sees continued improvement
Metalico, Inc. reported net income of $4.4
million and earnings of $0.10 per share for the quarter ended
June 30, 2010, with continued increases in volume, revenues and
operating income compared to the prior year quarter.
Sales were $144.6 million, an increase of $82.3 million, or 132
percent, over same-quarter 2009 results. Operating income for
the 2010 second quarter was $6.7 million, compared to $2.8 million
for the prior-year quarter. EBITDA (as defined below) increased
by 67 percent to $10.7 million from $6.4 million for the same
quarter in 2009.
Second quarter 2010 results include a non-cash fair value benefit
for financial instruments of $2.1 million or $.04 per share compared
with a $1.5 million expense or ($.04) per share in the prior
Compared sequentially with the first quarter of 2010, sales and
net income improved but several measures of operating performance
- Sales of $144.6 million increased by $10.5 million, or
8 percent, over $134.1 million.
- Net income was $4.4 million, compared to net income of
- On a per-diluted-share basis, net income rose to $0.10,
compared to $0.08 per share.
- Operating income was $6.7 million, a decrease of $6.9 million,
or 51 percent, from $13.6 million.
- EBITDA was $10.7 million, a decrease of $6.9 million.
- Unit volumes shipped decreased by 19 percent for ferrous
scrap and remained flat for nonferrous scrap.
- Platinum Group Metal (PGM) unit volumes were up by 9 percent.
- Lead product shipments in the quarter rose by 32 percent.
The company said its higher sales were largely driven by strong
operating results from its PGM business.
Prior Year’s Second Quarter Comparison: Year-over-year comparison
to the second quarter of 2010 reflects substantially improved
- Sales increased to $144.6 million, an increase of $82.3
million, or 132 percent, over $62.3 million.
- Operating income was $6.7 million, compared to operating
income of $2.8 million, an increase of $3.9 million, or 139 percent.
- Net income increased to $4.4 million, a 300 percent improvement
from net income of $1.1 million.
Excluding corporate overhead charges, the company’s Scrap Metal
segment reported $8.8 million in operating income in the 2010
second quarter compared to $2.7 million for the same period last
year. The company’s Lead Fabrication segment reported an operating
loss of $99,000 compared to operating income of $1.6 million
in the prior-year period, also excluding corporate overhead charges.