American Ecology Corp. (ECOL, Financial) filed Quarterly Report for the period ended 2011-09-30.
Us Ecology Inc has a market cap of $334.7 million; its shares were traded at around $18.28 with a P/E ratio of 17.9 and P/S ratio of 3.2. The dividend yield of Us Ecology Inc stocks is 3.9%. Us Ecology Inc had an annual average earning growth of 35.3% over the past 10 years.
Government clean-up business revenue decreased 62% in the third quarter of 2011 compared to the third quarter of 2010. This decrease was primarily attributable to lower shipments from the USACE and a field services contract where we provided logistics and project management oversight brokering disposal services to an alternative disposal facility in the third quarter of 2010 that was not replaced in 2011. Event Business under our USACE contract contributed $1.7 million, or 4% of total revenue in the third quarter of 2011 compared to $5.0 million, or 19%, of total revenue in the third quarter of 2010. Excluding transportation service revenue, T&D revenue with the USACE decreased 50% in the third quarter of 2011 compared with the third quarter of 2010. This decrease was due to project-specific timing at the multiple USACE clean-up sites. No USACE projects served by the Company were cancelled or awarded to competitors during the quarter.
Income tax expense. Our effective tax rate for the third quarter of 2011 was 33.4% down from 39.3% in the third quarter of 2010. The decrease in our effective tax rate reflects a reduction in our estimated state income tax rate, favorable adjustments resulting from filing our 2010 income tax returns and higher earnings levels in 2011 as compared with the same period in 2010. During the three months ended September 30, 2011, the Company recorded unrecognized tax benefits of $420,000 and accrued interest of $9,000 related to filing positions taken on our recently filed 2010 U.S. income tax returns. As a result, as of September 30, 2011 we had unrecognized tax benefits of $429,000 (including interest of $9,000) that, if recognized, would favorably affect the effective tax rate. We had no unrecognized tax benefits as of December 31, 2010.
Revenue - Revenue increased 73% to $113.4 million for the first nine months of 2011, up from $65.4 million in the first nine months of 2010. This increase reflects 71% growth in T&D revenue and 86% growth in transportation service revenue compared to the first nine months of 2010. Total revenue growth in the first nine months of 2011 reflects $28.3 million from Stablex, which was acquired on October 31, 2010. Excluding Stablex, T&D revenue during the first nine months of 2011 grew 27% as compared with the same period of 2010. Transportation service revenue grew 47% as compared to the same time period in 2010.
Income tax expense. Our effective tax rate for the nine months of 2011 was 37.8%, down from 40.0% in the first nine months of 2010. The decrease in our effective tax rate reflects a reduction in our estimated state income tax rate, favorable adjustments resulting from filing our 2010 income tax returns and higher earnings levels in 2011 as compared with the same period in 2010. During the nine months ended September 30, 2011, the Company recorded unrecognized tax benefits of $420,000 and accrued interest of $9,000 related to filing positions taken on our recently filed 2010 U.S. income tax returns. At September 30, 2011 we had unrecognized tax benefits of $429,000 (including interest of $9,000) that, if recognized, would favorably affect the effective tax rate. We had no unrecognized tax benefits as of December 31, 2010. We recognize interest assessed by taxing authorities as interest expense. We recognize any penalties assessed by taxing authorities as SG&A expense. Interest and penalties for each of the nine months ended September 30, 2011 and 2010 were not material.
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Us Ecology Inc has a market cap of $334.7 million; its shares were traded at around $18.28 with a P/E ratio of 17.9 and P/S ratio of 3.2. The dividend yield of Us Ecology Inc stocks is 3.9%. Us Ecology Inc had an annual average earning growth of 35.3% over the past 10 years.
Highlight of Business Operations:
Revenue - Revenue increased 53% to $39.7 million for the third quarter of 2011, up from $26.0 million in the third quarter of 2010. This increase reflects 67% growth in treatment and disposal (T&D) revenue and a 4% decrease in transportation service revenue compared to the third quarter of 2010. Total revenue growth in the third quarter of 2011 includes $9.4 million from Stablex which was acquired on October 31, 2010. Excluding Stablex, T&D revenue during the third quarter of 2011 grew 26% as compared with the third quarter of 2010. Transportation service revenue decreased 20% as compared to the same time period in 2010.Government clean-up business revenue decreased 62% in the third quarter of 2011 compared to the third quarter of 2010. This decrease was primarily attributable to lower shipments from the USACE and a field services contract where we provided logistics and project management oversight brokering disposal services to an alternative disposal facility in the third quarter of 2010 that was not replaced in 2011. Event Business under our USACE contract contributed $1.7 million, or 4% of total revenue in the third quarter of 2011 compared to $5.0 million, or 19%, of total revenue in the third quarter of 2010. Excluding transportation service revenue, T&D revenue with the USACE decreased 50% in the third quarter of 2011 compared with the third quarter of 2010. This decrease was due to project-specific timing at the multiple USACE clean-up sites. No USACE projects served by the Company were cancelled or awarded to competitors during the quarter.
Income tax expense. Our effective tax rate for the third quarter of 2011 was 33.4% down from 39.3% in the third quarter of 2010. The decrease in our effective tax rate reflects a reduction in our estimated state income tax rate, favorable adjustments resulting from filing our 2010 income tax returns and higher earnings levels in 2011 as compared with the same period in 2010. During the three months ended September 30, 2011, the Company recorded unrecognized tax benefits of $420,000 and accrued interest of $9,000 related to filing positions taken on our recently filed 2010 U.S. income tax returns. As a result, as of September 30, 2011 we had unrecognized tax benefits of $429,000 (including interest of $9,000) that, if recognized, would favorably affect the effective tax rate. We had no unrecognized tax benefits as of December 31, 2010.
Revenue - Revenue increased 73% to $113.4 million for the first nine months of 2011, up from $65.4 million in the first nine months of 2010. This increase reflects 71% growth in T&D revenue and 86% growth in transportation service revenue compared to the first nine months of 2010. Total revenue growth in the first nine months of 2011 reflects $28.3 million from Stablex, which was acquired on October 31, 2010. Excluding Stablex, T&D revenue during the first nine months of 2011 grew 27% as compared with the same period of 2010. Transportation service revenue grew 47% as compared to the same time period in 2010.
Income tax expense. Our effective tax rate for the nine months of 2011 was 37.8%, down from 40.0% in the first nine months of 2010. The decrease in our effective tax rate reflects a reduction in our estimated state income tax rate, favorable adjustments resulting from filing our 2010 income tax returns and higher earnings levels in 2011 as compared with the same period in 2010. During the nine months ended September 30, 2011, the Company recorded unrecognized tax benefits of $420,000 and accrued interest of $9,000 related to filing positions taken on our recently filed 2010 U.S. income tax returns. At September 30, 2011 we had unrecognized tax benefits of $429,000 (including interest of $9,000) that, if recognized, would favorably affect the effective tax rate. We had no unrecognized tax benefits as of December 31, 2010. We recognize interest assessed by taxing authorities as interest expense. We recognize any penalties assessed by taxing authorities as SG&A expense. Interest and penalties for each of the nine months ended September 30, 2011 and 2010 were not material.
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