US ECOLOGY POSTS RECORD QUARTER

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.”