sites. No Army Corps projects serviced by the company were cancelled or awarded to competitors during the quarter.”

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NEW: Via public records request, I’ve been able to confirm reporting today that a warrant has been issued for DOE deputy asst. secretary of spent fuel and waste disposition Sam Brinton for another luggage theft, this time at Las Vegas’s Harry Reid airport. (cc: @EMPublications)

DOE spent fuel lead Brinton accused of second luggage theft.



by @BenjaminSWeiss, confirming today's reports with warrant from Las Vegas Metro PD.

Waste has been Emplaced! 🚮

We have finally begun emplacing defense-related transuranic (TRU) waste in Panel 8 of #WIPP.

Read more about the waste emplacement here: https://wipp.energy.gov/wipp_news_20221123-2.asp

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