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US Ecology, Inc. Q2 2010 Earnings Call Transcript

For the second quarter of 2010, net income was $2.3 million or $0.13 per diluted share as compared to $3.5 million or $0.19 per diluted share in the same quarter last year. To help with this quarter’s earnings in perspective, we estimate that Honeywell contributed $0.09 per share for the second quarter of 2009. So our core business excluding Honeywell generated $0.13 per share which was actually 30% better than the EPS generated in the same quarter last year excluding Honeywell again.

Q2 2010 was also better than Q1 of 2010. When we posted $0.10 per share compared to the $0.13 in Q2. With that quick overview, I’ll turn the call back to Jeff to provide a more detailed overview of the financial results released earlier today.

Jeff Feller

Thank you. Jim. As you can see on slide six of today’s presentation, second quarter 2010 revenue was $19.8 million as compared to $36.4 million in the same quarter last year. This reflects an 83% quarter-over-quarter decline in transportation service revenue and a 19% decline in treatment and disposal revenue.

Declines in total revenue were primarily a result of the completion of the Honeywell in in October 2009. Honeywell contribute to $18.5 million in total revenue or 51% of total revenue in the second quarter of 2009. Excluding the Honeywell revenue contribution from the second quarter of 2009, total revenue in the second quarter of 2010 was up 11% from the same quarter last year.

As Jim noted, treatment and disposal revenue from recurring customers or base business increased 7% in the second quarter of 2010 over the same quarter last year. An increased shipments from our refinery, other industry, government and broker paid customers. Event business was 48% lower in the second quarter of 2010 than the same quarter last year reflecting the completion of the Honeywell project.

Read the rest of this transcript for free on seekingalpha.com

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