MINNEAPOLIS, Aug. 21, 2017 /PRNewswire/ -- Appliance
Recycling Centers of America, Inc. (Nasdaq: ARCI) ("ARCA" or the
"company"), a leading provider of utility appliance recycling
programs, announces today its financial results for the second
quarter of 2017.
Highlights, which are comparable to the same period of 2016,
include:
- Revenues of $25.7 million, an increase of 4.1 percent
- Gross profit of $8.7 Million, an
increase of 35 percent
- Operating Income of $2.5 Million,
compared to a loss of $1.1
Million
- SG&A of $6.1 Million, a
reduction of 18 percent
- Net Income of more than $2
Million, or, $0.31 earnings
per share, compared to a previous loss of $2.1 Million
- Cash flow from operations of approximately $3.3 Million for the 26 weeks ended
July 1, 2017
- Stockholders Equity increased to $15.1
Million ($2.27 per share), an
increase of 40.1 percent year to date
"We have diligently worked over the last several quarters to
improve our company balance sheet and streamline operations in
order to achieve our current position, of which we are extremely
pleased," said Tony Isaac, CEO of
ARCA. "Our work has been focused on reducing expenses,
repositioning of our company, and selling our stake in our joint
venture, ARCA Advanced Processing, the results of which are not
included in these financial statements, but have improved our
balance sheet through the receipt of $800,000 in cash and the elimination of more than
$4.2million in direct and indirect
liabilities, as well as preventing associated potential future
losses. Ultimately we believe these efforts result in additional
shareholder value."
About ARCA
ARCA's two business components are uniquely positioned in the
industry to work together to provide a full array of
appliance-related services. ARCA's regional centers process
appliances at end of life to remove environmentally damaging
substances and produce material byproducts for recycling for
utilities in the U.S. and Canada.
Eighteen company-owned stores under the name ApplianceSmart, Inc.®
sell new appliances directly to consumers and provide affordable
ENERGY STAR® options for energy efficiency appliance replacement
programs.
Forward Looking Statements
This press release contains statements that are forward-looking
statements as defined within the Private Securities Litigation
Reform Act of 1995, including statements regarding ARCA's future
success. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from the statements made, including the risks associated with the
general economic conditions, competition in the retain and
recycling industries and regulatory risks. Other factors that could
cause operating and financial results to differ are described in
ARCA's periodic reports filed with the Securities and Exchange
Commission. Other risks may be detailed from time to time in
reports to be filed with the SEC.
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SOURCE Appliance Recycling Centers of America