Management cannot control or predict many factors that determine future results. Listeners should not place undue reliance on forward-looking statements which reflect management’s views only on the date such statements are made. We undertake no obligation to revise or update any forward-looking statements or to make other forward-looking statements whether as a result of new information, future events, or otherwise.
For those joining by webcast, you can follow along with today’s presentation. For those listening by phone, you can obtain a copy of today’s presentation at our website at www.usecology.com.
Now I’ll turn the call over to Jim.
Jim BaumgardnerThank you, Jeff and good morning, everyone. As outlined on our agenda on slide four of our webcast PowerPoint presentation. I’ll start this morning’s call with a quick overview of the quarter results released earlier today. After which time I’ll turn the call back to Jeff to provide a more detailed view on the financial results. Then I’ll let Steve Welling provide a general market update including an overview of our recent award announcement with General Electric. I mean, I’ll close today’s call and our prepared remarks with an update on the outlook for the balance of 2010. As noted on Slide 5, and as expected, the second quarter continued to be sluggish. But it did show signs of improvement. Our recurring business was up 7% as compared to the second quarter of last year and up 3% on a sequential basis when compared to the first quarter of 2010. However, our event business was down 48% during the quarter when compared to the second quarter of last year primarily due to completed Honeywell project in 2009. When the revenue contribution from the Honeywell is excluded from the second quarter of 2009, our event business was only down about 1% in the second quarter. Sequentially, the event business was down 12% compared to the first quarter of 2010 due to the completion of a project in Q1 that was not fully replaced in Q2. Despite the softness in the event business during the quarter, our Q2 2010 pipeline is robust. Several deferred projects are expected to shift in the second half as is the recently announced GE as an inert project.