Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'US ECOLOGY, INC. | ' |
Entity Central Index Key | '0000742126 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 18,534,510 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $4,378 | $2,120 |
Receivables, net | 40,794 | 33,947 |
Prepaid expenses and other current assets | 4,076 | 3,161 |
Deferred income taxes | 888 | 1,276 |
Total current assets | 50,136 | 40,504 |
Property and equipment, net | 115,284 | 109,792 |
Restricted cash | 4,111 | 4,111 |
Intangible assets, net | 38,354 | 40,771 |
Goodwill | 22,359 | 23,105 |
Other assets | 487 | 411 |
Total assets | 230,731 | 218,694 |
Current Liabilities: | ' | ' |
Accounts payable | 8,070 | 6,333 |
Deferred revenue | 6,439 | 3,919 |
Accrued liabilities | 8,291 | 7,322 |
Accrued salaries and benefits | 5,925 | 7,570 |
Income taxes payable | 3,168 | 426 |
Current portion of closure and post-closure obligations | 894 | 1,913 |
Total current liabilities | 32,787 | 27,483 |
Long-term closure and post-closure obligations | 16,286 | 15,449 |
Reducing revolving line of credit | 35,500 | 45,000 |
Other long-term liabilities | 80 | 114 |
Unrecognized tax benefits | 477 | 467 |
Deferred income taxes | 15,693 | 18,159 |
Total liabilities | 100,823 | 106,672 |
Commitments and contingencies | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock $0.01 par value, 50,000 authorized; 18,534 and 18,385 shares issued, respectively | 185 | 184 |
Additional paid-in capital | 65,838 | 63,969 |
Retained earnings | 64,723 | 48,424 |
Treasury stock, at cost, 19 and 71 shares, respectively | -319 | -1,183 |
Accumulated other comprehensive income (loss) | -519 | 628 |
Total stockholders' equity | 129,908 | 112,022 |
Total liabilities and stockholders' equity | $230,731 | $218,694 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 18,534 | 18,385 |
Treasury stock, shares | 19 | 71 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' | ' |
Revenue | $53,090 | $45,739 | $141,766 | $118,732 |
Direct operating costs | 20,902 | 19,893 | 61,745 | 56,164 |
Transportation costs | 10,568 | 7,257 | 24,091 | 14,577 |
Gross profit | 21,620 | 18,589 | 55,930 | 47,991 |
Selling, general and administrative expenses | 6,108 | 6,196 | 18,353 | 18,167 |
Operating income | 15,512 | 12,393 | 37,577 | 29,824 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 4 | 4 | 11 | 13 |
Interest expense | -208 | -231 | -651 | -659 |
Foreign currency gain (loss) | 683 | 1,605 | -1,448 | 1,775 |
Other | 77 | 70 | 268 | 672 |
Total other income (expense) | 556 | 1,448 | -1,820 | 1,801 |
Income before income taxes | 16,068 | 13,841 | 35,757 | 31,625 |
Income tax expense | 5,740 | 5,179 | 12,813 | 12,078 |
Net income | $10,328 | $8,662 | $22,944 | $19,547 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.56 | $0.48 | $1.25 | $1.07 |
Diluted (in dollars per share) | $0.56 | $0.47 | $1.24 | $1.07 |
Shares used in earnings per share calculation: | ' | ' | ' | ' |
Basic (in shares) | 18,459 | 18,236 | 18,395 | 18,228 |
Diluted (in shares) | 18,533 | 18,270 | 18,475 | 18,262 |
Dividends paid per share (in dollars per share) | $0.18 | $0.18 | $0.36 | $0.54 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income | $10,328 | $8,662 | $22,944 | $19,547 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation gain (loss) | 782 | 944 | -1,147 | 1,079 |
Comprehensive income | $11,110 | $9,606 | $21,797 | $20,626 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income | $22,944,000 | $19,547,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization of property and equipment | 10,792,000 | 10,222,000 |
Amortization of intangible assets | 1,092,000 | 1,096,000 |
Accretion of closure and post-closure obligations | 927,000 | 1,018,000 |
Unrealized foreign currency (gain) loss | 1,706,000 | -2,034,000 |
Deferred income taxes | -1,646,000 | -785,000 |
Share-based compensation expense | 601,000 | 564,000 |
Unrecognized tax benefits | 10,000 | 10,000 |
Net (gain) loss on sale of property and equipment | 12,000 | -34,000 |
Changes in assets and liabilities: | ' | ' |
Receivables | -7,218,000 | -1,994,000 |
Income tax receivable | ' | 187,000 |
Other assets | -833,000 | -213,000 |
Accounts payable and accrued liabilities | 1,004,000 | -3,485,000 |
Deferred revenue | 2,564,000 | -112,000 |
Accrued salaries and benefits | -1,541,000 | 875,000 |
Income tax payable | 2,752,000 | 515,000 |
Closure and post-closure obligations | -989,000 | -544,000 |
Net cash provided by operating activities | 32,177,000 | 24,833,000 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -15,590,000 | -12,433,000 |
Business acquisition, net of cash acquired | ' | -10,743,000 |
Proceeds from sale of property and equipment | 64,000 | 465,000 |
Restricted cash | ' | 5,000 |
Net cash used in investing activities | -15,526,000 | -22,706,000 |
Cash flows from financing activities: | ' | ' |
Payments on reducing revolving line of credit | -19,000,000 | -17,000,000 |
Proceeds from reducing revolving line of credit | 9,500,000 | 26,000,000 |
Proceeds from exercise of stock options | 2,192,000 | ' |
Deferred financing costs paid | -185,000 | ' |
Dividends paid | -6,645,000 | -9,850,000 |
Other | -58,000 | -259,000 |
Net cash used in financing activities | -14,196,000 | -1,109,000 |
Effect of foreign exchange rate changes on cash | -197,000 | 217,000 |
Increase in cash and cash equivalents | 2,258,000 | 1,235,000 |
Cash and cash equivalents at beginning of period | 2,120,000 | 4,289,000 |
Cash and cash equivalents at end of period | 4,378,000 | 5,524,000 |
Supplemental Disclosures | ' | ' |
Income taxes paid, net of receipts | 11,467,000 | 12,155,000 |
Interest paid | 547,000 | 616,000 |
Non-cash investing and financing activities: | ' | ' |
Closure and post-closure retirement asset | 550,000 | 956,000 |
Capital expenditures in accounts payable | 2,526,000 | 973,000 |
Restricted stock issued from treasury shares | $864,000 | $372,000 |
GENERAL
GENERAL | 9 Months Ended |
Sep. 30, 2013 | |
GENERAL | ' |
GENERAL | ' |
NOTE 1. GENERAL | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements include the results of operations, financial position and cash flows of US Ecology, Inc. and its wholly-owned subsidiaries. All significant intercompany balances have been eliminated. Throughout these financial statements words such as “we,” “us,” “our,” “US Ecology” and the “Company” refer to US Ecology, Inc. and its subsidiaries. | |
In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present fairly, in all material respects, the results of the Company for the periods presented. These consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted pursuant to the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The results of operations and cash flows for the nine months ended September 30, 2013 are not necessarily indicative of results to be expected for the entire fiscal year. | |
The Company’s Consolidated Balance Sheet as of December 31, 2012 has been derived from the Company’s audited Consolidated Balance Sheet as of that date. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements. As it relates to estimates and assumptions in amortization rates and environmental obligations, significant engineering, operations and accounting judgments are required. We review these estimates and assumptions no less than annually. In many circumstances, the ultimate outcome of these estimates and assumptions will not be known for decades into the future. Actual results could differ materially from these estimates and assumptions due to changes in applicable regulations, changes in future operational plans and inherent imprecision associated with estimating environmental impacts far into the future. | |
Financial Instruments | |
Cash on deposit, accounts receivable, short-term borrowings, accounts payable and accrued liabilities as presented in the consolidated financial statements approximate fair value because of the short-term nature of these instruments. The carrying amount of our long-term debt approximates fair value because interest rates are variable and, accordingly, approximate current market rates for instruments with similar risk and maturities. Restricted cash balances represent funds held in third-party managed trust accounts as collateral for our financial assurance obligations for post-closure activities at our non-operating facilities. Restricted cash balances are maintained by third-party trustees and are invested in money market accounts. The balances are adjusted monthly to fair market value based on quoted prices in active markets for identical assets. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||
NOTE 2. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||
Changes in accumulated other comprehensive income (loss), comprised entirely of foreign currency translation adjustments, consisted of the following: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
$s in thousands | 2013 | 2012 | 2013 | 2012 | ||||||||||
Balance, beginning of period | $ | (1,301 | ) | $ | 18 | $ | 628 | $ | (117 | ) | ||||
Foreign currency translation gain (loss) in other comprehensive income | 782 | 944 | (1,147 | ) | 1,079 | |||||||||
Balance, end of period | $ | (519 | ) | $ | 962 | $ | (519 | ) | $ | 962 | ||||
CONCENTRATIONS_AND_CREDIT_RISK
CONCENTRATIONS AND CREDIT RISK | 9 Months Ended |
Sep. 30, 2013 | |
CONCENTRATIONS AND CREDIT RISK | ' |
CONCENTRATIONS AND CREDIT RISK | ' |
NOTE 3. CONCENTRATIONS AND CREDIT RISK | |
Major Customers | |
Revenue from a single customer accounted for 14% of total revenue for the three months ended September 30, 2013. No other customer accounted for more than 10% of total revenue for the three months ended September 30, 2013 or 2012. No customer accounted for more than 10% of total revenue for the nine months ended September 30, 2013 or 2012. | |
Receivables from a single customer accounted for approximately 18% of total trade receivables as of September 30, 2013. No other customer accounted for more than 10% of total trade receivables as of September 30, 2013. No customer accounted for more than 10% of total trade receivables as of December 31, 2012. | |
Credit Risk Concentration | |
We maintain most of our cash with nationally recognized financial institutions like Wells Fargo Bank, National Association (“Wells Fargo”). Substantially all balances are uninsured and are not used as collateral for other obligations. Concentrations of credit risk on accounts receivable are believed to be limited due to the number, diversification and character of the obligors and our credit evaluation process. |
RECEIVABLES
RECEIVABLES | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
RECEIVABLES | ' | |||||||
RECEIVABLES | ' | |||||||
NOTE 4. RECEIVABLES | ||||||||
Receivables consisted of the following: | ||||||||
September 30, | December 31, | |||||||
$s in thousands | 2013 | 2012 | ||||||
Trade | $ | 39,031 | $ | 32,787 | ||||
Unbilled revenue | 1,489 | 1,529 | ||||||
Other | 681 | 99 | ||||||
Total receivables | 41,201 | 34,415 | ||||||
Allowance for doubtful accounts | (407 | ) | (468 | ) | ||||
Receivables, net | $ | 40,794 | $ | 33,947 | ||||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
PROPERTY AND EQUIPMENT | ' | |||||||
PROPERTY AND EQUIPMENT | ' | |||||||
NOTE 5. PROPERTY AND EQUIPMENT | ||||||||
Property and equipment consisted of the following: | ||||||||
September 30, | December 31, | |||||||
$s in thousands | 2013 | 2012 | ||||||
Cell development costs | $ | 65,708 | $ | 64,994 | ||||
Land and improvements | 18,166 | 14,920 | ||||||
Buildings and improvements | 56,605 | 55,177 | ||||||
Railcars | 17,375 | 17,375 | ||||||
Vehicles and other equipment | 42,985 | 39,689 | ||||||
Construction in progress | 18,891 | 12,454 | ||||||
Total property and equipment | 219,730 | 204,609 | ||||||
Accumulated depreciation and amortization | (104,446 | ) | (94,817 | ) | ||||
Property and equipment, net | $ | 115,284 | $ | 109,792 | ||||
Depreciation and amortization expense for each of the three months ended September 30, 2013 and 2012 was $3.7 million and $3.4 million, respectively. Depreciation and amortization expense for the nine months ended September 30, 2013 and 2012 was $10.8 million and $10.2 million, respectively. |
BUSINESS_COMBINATION
BUSINESS COMBINATION | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
BUSINESS COMBINATION | ' | ||||
BUSINESS COMBINATION | ' | ||||
NOTE 6. BUSINESS COMBINATION | |||||
On May 31, 2012, the Company acquired 100% of the outstanding shares of US Ecology Michigan, Inc. (“US Ecology Michigan”), formerly Dynecol, Inc., a chemical and industrial byproducts treatment and reuse facility located in Detroit, Michigan. The following unaudited pro forma financial information presents the combined results of operations as if US Ecology Michigan had been combined with us beginning on January 1, 2012. The pro forma financial information includes the accounting impact of the business combination, including the amortization of intangible assets, depreciation of property, plant and equipment and interest expense. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the period presented, nor should it be taken as an indication of our future consolidated results of operations. | |||||
(unaudited) | |||||
Nine Months Ended | |||||
$s in thousands, except per share amounts | September 30, 2012 | ||||
Pro forma combined: | |||||
Revenue | $ | 124,233 | |||
Net income | $ | 19,402 | |||
Earnings per share | |||||
Basic | $ | 1.06 | |||
Diluted | $ | 1.06 | |||
The amounts of revenue and operating income from US Ecology Michigan included in US Ecology’s consolidated statements of operations for the nine months ended September 30, 2013 were $9.4 million and $255,000, respectively. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | |||||||
GOODWILL AND INTANGIBLE ASSETS | ' | |||||||
NOTE 7. GOODWILL AND INTANGIBLE ASSETS | ||||||||
The Company’s entire goodwill balance has been assigned to the Operating Disposal Facilities reporting segment. Changes in goodwill for the nine months ended September 30, 2013 consisted of the following: | ||||||||
$s in thousands | Goodwill | |||||||
Balance at December 31, 2012 | $ | 23,105 | ||||||
Foreign currency translation | (746 | ) | ||||||
Balance at September 30, 2013 | $ | 22,359 | ||||||
Intangible assets consisted of the following: | ||||||||
$s in thousands | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Amortizing intangible assets: | ||||||||
Developed software | $ | 340 | $ | 352 | ||||
Database | 97 | 100 | ||||||
Customer relationships | 5,128 | 5,269 | ||||||
Technology - Formulae and processes | 8,831 | 9,144 | ||||||
Permits, licenses and lease | 27,123 | 28,085 | ||||||
Non-compete agreements | 20 | 20 | ||||||
Total amortizing intangible assets | 41,539 | 42,970 | ||||||
Accumulated amortization | (4,100 | ) | (3,120 | ) | ||||
Nonamortizing intangible assets: | ||||||||
Permits and licenses | 750 | 750 | ||||||
Tradename | 165 | 171 | ||||||
Total intangible assets, net | $ | 38,354 | $ | 40,771 | ||||
Amortization expense for the three months ended September 30, 2013 and 2012 was $362,000 and $372,000, respectively. Amortization expense for each of the nine month periods ended September 30, 2013 and 2012 was $1.1 million. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2013 | |
DEBT | ' |
DEBT | ' |
NOTE 8. DEBT | |
On October 29, 2010, we entered a credit agreement with Wells Fargo which, as amended, provides for an aggregate commitment from Wells Fargo of $95.0 million (the “Credit Agreement”). The Credit Agreement provides for a $20.0 million revolving line of credit (the “Revolving Line of Credit”) with a maturity date of November 1, 2015 and a $75.0 million reducing revolving line of credit (the “Reducing Revolving Line of Credit”) with a maturity date of November 1, 2015. | |
Revolving Line of Credit | |
The Revolving Line of Credit provides up to $20.0 million in revolving credit loans or letters of credit for working capital needs (the “Commitment Amount”). Under the Revolving Line of Credit, revolving loans are available based on the Prime Rate or the LIBOR, at the Company’s option, plus an applicable margin which is determined according to a pricing grid under which the interest rate decreases or increases based on our ratio of funded debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”). At September 30, 2013, the effective interest rate on the Revolving Line of Credit was 1.43%. Interest only payments are due either monthly or on the last day of any interest period, as applicable. At September 30, 2013, there were no borrowings outstanding under the Revolving Line of Credit. The availability under the Revolving Line of Credit was $16.0 million, with $4.0 million of the line of credit issued in the form of a standby letter of credit utilized as collateral for closure and post-closure financial assurance. | |
Reducing Revolving Line of Credit | |
The Reducing Revolving Line of Credit provides an initial commitment amount of $75.0 million (the “Reducing Revolving Commitment Amount”). Proceeds from the Reducing Revolving Line of Credit were used to acquire all of the shares of Stablex in 2010 and to acquire US Ecology Michigan in 2012. Remaining borrowings are available for working capital needs. The Reducing Revolving Commitment Amount is reduced by $2.8 million on the last day of each March, June, September and December beginning March 31, 2013, continuing through November 1, 2015. Under the Reducing Revolving Line of Credit revolving loans are available based on the Prime Rate or LIBOR, at the Company’s option, plus an applicable margin, which is determined according to a pricing grid under which the interest rate decreases or increases based on our ratio of funded debt to EBITDA. At September 30, 2013, the effective interest rate of the Reducing Revolving Line of Credit was 1.43%. Interest only payments are due either monthly or on the last day of any interest period, as applicable. At September 30, 2013, $35.5 million was outstanding on the Reducing Revolving Line of Credit with $31.2 million available for additional borrowings. | |
In addition to standard fees, origination fees and commitment fees apply to the average daily unused portion of the Commitment Amount and the Reducing Revolving Commitment Amount. The Credit Agreement contains certain quarterly financial covenants, including a maximum funded debt ratio, a maximum fixed charge coverage ratio, a minimum required tangible net worth and a minimum current ratio. We may only declare quarterly or annual dividends if on the date of declaration, no event of default has occurred and no other event or condition has occurred that would constitute default due to the payment of the dividend. Obligations under the Credit Agreement are guaranteed by US Ecology and all of its subsidiaries. | |
At September 30, 2013, we were in compliance with all of the financial covenants in the Credit Agreement. |
CLOSURE_AND_POSTCLOSURE_OBLIGA
CLOSURE AND POST-CLOSURE OBLIGATIONS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
CLOSURE AND POST-CLOSURE OBLIGATIONS | ' | |||||||
CLOSURE AND POST-CLOSURE OBLIGATIONS | ' | |||||||
NOTE 9. CLOSURE AND POST-CLOSURE OBLIGATIONS | ||||||||
Our accrued closure and post-closure obligations represent the expected future costs, including corrective actions, associated with closure and post-closure of our operating and non-operating disposal facilities. Liabilities are recorded when work is probable and the costs can be reasonably estimated. We perform periodic reviews of both non-operating and operating facilities and revise accruals for estimated closure and post-closure, remediation or other costs as necessary. Recorded liabilities are based on our best estimates of current costs and are updated periodically to include the effects of existing technology, presently enacted laws and regulations, inflation and other economic factors. | ||||||||
Changes in closure and post-closure obligations consisted of the following: | ||||||||
Three Months Ended | Nine Months Ended | |||||||
$s in thousands | September 30, 2013 | September 30, 2013 | ||||||
Closure and post-closure obligations, beginning of period | $ | 17,252 | $ | 17,362 | ||||
Accretion expense | 314 | 927 | ||||||
Payments | (369 | ) | (1,539 | ) | ||||
Adjustments | — | 550 | ||||||
Currency translation | (17 | ) | (120 | ) | ||||
Closure and post-closure obligations, end of period | 17,180 | 17,180 | ||||||
Less current portion | (894 | ) | (894 | ) | ||||
Long-term portion | $ | 16,286 | $ | 16,286 | ||||
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2013 | |
INCOME TAXES | ' |
INCOME TAXES | ' |
NOTE 10. INCOME TAXES | |
During the nine months ended September 30, 2013, there were no material changes to our unrecognized tax benefits disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. We do not anticipate our total unrecognized tax benefits to increase or decrease materially within the next twelve months. | |
Our effective tax rate for the three months ended September 30, 2013 was 35.7%, down from 37.4% for the three months ended September 30, 2012. Our effective tax rate for the nine months ended September 30, 2013 was 35.8%, down from 38.2% for the nine months ended September 30, 2012. The decrease for both the three and nine months ended September 30, 2013 reflects a higher proportion of earnings from our Canadian operations, which are taxed at a lower corporate tax rate, partially offset by higher U.S. state income taxes. | |
We file a consolidated U.S. federal income tax return with the Internal Revenue Service as well as income tax returns in various states and Canada. We may be subject to examination by taxing authorities in the U.S. and Canada for tax years 2010 through 2012. Additionally, we may be subject to examinations by various state and local taxing jurisdictions for tax years 2008 through 2012. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
NOTE 11. COMMITMENTS AND CONTINGENCIES | |||||
Litigation and Regulatory Proceedings | |||||
In the ordinary course of business, we are involved in judicial and administrative proceedings involving federal, state, provincial or local governmental authorities, including regulatory agencies that oversee and enforce compliance with permits. Fines or penalties may be assessed by our regulators for non-compliance. Actions may also be brought by individuals or groups in connection with permitting of planned facilities, modification or alleged violations of existing permits, or alleged damages suffered from exposure to hazardous substances purportedly released from our operated sites, as well as other litigation. We maintain insurance intended to cover property and damage claims asserted as a result of our operations. Periodically, management reviews and may establish reserves for legal and administrative matters, or other fees expected to be incurred in relation to these matters. | |||||
In 2012, we settled allegations by the United States Environment Protection Agency (“U.S. EPA”) that the thermal recycling operation at our Robstown, Texas facility did not comply with certain rules and regulations of the Resource Conservation and Recovery Act of 1976 (“RCRA”). As part of the settlement, we agreed to pay a civil penalty and to submit an application to the State of Texas for a RCRA Subpart X permit. The Company and the thermal recycling unit’s owner-operator also agreed to a set of interim operating conditions that allow the facility to continue providing recycling services to customers until the RCRA Subpart X permit is issued. | |||||
In connection with this matter, in June 2013 the U.S. EPA asserted various related technical compliance and permitting violations of the Clean Air Act of 1970. Negotiations on the merits of a proposed settlement are ongoing with the U.S. EPA. We recognized a charge of $238,000 during the second quarter of 2013 in Selling, general and administrative expenses in the Consolidated Statement of Operations related to this pending enforcement matter. | |||||
Other than as disclosed above, we are not currently a party to any material pending legal proceedings and are not aware of any other claims that could have a materially adverse effect on our financial position, results of operations or cash flows. | |||||
Operating Leases | |||||
In May 2013, we executed a new lease for corporate office space in Boise, Idaho. Future minimum lease payments on this non-cancelable operating lease as of September 30, 2013 consisted of the following: | |||||
$s in thousands | Payments | ||||
2013 | $ | 17 | |||
2014 | 245 | ||||
2015 | 301 | ||||
2016 | 310 | ||||
2017 | 318 | ||||
Thereafter | 382 | ||||
$ | 1,573 | ||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||
NOTE 12. EARNINGS PER SHARE | ||||||||||||||
Three Months Ended September 30, | ||||||||||||||
$s and shares in thousands, except per share | 2013 | 2012 | ||||||||||||
amounts | Basic | Diluted | Basic | Diluted | ||||||||||
Net income | 10,328 | $ | 10,328 | $ | 8,662 | $ | 8,662 | |||||||
Weighted average basic shares outstanding | 18,459 | 18,459 | 18,236 | 18,236 | ||||||||||
Dilutive effect of stock options and restricted stock | 74 | 34 | ||||||||||||
Weighted average diluted shares outstanding | 18,533 | 18,270 | ||||||||||||
Earnings per share | $ | 0.56 | $ | 0.56 | $ | 0.48 | $ | 0.47 | ||||||
Anti-dilutive shares excluded from calculation | 174 | 324 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||
$s and shares in thousands, except per share | 2013 | 2012 | ||||||||||||
amounts | Basic | Diluted | Basic | Diluted | ||||||||||
Net income | $ | 22,944 | $ | 22,944 | $ | 19,547 | $ | 19,547 | ||||||
Weighted average basic shares outstanding | 18,395 | 18,395 | 18,228 | 18,228 | ||||||||||
Dilutive effect of stock options and restricted stock | 80 | 34 | ||||||||||||
Weighted average diluted shares outstanding | 18,475 | 18,262 | ||||||||||||
Earnings per share | $ | 1.25 | $ | 1.24 | $ | 1.07 | $ | 1.07 | ||||||
Anti-dilutive shares excluded from calculation | 197 | 324 | ||||||||||||
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2013 | |
EQUITY | ' |
EQUITY | ' |
NOTE 13. EQUITY | |
During the nine months ended September 30, 2013, option holders exercised 242,970 options with a weighted-average exercise price of $18.93 per option. Option holders exercised 127,652 of these options via net share settlement. During the nine months ended September 30, 2013, the Company issued 51,800 shares of restricted stock from our treasury stock at an average cost of $16.68 per share. |
OPERATING_SEGMENTS
OPERATING SEGMENTS | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
OPERATING SEGMENTS | ' | |||||||||||||
OPERATING SEGMENTS | ' | |||||||||||||
NOTE 14. OPERATING SEGMENTS | ||||||||||||||
We operate within two segments, Operating Disposal Facilities and Non-Operating Disposal Facilities. These segments reflect our internal reporting structure and nature of services offered. The Operating Disposal Facility segment represents disposal facilities accepting hazardous and radioactive waste. The Non-Operating Disposal Facility segment represents facilities which are not accepting hazardous and/or radioactive waste or formerly proposed new facilities. | ||||||||||||||
Income taxes are assigned to Corporate, but all other items are included in the segment where they originated. Inter-company transactions have been eliminated from the segment information and are not significant between segments. | ||||||||||||||
Summarized financial information concerning our reportable segments is shown in the following tables: | ||||||||||||||
Three Months Ended September 30, 2013 (in thousands) | Operating | Non- | Corporate | Total | ||||||||||
Disposal | Operating | |||||||||||||
Facilities | Disposal | |||||||||||||
Facilities | ||||||||||||||
Revenue - Treatment and disposal | $ | 42,489 | $ | 6 | $ | — | $ | 42,495 | ||||||
Revenue - Transportation services | 10,595 | — | — | 10,595 | ||||||||||
Total revenue | 53,084 | 6 | — | 53,090 | ||||||||||
Direct operating costs | 20,847 | 55 | — | 20,902 | ||||||||||
Transportation costs | 10,568 | — | — | 10,568 | ||||||||||
Gross profit (loss) | 21,669 | (49 | ) | — | 21,620 | |||||||||
Selling, general & administrative expense | 2,611 | — | 3,497 | 6,108 | ||||||||||
Operating income (loss) | 19,058 | (49 | ) | (3,497 | ) | 15,512 | ||||||||
Interest income (expense), net | 4 | — | (208 | ) | (204 | ) | ||||||||
Foreign currency gain (loss) | (233 | ) | — | 916 | 683 | |||||||||
Other income | 75 | 2 | — | 77 | ||||||||||
Income (loss) before income taxes | 18,904 | (47 | ) | (2,789 | ) | 16,068 | ||||||||
Income tax expense | — | — | 5,740 | 5,740 | ||||||||||
Net income (loss) | $ | 18,904 | $ | (47 | ) | $ | (8,529 | ) | $ | 10,328 | ||||
Depreciation, amortization & accretion | $ | 4,336 | $ | 52 | $ | 9 | $ | 4,397 | ||||||
Capital expenditures | $ | 2,915 | $ | — | $ | 145 | $ | 3,060 | ||||||
Total assets | $ | 222,503 | $ | 87 | $ | 8,141 | $ | 230,731 | ||||||
Three Months Ended September 30, 2012 (in thousands) | Operating | Non- | Corporate | Total | ||||||||||
Disposal | Operating | |||||||||||||
Facilities | Disposal | |||||||||||||
Facilities | ||||||||||||||
Revenue - Treatment and disposal | $ | 38,578 | $ | 5 | $ | — | $ | 38,583 | ||||||
Revenue - Transportation services | 7,156 | — | — | 7,156 | ||||||||||
Total revenue | 45,734 | 5 | — | 45,739 | ||||||||||
Direct operating costs | 19,838 | 55 | — | 19,893 | ||||||||||
Transportation costs | 7,257 | — | — | 7,257 | ||||||||||
Gross profit (loss) | 18,639 | (50 | ) | — | 18,589 | |||||||||
Selling, general & administrative expense | 2,868 | — | 3,328 | 6,196 | ||||||||||
Operating income (loss) | 15,771 | (50 | ) | (3,328 | ) | 12,393 | ||||||||
Interest income (expense), net | 4 | — | (231 | ) | (227 | ) | ||||||||
Foreign currency gain (loss) | (165 | ) | — | 1,770 | 1,605 | |||||||||
Other income | 68 | 2 | — | 70 | ||||||||||
Income (loss) before income taxes | 15,678 | (48 | ) | (1,789 | ) | 13,841 | ||||||||
Income tax expense | — | — | 5,179 | 5,179 | ||||||||||
Net income (loss) | $ | 15,678 | $ | (48 | ) | $ | (6,968 | ) | $ | 8,662 | ||||
Depreciation, amortization & accretion | $ | 4,083 | $ | 54 | $ | 11 | $ | 4,148 | ||||||
Capital expenditures | $ | 6,690 | $ | — | $ | — | $ | 6,690 | ||||||
Total assets | $ | 215,786 | $ | 97 | $ | 7,847 | $ | 223,730 | ||||||
Nine Months Ended September 30, 2013 (in thousands) | Operating | Non- | Corporate | Total | ||||||||||
Disposal | Operating | |||||||||||||
Facilities | Disposal | |||||||||||||
Facilities | ||||||||||||||
Revenue - Treatment and disposal | $ | 117,553 | $ | 16 | $ | — | $ | 117,569 | ||||||
Revenue - Transportation services | 24,197 | — | — | 24,197 | ||||||||||
Total revenue | 141,750 | 16 | — | 141,766 | ||||||||||
Direct operating costs | 61,583 | 162 | — | 61,745 | ||||||||||
Transportation costs | 24,091 | — | — | 24,091 | ||||||||||
Gross profit (loss) | 56,076 | (146 | ) | — | 55,930 | |||||||||
Selling, general & administrative expense | 8,524 | — | 9,829 | 18,353 | ||||||||||
Operating income (loss) | 47,552 | (146 | ) | (9,829 | ) | 37,577 | ||||||||
Interest income (expense), net | 10 | — | (650 | ) | (640 | ) | ||||||||
Foreign currency gain (loss) | 199 | — | (1,647 | ) | (1,448 | ) | ||||||||
Other income | 261 | 7 | — | 268 | ||||||||||
Income (loss) before income taxes | 48,022 | (139 | ) | (12,126 | ) | 35,757 | ||||||||
Income tax expense | — | — | 12,813 | 12,813 | ||||||||||
Net income (loss) | $ | 48,022 | $ | (139 | ) | $ | (24,939 | ) | $ | 22,944 | ||||
Depreciation, amortization & accretion | $ | 12,628 | $ | 156 | $ | 27 | $ | 12,811 | ||||||
Capital expenditures | $ | 15,330 | $ | — | $ | 260 | $ | 15,590 | ||||||
Total assets | $ | 222,503 | $ | 87 | $ | 8,141 | $ | 230,731 | ||||||
Nine Months Ended September 30, 2012 (in thousands) | Operating | Non- | Corporate | Total | ||||||||||
Disposal | Operating | |||||||||||||
Facilities | Disposal | |||||||||||||
Facilities | ||||||||||||||
Revenue - Treatment and disposal | $ | 104,486 | $ | 16 | $ | — | $ | 104,502 | ||||||
Revenue - Transportation services | 14,230 | — | — | 14,230 | ||||||||||
Total revenue | 118,716 | 16 | — | 118,732 | ||||||||||
Direct operating costs | 55,997 | 167 | — | 56,164 | ||||||||||
Transportation costs | 14,576 | 1 | — | 14,577 | ||||||||||
Gross profit (loss) | 48,143 | (152 | ) | — | 47,991 | |||||||||
Selling, general & administrative expense | 8,310 | — | 9,857 | 18,167 | ||||||||||
Operating income (loss) | 39,833 | (152 | ) | (9,857 | ) | 29,824 | ||||||||
Interest income (expense), net | 13 | — | (659 | ) | (646 | ) | ||||||||
Foreign currency gain (loss) | (247 | ) | — | 2,022 | 1,775 | |||||||||
Other income | 669 | 3 | — | 672 | ||||||||||
Income (loss) before income taxes | 40,268 | (149 | ) | (8,494 | ) | 31,625 | ||||||||
Income tax expense | — | — | 12,078 | 12,078 | ||||||||||
Net income (loss) | $ | 40,268 | $ | (149 | ) | $ | (20,572 | ) | $ | 19,547 | ||||
Depreciation, amortization & accretion | $ | 12,142 | $ | 162 | $ | 32 | $ | 12,336 | ||||||
Capital expenditures | $ | 12,400 | $ | 17 | $ | 16 | $ | 12,433 | ||||||
Total assets | $ | 215,786 | $ | 97 | $ | 7,847 | $ | 223,730 | ||||||
Revenue, Property and Equipment and Intangible Assets Outside of the United States | ||||||||||||||
We provide services in the United States and Canada. Revenues by geographic location where the underlying services were performed consisted of the following: | ||||||||||||||
Geographic disclosure | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
$s in thousands | 2013 | 2012 | 2013 | 2012 | ||||||||||
United States | $ | 37,833 | $ | 36,100 | $ | 101,852 | $ | 91,658 | ||||||
Canada | 15,257 | 9,639 | 39,914 | 27,074 | ||||||||||
Total revenue | $ | 53,090 | $ | 45,739 | $ | 141,766 | $ | 118,732 | ||||||
Long-lived assets, comprised of property and equipment and intangible assets net of accumulated depreciation and amortization, by geographic location consisted of the following: | ||||||||||||||
September 30, | December 31, | |||||||||||||
$s in thousands | 2013 | 2012 | ||||||||||||
United States | $ | 86,851 | $ | 81,605 | ||||||||||
Canada | 66,787 | 68,958 | ||||||||||||
Total long-lived assets | $ | 153,638 | $ | 150,563 | ||||||||||
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2013 | |
SUBSEQUENT EVENT | ' |
SUBSEQUENT EVENT | ' |
NOTE 15. SUBSEQUENT EVENT | |
On October 1, 2013, we declared a quarterly dividend of $0.18 per common share to stockholders of record on October 18, 2013. The dividend was paid using cash on hand on October 25, 2013 in an aggregate amount of $3.3 million. |
GENERAL_Policies
GENERAL (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
GENERAL | ' |
Basis of presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements include the results of operations, financial position and cash flows of US Ecology, Inc. and its wholly-owned subsidiaries. All significant intercompany balances have been eliminated. Throughout these financial statements words such as “we,” “us,” “our,” “US Ecology” and the “Company” refer to US Ecology, Inc. and its subsidiaries. | |
In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present fairly, in all material respects, the results of the Company for the periods presented. These consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted pursuant to the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The results of operations and cash flows for the nine months ended September 30, 2013 are not necessarily indicative of results to be expected for the entire fiscal year. | |
The Company’s Consolidated Balance Sheet as of December 31, 2012 has been derived from the Company’s audited Consolidated Balance Sheet as of that date. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements. As it relates to estimates and assumptions in amortization rates and environmental obligations, significant engineering, operations and accounting judgments are required. We review these estimates and assumptions no less than annually. In many circumstances, the ultimate outcome of these estimates and assumptions will not be known for decades into the future. Actual results could differ materially from these estimates and assumptions due to changes in applicable regulations, changes in future operational plans and inherent imprecision associated with estimating environmental impacts far into the future. | |
Financial Instruments | ' |
Financial Instruments | |
Cash on deposit, accounts receivable, short-term borrowings, accounts payable and accrued liabilities as presented in the consolidated financial statements approximate fair value because of the short-term nature of these instruments. The carrying amount of our long-term debt approximates fair value because interest rates are variable and, accordingly, approximate current market rates for instruments with similar risk and maturities. Restricted cash balances represent funds held in third-party managed trust accounts as collateral for our financial assurance obligations for post-closure activities at our non-operating facilities. Restricted cash balances are maintained by third-party trustees and are invested in money market accounts. The balances are adjusted monthly to fair market value based on quoted prices in active markets for identical assets. |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||
Schedule of changes in accumulated other comprehensive income (loss) | ' | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
$s in thousands | 2013 | 2012 | 2013 | 2012 | ||||||||||
Balance, beginning of period | $ | (1,301 | ) | $ | 18 | $ | 628 | $ | (117 | ) | ||||
Foreign currency translation gain (loss) in other comprehensive income | 782 | 944 | (1,147 | ) | 1,079 | |||||||||
Balance, end of period | $ | (519 | ) | $ | 962 | $ | (519 | ) | $ | 962 | ||||
RECEIVABLES_Tables
RECEIVABLES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
RECEIVABLES | ' | |||||||
Schedule of receivables | ' | |||||||
September 30, | December 31, | |||||||
$s in thousands | 2013 | 2012 | ||||||
Trade | $ | 39,031 | $ | 32,787 | ||||
Unbilled revenue | 1,489 | 1,529 | ||||||
Other | 681 | 99 | ||||||
Total receivables | 41,201 | 34,415 | ||||||
Allowance for doubtful accounts | (407 | ) | (468 | ) | ||||
Receivables, net | $ | 40,794 | $ | 33,947 | ||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
PROPERTY AND EQUIPMENT | ' | |||||||
Schedule of property and equipment | ' | |||||||
September 30, | December 31, | |||||||
$s in thousands | 2013 | 2012 | ||||||
Cell development costs | $ | 65,708 | $ | 64,994 | ||||
Land and improvements | 18,166 | 14,920 | ||||||
Buildings and improvements | 56,605 | 55,177 | ||||||
Railcars | 17,375 | 17,375 | ||||||
Vehicles and other equipment | 42,985 | 39,689 | ||||||
Construction in progress | 18,891 | 12,454 | ||||||
Total property and equipment | 219,730 | 204,609 | ||||||
Accumulated depreciation and amortization | (104,446 | ) | (94,817 | ) | ||||
Property and equipment, net | $ | 115,284 | $ | 109,792 | ||||
BUSINESS_COMBINATION_Tables
BUSINESS COMBINATION (Tables) (US Ecology Michigan) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
US Ecology Michigan | ' | ||||
BUSINESS ACQUISITIONS | ' | ||||
Schedule of unaudited pro forma financial information | ' | ||||
(unaudited) | |||||
Nine Months Ended | |||||
$s in thousands, except per share amounts | September 30, 2012 | ||||
Pro forma combined: | |||||
Revenue | $ | 124,233 | |||
Net income | $ | 19,402 | |||
Earnings per share | |||||
Basic | $ | 1.06 | |||
Diluted | $ | 1.06 | |||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | |||||||
Schedule of changes in goodwill | ' | |||||||
$s in thousands | Goodwill | |||||||
Balance at December 31, 2012 | $ | 23,105 | ||||||
Foreign currency translation | (746 | ) | ||||||
Balance at September 30, 2013 | $ | 22,359 | ||||||
Schedule of intangible assets | ' | |||||||
$s in thousands | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Amortizing intangible assets: | ||||||||
Developed software | $ | 340 | $ | 352 | ||||
Database | 97 | 100 | ||||||
Customer relationships | 5,128 | 5,269 | ||||||
Technology - Formulae and processes | 8,831 | 9,144 | ||||||
Permits, licenses and lease | 27,123 | 28,085 | ||||||
Non-compete agreements | 20 | 20 | ||||||
Total amortizing intangible assets | 41,539 | 42,970 | ||||||
Accumulated amortization | (4,100 | ) | (3,120 | ) | ||||
Nonamortizing intangible assets: | ||||||||
Permits and licenses | 750 | 750 | ||||||
Tradename | 165 | 171 | ||||||
Total intangible assets, net | $ | 38,354 | $ | 40,771 | ||||
CLOSURE_AND_POSTCLOSURE_OBLIGA1
CLOSURE AND POST-CLOSURE OBLIGATIONS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
CLOSURE AND POST-CLOSURE OBLIGATIONS | ' | |||||||
Schedule of changes in closure and post-closure obligations | ' | |||||||
Three Months Ended | Nine Months Ended | |||||||
$s in thousands | September 30, 2013 | September 30, 2013 | ||||||
Closure and post-closure obligations, beginning of period | $ | 17,252 | $ | 17,362 | ||||
Accretion expense | 314 | 927 | ||||||
Payments | (369 | ) | (1,539 | ) | ||||
Adjustments | — | 550 | ||||||
Currency translation | (17 | ) | (120 | ) | ||||
Closure and post-closure obligations, end of period | 17,180 | 17,180 | ||||||
Less current portion | (894 | ) | (894 | ) | ||||
Long-term portion | $ | 16,286 | $ | 16,286 | ||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
Schedule of future minimum lease payments on non-cancelable operating leases | ' | ||||
$s in thousands | Payments | ||||
2013 | $ | 17 | |||
2014 | 245 | ||||
2015 | 301 | ||||
2016 | 310 | ||||
2017 | 318 | ||||
Thereafter | 382 | ||||
$ | 1,573 | ||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||
Schedule of earnings per share | ' | |||||||||||||
Three Months Ended September 30, | ||||||||||||||
$s and shares in thousands, except per share | 2013 | 2012 | ||||||||||||
amounts | Basic | Diluted | Basic | Diluted | ||||||||||
Net income | 10,328 | $ | 10,328 | $ | 8,662 | $ | 8,662 | |||||||
Weighted average basic shares outstanding | 18,459 | 18,459 | 18,236 | 18,236 | ||||||||||
Dilutive effect of stock options and restricted stock | 74 | 34 | ||||||||||||
Weighted average diluted shares outstanding | 18,533 | 18,270 | ||||||||||||
Earnings per share | $ | 0.56 | $ | 0.56 | $ | 0.48 | $ | 0.47 | ||||||
Anti-dilutive shares excluded from calculation | 174 | 324 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||
$s and shares in thousands, except per share | 2013 | 2012 | ||||||||||||
amounts | Basic | Diluted | Basic | Diluted | ||||||||||
Net income | $ | 22,944 | $ | 22,944 | $ | 19,547 | $ | 19,547 | ||||||
Weighted average basic shares outstanding | 18,395 | 18,395 | 18,228 | 18,228 | ||||||||||
Dilutive effect of stock options and restricted stock | 80 | 34 | ||||||||||||
Weighted average diluted shares outstanding | 18,475 | 18,262 | ||||||||||||
Earnings per share | $ | 1.25 | $ | 1.24 | $ | 1.07 | $ | 1.07 | ||||||
Anti-dilutive shares excluded from calculation | 197 | 324 | ||||||||||||
OPERATING_SEGMENTS_Tables
OPERATING SEGMENTS (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
OPERATING SEGMENTS | ' | |||||||||||||
Summary of financial information concerning reportable segments | ' | |||||||||||||
Three Months Ended September 30, 2013 (in thousands) | Operating | Non- | Corporate | Total | ||||||||||
Disposal | Operating | |||||||||||||
Facilities | Disposal | |||||||||||||
Facilities | ||||||||||||||
Revenue - Treatment and disposal | $ | 42,489 | $ | 6 | $ | — | $ | 42,495 | ||||||
Revenue - Transportation services | 10,595 | — | — | 10,595 | ||||||||||
Total revenue | 53,084 | 6 | — | 53,090 | ||||||||||
Direct operating costs | 20,847 | 55 | — | 20,902 | ||||||||||
Transportation costs | 10,568 | — | — | 10,568 | ||||||||||
Gross profit (loss) | 21,669 | (49 | ) | — | 21,620 | |||||||||
Selling, general & administrative expense | 2,611 | — | 3,497 | 6,108 | ||||||||||
Operating income (loss) | 19,058 | (49 | ) | (3,497 | ) | 15,512 | ||||||||
Interest income (expense), net | 4 | — | (208 | ) | (204 | ) | ||||||||
Foreign currency gain (loss) | (233 | ) | — | 916 | 683 | |||||||||
Other income | 75 | 2 | — | 77 | ||||||||||
Income (loss) before income taxes | 18,904 | (47 | ) | (2,789 | ) | 16,068 | ||||||||
Income tax expense | — | — | 5,740 | 5,740 | ||||||||||
Net income (loss) | $ | 18,904 | $ | (47 | ) | $ | (8,529 | ) | $ | 10,328 | ||||
Depreciation, amortization & accretion | $ | 4,336 | $ | 52 | $ | 9 | $ | 4,397 | ||||||
Capital expenditures | $ | 2,915 | $ | — | $ | 145 | $ | 3,060 | ||||||
Total assets | $ | 222,503 | $ | 87 | $ | 8,141 | $ | 230,731 | ||||||
Three Months Ended September 30, 2012 (in thousands) | Operating | Non- | Corporate | Total | ||||||||||
Disposal | Operating | |||||||||||||
Facilities | Disposal | |||||||||||||
Facilities | ||||||||||||||
Revenue - Treatment and disposal | $ | 38,578 | $ | 5 | $ | — | $ | 38,583 | ||||||
Revenue - Transportation services | 7,156 | — | — | 7,156 | ||||||||||
Total revenue | 45,734 | 5 | — | 45,739 | ||||||||||
Direct operating costs | 19,838 | 55 | — | 19,893 | ||||||||||
Transportation costs | 7,257 | — | — | 7,257 | ||||||||||
Gross profit (loss) | 18,639 | (50 | ) | — | 18,589 | |||||||||
Selling, general & administrative expense | 2,868 | — | 3,328 | 6,196 | ||||||||||
Operating income (loss) | 15,771 | (50 | ) | (3,328 | ) | 12,393 | ||||||||
Interest income (expense), net | 4 | — | (231 | ) | (227 | ) | ||||||||
Foreign currency gain (loss) | (165 | ) | — | 1,770 | 1,605 | |||||||||
Other income | 68 | 2 | — | 70 | ||||||||||
Income (loss) before income taxes | 15,678 | (48 | ) | (1,789 | ) | 13,841 | ||||||||
Income tax expense | — | — | 5,179 | 5,179 | ||||||||||
Net income (loss) | $ | 15,678 | $ | (48 | ) | $ | (6,968 | ) | $ | 8,662 | ||||
Depreciation, amortization & accretion | $ | 4,083 | $ | 54 | $ | 11 | $ | 4,148 | ||||||
Capital expenditures | $ | 6,690 | $ | — | $ | — | $ | 6,690 | ||||||
Total assets | $ | 215,786 | $ | 97 | $ | 7,847 | $ | 223,730 | ||||||
Nine Months Ended September 30, 2013 (in thousands) | Operating | Non- | Corporate | Total | ||||||||||
Disposal | Operating | |||||||||||||
Facilities | Disposal | |||||||||||||
Facilities | ||||||||||||||
Revenue - Treatment and disposal | $ | 117,553 | $ | 16 | $ | — | $ | 117,569 | ||||||
Revenue - Transportation services | 24,197 | — | — | 24,197 | ||||||||||
Total revenue | 141,750 | 16 | — | 141,766 | ||||||||||
Direct operating costs | 61,583 | 162 | — | 61,745 | ||||||||||
Transportation costs | 24,091 | — | — | 24,091 | ||||||||||
Gross profit (loss) | 56,076 | (146 | ) | — | 55,930 | |||||||||
Selling, general & administrative expense | 8,524 | — | 9,829 | 18,353 | ||||||||||
Operating income (loss) | 47,552 | (146 | ) | (9,829 | ) | 37,577 | ||||||||
Interest income (expense), net | 10 | — | (650 | ) | (640 | ) | ||||||||
Foreign currency gain (loss) | 199 | — | (1,647 | ) | (1,448 | ) | ||||||||
Other income | 261 | 7 | — | 268 | ||||||||||
Income (loss) before income taxes | 48,022 | (139 | ) | (12,126 | ) | 35,757 | ||||||||
Income tax expense | — | — | 12,813 | 12,813 | ||||||||||
Net income (loss) | $ | 48,022 | $ | (139 | ) | $ | (24,939 | ) | $ | 22,944 | ||||
Depreciation, amortization & accretion | $ | 12,628 | $ | 156 | $ | 27 | $ | 12,811 | ||||||
Capital expenditures | $ | 15,330 | $ | — | $ | 260 | $ | 15,590 | ||||||
Total assets | $ | 222,503 | $ | 87 | $ | 8,141 | $ | 230,731 | ||||||
Nine Months Ended September 30, 2012 (in thousands) | Operating | Non- | Corporate | Total | ||||||||||
Disposal | Operating | |||||||||||||
Facilities | Disposal | |||||||||||||
Facilities | ||||||||||||||
Revenue - Treatment and disposal | $ | 104,486 | $ | 16 | $ | — | $ | 104,502 | ||||||
Revenue - Transportation services | 14,230 | — | — | 14,230 | ||||||||||
Total revenue | 118,716 | 16 | — | 118,732 | ||||||||||
Direct operating costs | 55,997 | 167 | — | 56,164 | ||||||||||
Transportation costs | 14,576 | 1 | — | 14,577 | ||||||||||
Gross profit (loss) | 48,143 | (152 | ) | — | 47,991 | |||||||||
Selling, general & administrative expense | 8,310 | — | 9,857 | 18,167 | ||||||||||
Operating income (loss) | 39,833 | (152 | ) | (9,857 | ) | 29,824 | ||||||||
Interest income (expense), net | 13 | — | (659 | ) | (646 | ) | ||||||||
Foreign currency gain (loss) | (247 | ) | — | 2,022 | 1,775 | |||||||||
Other income | 669 | 3 | — | 672 | ||||||||||
Income (loss) before income taxes | 40,268 | (149 | ) | (8,494 | ) | 31,625 | ||||||||
Income tax expense | — | — | 12,078 | 12,078 | ||||||||||
Net income (loss) | $ | 40,268 | $ | (149 | ) | $ | (20,572 | ) | $ | 19,547 | ||||
Depreciation, amortization & accretion | $ | 12,142 | $ | 162 | $ | 32 | $ | 12,336 | ||||||
Capital expenditures | $ | 12,400 | $ | 17 | $ | 16 | $ | 12,433 | ||||||
Total assets | $ | 215,786 | $ | 97 | $ | 7,847 | $ | 223,730 | ||||||
Summary of revenues by geographic location | ' | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
$s in thousands | 2013 | 2012 | 2013 | 2012 | ||||||||||
United States | $ | 37,833 | $ | 36,100 | $ | 101,852 | $ | 91,658 | ||||||
Canada | 15,257 | 9,639 | 39,914 | 27,074 | ||||||||||
Total revenue | $ | 53,090 | $ | 45,739 | $ | 141,766 | $ | 118,732 | ||||||
Schedule of long-lived assets by geographic location | ' | |||||||||||||
September 30, | December 31, | |||||||||||||
$s in thousands | 2013 | 2012 | ||||||||||||
United States | $ | 86,851 | $ | 81,605 | ||||||||||
Canada | 66,787 | 68,958 | ||||||||||||
Total long-lived assets | $ | 153,638 | $ | 150,563 | ||||||||||
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Changes in accumulated other comprehensive income (loss) | ' | ' | ' | ' |
Balance at the beginning of the period | ($1,301) | $18 | $628 | ($117) |
Foreign currency translation gain (loss) in other comprehensive income | 782 | 944 | -1,147 | 1,079 |
Balance at the end of the period | ($519) | $962 | ($519) | $962 |
CONCENTRATIONS_AND_CREDIT_RISK1
CONCENTRATIONS AND CREDIT RISK (Details) (Major Customers) | 3 Months Ended | 0 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Total revenue | Total trade receivables | |
CONCENTRATIONS AND CREDIT RISK | ' | ' |
Concentration of risk (as a percent) | 14.00% | 18.00% |
RECEIVABLES_Details
RECEIVABLES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
RECEIVABLES | ' | ' |
Trade | $39,031 | $32,787 |
Unbilled revenue | 1,489 | 1,529 |
Other | 681 | 99 |
Total receivables | 41,201 | 34,415 |
Allowance for doubtful accounts | -407 | -468 |
Receivables, net | $40,794 | $33,947 |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
PROPERTY AND EQUIPMENT | ' | ' | ' | ' | ' |
Total property and equipment | $219,730 | ' | $219,730 | ' | $204,609 |
Accumulated depreciation and amortization | -104,446 | ' | -104,446 | ' | -94,817 |
Property and equipment, net | 115,284 | ' | 115,284 | ' | 109,792 |
Depreciation and amortization expense | 3,700 | 3,400 | 10,792 | 10,222 | ' |
Cell development costs | ' | ' | ' | ' | ' |
PROPERTY AND EQUIPMENT | ' | ' | ' | ' | ' |
Total property and equipment | 65,708 | ' | 65,708 | ' | 64,994 |
Land and improvements | ' | ' | ' | ' | ' |
PROPERTY AND EQUIPMENT | ' | ' | ' | ' | ' |
Total property and equipment | 18,166 | ' | 18,166 | ' | 14,920 |
Buildings and improvements | ' | ' | ' | ' | ' |
PROPERTY AND EQUIPMENT | ' | ' | ' | ' | ' |
Total property and equipment | 56,605 | ' | 56,605 | ' | 55,177 |
Railcars | ' | ' | ' | ' | ' |
PROPERTY AND EQUIPMENT | ' | ' | ' | ' | ' |
Total property and equipment | 17,375 | ' | 17,375 | ' | 17,375 |
Vehicles and other equipment | ' | ' | ' | ' | ' |
PROPERTY AND EQUIPMENT | ' | ' | ' | ' | ' |
Total property and equipment | 42,985 | ' | 42,985 | ' | 39,689 |
Construction in progress | ' | ' | ' | ' | ' |
PROPERTY AND EQUIPMENT | ' | ' | ' | ' | ' |
Total property and equipment | $18,891 | ' | $18,891 | ' | $12,454 |
BUSINESS_COMBINATION_Details
BUSINESS COMBINATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 31-May-12 | |
US Ecology Michigan | US Ecology Michigan | US Ecology Michigan | |||||
BUSINESS ACQUISITIONS | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding shares acquired | ' | ' | ' | ' | ' | ' | 100.00% |
Pro forma combined: | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | $124,233,000 | ' |
Net income | ' | ' | ' | ' | ' | 19,402,000 | ' |
Earnings per share - Basic (in dollars per share) | ' | ' | ' | ' | ' | $1.06 | ' |
Earnings per share - Diluted (in dollars per share) | ' | ' | ' | ' | ' | $1.06 | ' |
Additional information | ' | ' | ' | ' | ' | ' | ' |
Revenue | 53,090,000 | 45,739,000 | 141,766,000 | 118,732,000 | 9,400,000 | ' | ' |
Operating income | $15,512,000 | $12,393,000 | $37,577,000 | $29,824,000 | $255,000 | ' | ' |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Changes in goodwill | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | $23,105,000 | ' | ' |
Foreign currency translation | ' | ' | -746,000 | ' | ' |
Balance at the end of the period | 22,359,000 | ' | 22,359,000 | ' | ' |
Intangible assets | ' | ' | ' | ' | ' |
Total amortizing intangible assets | 41,539,000 | ' | 41,539,000 | ' | 42,970,000 |
Accumulated amortization | -4,100,000 | ' | -4,100,000 | ' | -3,120,000 |
Total intangible assets, net | 38,354,000 | ' | 38,354,000 | ' | 40,771,000 |
Amortization expense | 362,000 | 372,000 | 1,092,000 | 1,096,000 | ' |
Permits and licenses | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' |
Nonamortizing intangible assets | 750,000 | ' | 750,000 | ' | 750,000 |
Tradename | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' |
Nonamortizing intangible assets | 165,000 | ' | 165,000 | ' | 171,000 |
Developed software | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' |
Total amortizing intangible assets | 340,000 | ' | 340,000 | ' | 352,000 |
Database | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' |
Total amortizing intangible assets | 97,000 | ' | 97,000 | ' | 100,000 |
Customer relationships | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' |
Total amortizing intangible assets | 5,128,000 | ' | 5,128,000 | ' | 5,269,000 |
Technology - Formulae and processes | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' |
Total amortizing intangible assets | 8,831,000 | ' | 8,831,000 | ' | 9,144,000 |
Permits, licenses and lease | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' |
Total amortizing intangible assets | 27,123,000 | ' | 27,123,000 | ' | 28,085,000 |
Non-compete agreements | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' |
Total amortizing intangible assets | $20,000 | ' | $20,000 | ' | $20,000 |
DEBT_Details
DEBT (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
DEBT | ' |
Maximum borrowing capacity | $95 |
Revolving Line of Credit | ' |
DEBT | ' |
Maximum borrowing capacity | 20 |
Effective interest rate (as a percent) | 1.43% |
Amount outstanding | 0 |
Availability for additional borrowings under line of credit | 16 |
Line of credit issued in the form of a standby letter of credit | 4 |
Reducing Revolving Line of Credit | ' |
DEBT | ' |
Maximum borrowing capacity | 75 |
Reduction in commitment amount for each quarter | 2.8 |
Effective interest rate (as a percent) | 1.43% |
Amount outstanding | 35.5 |
Availability for additional borrowings under line of credit | $31.20 |
CLOSURE_AND_POSTCLOSURE_OBLIGA2
CLOSURE AND POST-CLOSURE OBLIGATIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Changes to reported closure and post-closure obligations | ' | ' | ' | ' |
Closure and post-closure obligations, beginning of period | $17,252 | $17,362 | ' | ' |
Accretion expense | 314 | 927 | 1,018 | ' |
Payments | -369 | -1,539 | ' | ' |
Adjustments | ' | 550 | ' | ' |
Currency translation | -17 | -120 | ' | ' |
Closure and post-closure obligations, end of period | 17,180 | 17,180 | ' | ' |
Less current portion | -894 | -894 | ' | -1,913 |
Long-term portion | $16,286 | $16,286 | ' | $15,449 |
INCOME_TAXES_Details
INCOME TAXES (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
INCOME TAXES | ' | ' | ' | ' |
Effective tax rate (as a percent) | 35.70% | 37.40% | 35.80% | 38.20% |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
US Ecology and the thermal recycling operation owner-operator | ||
Litigation and Regulatory Proceedings | ' | ' |
Amount recognized in selling, general and administrative expenses regarding asserted various technical compliance and permitting violations of the Clean Air Act of 1970 | ' | $238,000 |
Future minimum lease payments on non-cancelable operating lease | ' | ' |
2013 | 17,000 | ' |
2014 | 245,000 | ' |
2015 | 301,000 | ' |
2016 | 310,000 | ' |
2017 | 318,000 | ' |
Thereafter | 382,000 | ' |
Total | $1,573,000 | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic | ' | ' | ' | ' |
Net income | $10,328 | $8,662 | $22,944 | $19,547 |
Weighted average basic shares outstanding | 18,459 | 18,236 | 18,395 | 18,228 |
Earnings per share (in dollars per share) | $0.56 | $0.48 | $1.25 | $1.07 |
Diluted | ' | ' | ' | ' |
Net income | $10,328 | $8,662 | $22,944 | $19,547 |
Weighted average basic shares outstanding | 18,459 | 18,236 | 18,395 | 18,228 |
Dilutive effect of stock options and restricted stock (in shares) | 74 | 34 | 80 | 34 |
Weighted average diluted shares outstanding | 18,533 | 18,270 | 18,475 | 18,262 |
Earnings per share (in dollars per share) | $0.56 | $0.47 | $1.24 | $1.07 |
Anti-dilutive shares excluded from calculation | 174 | 324 | 197 | 324 |
EQUITY_Details
EQUITY (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
EQUITY | ' |
Number of options exercised (in shares) | 242,970 |
Weighted-average exercise price of options exercised (in dollars per share) | $18.93 |
Number of options exercised via share settlement | 127,652 |
Issuance of restricted stock from treasury stock (in shares) | 51,800 |
Average cost (in dollars per share) | $16.68 |
OPERATING_SEGMENTS_Details
OPERATING SEGMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
segment | |||||
OPERATING SEGMENTS | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 2 | ' | ' |
OPERATING SEGMENTS | ' | ' | ' | ' | ' |
Revenue | $53,090,000 | $45,739,000 | $141,766,000 | $118,732,000 | ' |
Direct operating costs | 20,902,000 | 19,893,000 | 61,745,000 | 56,164,000 | ' |
Transportation costs | 10,568,000 | 7,257,000 | 24,091,000 | 14,577,000 | ' |
Gross profit | 21,620,000 | 18,589,000 | 55,930,000 | 47,991,000 | ' |
Selling, general & administrative expense | 6,108,000 | 6,196,000 | 18,353,000 | 18,167,000 | ' |
Operating income | 15,512,000 | 12,393,000 | 37,577,000 | 29,824,000 | ' |
Interest income (expense), net | -204,000 | -227,000 | -640,000 | -646,000 | ' |
Foreign currency gain (loss) | 683,000 | 1,605,000 | -1,448,000 | 1,775,000 | ' |
Other income | 77,000 | 70,000 | 268,000 | 672,000 | ' |
Income before income taxes | 16,068,000 | 13,841,000 | 35,757,000 | 31,625,000 | ' |
Income tax expense | 5,740,000 | 5,179,000 | 12,813,000 | 12,078,000 | ' |
Net income | 10,328,000 | 8,662,000 | 22,944,000 | 19,547,000 | ' |
Depreciation, amortization & accretion | 4,397,000 | 4,148,000 | 12,811,000 | 12,336,000 | ' |
Capital expenditures | 3,060,000 | 6,690,000 | 15,590,000 | 12,433,000 | ' |
Total assets | 230,731,000 | 223,730,000 | 230,731,000 | 223,730,000 | 218,694,000 |
Treatment and disposal | ' | ' | ' | ' | ' |
OPERATING SEGMENTS | ' | ' | ' | ' | ' |
Revenue | 42,495,000 | 38,583,000 | 117,569,000 | 104,502,000 | ' |
Transportation services | ' | ' | ' | ' | ' |
OPERATING SEGMENTS | ' | ' | ' | ' | ' |
Revenue | 10,595,000 | 7,156,000 | 24,197,000 | 14,230,000 | ' |
Operating Disposal Facilities | ' | ' | ' | ' | ' |
OPERATING SEGMENTS | ' | ' | ' | ' | ' |
Revenue | 53,084,000 | 45,734,000 | 141,750,000 | 118,716,000 | ' |
Direct operating costs | 20,847,000 | 19,838,000 | 61,583,000 | 55,997,000 | ' |
Transportation costs | 10,568,000 | 7,257,000 | 24,091,000 | 14,576,000 | ' |
Gross profit | 21,669,000 | 18,639,000 | 56,076,000 | 48,143,000 | ' |
Selling, general & administrative expense | 2,611,000 | 2,868,000 | 8,524,000 | 8,310,000 | ' |
Operating income | 19,058,000 | 15,771,000 | 47,552,000 | 39,833,000 | ' |
Interest income (expense), net | 4,000 | 4,000 | 10,000 | 13,000 | ' |
Foreign currency gain (loss) | -233,000 | -165,000 | 199,000 | -247,000 | ' |
Other income | 75,000 | 68,000 | 261,000 | 669,000 | ' |
Income before income taxes | 18,904,000 | 15,678,000 | 48,022,000 | 40,268,000 | ' |
Net income | 18,904,000 | 15,678,000 | 48,022,000 | 40,268,000 | ' |
Depreciation, amortization & accretion | 4,336,000 | 4,083,000 | 12,628,000 | 12,142,000 | ' |
Capital expenditures | 2,915,000 | 6,690,000 | 15,330,000 | 12,400,000 | ' |
Total assets | 222,503,000 | 215,786,000 | 222,503,000 | 215,786,000 | ' |
Operating Disposal Facilities | Treatment and disposal | ' | ' | ' | ' | ' |
OPERATING SEGMENTS | ' | ' | ' | ' | ' |
Revenue | 42,489,000 | 38,578,000 | 117,553,000 | 104,486,000 | ' |
Operating Disposal Facilities | Transportation services | ' | ' | ' | ' | ' |
OPERATING SEGMENTS | ' | ' | ' | ' | ' |
Revenue | 10,595,000 | 7,156,000 | 24,197,000 | 14,230,000 | ' |
Non-Operating Disposal Facilities | ' | ' | ' | ' | ' |
OPERATING SEGMENTS | ' | ' | ' | ' | ' |
Revenue | 6,000 | 5,000 | 16,000 | 16,000 | ' |
Direct operating costs | 55,000 | 55,000 | 162,000 | 167,000 | ' |
Transportation costs | ' | ' | ' | 1,000 | ' |
Gross profit | -49,000 | -50,000 | -146,000 | -152,000 | ' |
Operating income | -49,000 | -50,000 | -146,000 | -152,000 | ' |
Other income | 2,000 | 2,000 | 7,000 | 3,000 | ' |
Income before income taxes | -47,000 | -48,000 | -139,000 | -149,000 | ' |
Net income | -47,000 | -48,000 | -139,000 | -149,000 | ' |
Depreciation, amortization & accretion | 52,000 | 54,000 | 156,000 | 162,000 | ' |
Capital expenditures | ' | ' | ' | 17,000 | ' |
Total assets | 87,000 | 97,000 | 87,000 | 97,000 | ' |
Non-Operating Disposal Facilities | Treatment and disposal | ' | ' | ' | ' | ' |
OPERATING SEGMENTS | ' | ' | ' | ' | ' |
Revenue | 6,000 | 5,000 | 16,000 | 16,000 | ' |
Corporate | ' | ' | ' | ' | ' |
OPERATING SEGMENTS | ' | ' | ' | ' | ' |
Selling, general & administrative expense | 3,497,000 | 3,328,000 | 9,829,000 | 9,857,000 | ' |
Operating income | -3,497,000 | -3,328,000 | -9,829,000 | -9,857,000 | ' |
Interest income (expense), net | -208,000 | -231,000 | -650,000 | -659,000 | ' |
Foreign currency gain (loss) | 916,000 | 1,770,000 | -1,647,000 | 2,022,000 | ' |
Income before income taxes | -2,789,000 | -1,789,000 | -12,126,000 | -8,494,000 | ' |
Income tax expense | 5,740,000 | 5,179,000 | 12,813,000 | 12,078,000 | ' |
Net income | -8,529,000 | -6,968,000 | -24,939,000 | -20,572,000 | ' |
Depreciation, amortization & accretion | 9,000 | 11,000 | 27,000 | 32,000 | ' |
Capital expenditures | 145,000 | ' | 260,000 | 16,000 | ' |
Total assets | $8,141,000 | $7,847,000 | $8,141,000 | $7,847,000 | ' |
OPERATING_SEGMENTS_Details_2
OPERATING SEGMENTS (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Revenue, Property and Equipment and Intangible Assets Outside of the United States | ' | ' | ' | ' | ' |
Total revenue | $53,090 | $45,739 | $141,766 | $118,732 | ' |
Total long- lived assets | 153,638 | ' | 153,638 | ' | 150,563 |
United States | ' | ' | ' | ' | ' |
Revenue, Property and Equipment and Intangible Assets Outside of the United States | ' | ' | ' | ' | ' |
Total revenue | 37,833 | 36,100 | 101,852 | 91,658 | ' |
Total long- lived assets | 86,851 | ' | 86,851 | ' | 81,605 |
Canada | ' | ' | ' | ' | ' |
Revenue, Property and Equipment and Intangible Assets Outside of the United States | ' | ' | ' | ' | ' |
Total revenue | 15,257 | 9,639 | 39,914 | 27,074 | ' |
Total long- lived assets | $66,787 | ' | $66,787 | ' | $68,958 |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 25, 2013 | Oct. 02, 2013 |
Subsequent event | Subsequent event | |||
SUBSEQUENT EVENT | ' | ' | ' | ' |
Quarterly dividend declared (in dollars per share) | ' | ' | ' | $0.18 |
Dividend paid in cash | $6,645 | $9,850 | $3,300 | ' |