Exhibit 99.1

 

 
NEWS RELEASE
For Immediate Release
Contact: Alison Ziegler, Cameron Associates (212) 554-5469
alison@cameronassoc.com     www.usecology.com


US ECOLOGY, INC. ANNOUNCES FOURTH QUARTER AND
FULL YEAR 2009 RESULTS

Provides business outlook for 2010

Boise, Idaho – March 4, 2010
– US Ecology, Inc. (formerly known as American Ecology Corporation) (NASDAQ-GS: ECOL) (“the Company”) today reported results for the fourth quarter and year ended December 31, 2009.  Net income was $2.6 million, or $0.15 per diluted share, for the fourth quarter of 2009, down from net income of $5.2 million, or $0.29 per diluted share, in the fourth quarter last year.  Operating income for the fourth quarter of 2009 was $4.6 million compared to $8.3 million for the fourth quarter of 2008.  All four of the Company’s disposal facilities remained profitable.

Revenue for the fourth quarter of 2009 was $23.6 million, down from $44.0 million in the same quarter last year.  This reflects declines in both transportation revenue and treatment and disposal revenue primarily due to the completion of the four year Honeywell International (“Honeywell Jersey City”) project in early October of 2009 and the Molycorp/Chevron Pennsylvania (“Molycorp”) project which shipped waste in the fourth quarter of 2008 and was completed in early 2009.  “Base” business revenue (revenue from recurring waste streams) declined 10% in the fourth quarter of 2009 compared to the same quarter last year on decreased shipments from other industry, waste broker and refinery customers.  “Event” remediation revenue (revenue from discrete projects) declined 43% in the fourth quarter of 2009 over the same quarter last year primarily due to the completion of the Honeywell Jersey City and Molycorp projects earlier in 2009.  Our Texas thermal desorption recycling service contributed $1.7 million in revenue from a combination of Base and Event business in the fourth quarter of 2009, down 15% from the $2.0 million of revenue generated in the fourth quarter of 2008.  Total volumes disposed at our Idaho, Nevada and Texas waste facilities were 132,000 tons in the fourth quarter of 2009, down 49% from the fourth quarter of 2008.  

Gross profit was $7.6 million in the fourth quarter of 2009, down from $12.4 million reported in the fourth quarter of 2008.  Net reductions in closure and post-closure obligations increased gross profit by $331,000 in the fourth quarter of 2009 and $230,000 in the fourth quarter of 2008.

Selling, general and administrative (“SG&A”) expense for the fourth quarter of 2009 was $3.7 million, or 15% of revenue, as compared to $4.1 million, or 9% of revenue, in the same quarter last year.  The $400,000 decrease in SG&A expense reflects lower compensation costs, bad debt expense and professional service fees, partially offset by a $244,000 thermal equipment impairment charge related to the discontinuation of thermal services at our Beatty, Nevada facility.

During the quarter we collected $661,000 in net proceeds for claims filed under our insurance policies.

Other income, primarily interest and royalty income, was $55,000 for the fourth quarter of 2009, down from $169,000 in the fourth quarter of 2008, largely due to lower interest rates earned.
 

 
1

The following information was filed by Us Ecology Holdings, Inc. on Thursday, March 4, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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