Recycling Centers reports 2010 operating results
Appliance Recycling Centers of America, Inc.
reported operating results for the fiscal year and fourth quarter
ended January 1, 2011.
Operating income for the year increased by more than 240 percent
to $3.1 million from an operating loss of $2.2 million in the
prior year. For the fourth quarter, operating income was $0.3
million compared to a prior year operating loss of $1.2 million.
The increase in operating income for the fiscal year and quarter
was driven primarily by improved gross margins, improving operational
efficiencies and recognizing higher sales of byproduct materials.
Highlights of the fourth quarter and fiscal year included:
- Increased net income attributable to controlling interest
by 122 percent to $0.3 million compared to a loss of $1.4 million
in the fourth quarter of 2009.
- Signed 12 contracts in fiscal 2010 to provide recycling
- Re-signed a three-year contract with Southern California
Public Power Authority to provide refrigerator replacement and
- Entered into a new credit agreement on January 24, 2011
for a $15 million senior secured revolving credit facility with
PNC Bank, National Association.