Mojo
10-24-2007, 01:23 PM
Up 40%
Appliance Recycling Centers of America Inc.'s (ARCI) third-quarter net income soared to $1.4 million, or 31 cents a share, from $21,000, or less than a penny a share, a year earlier, which the company attributed to two new or expanded contracts.
The Minneapolis-based company, which recycles major household appliances, said same-store sales fell 2% on year, while total retail sales increased 4%. Total revenue rose 32% to $27.4 million from $20.8 million a year ago.
During the quarter Appliance Recycling expanded a California pact to recycle 50,000 old refrigerators owned by low-income Los Angeles residents. The company's Canadian unit also received a 3-year contract to recycle up to 400,000 old but working refrigerators.
Appliance Recycling Centers of America Inc.'s (ARCI) third-quarter net income soared to $1.4 million, or 31 cents a share, from $21,000, or less than a penny a share, a year earlier, which the company attributed to two new or expanded contracts.
The Minneapolis-based company, which recycles major household appliances, said same-store sales fell 2% on year, while total retail sales increased 4%. Total revenue rose 32% to $27.4 million from $20.8 million a year ago.
During the quarter Appliance Recycling expanded a California pact to recycle 50,000 old refrigerators owned by low-income Los Angeles residents. The company's Canadian unit also received a 3-year contract to recycle up to 400,000 old but working refrigerators.