US Ecology CEO Discusses Q3 2010 Results – Earnings Call Transcript
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, we will have momentarily our presentation up live; we are having some technical difficulties. For those, you can access our webcast on our website at www.usecology.com in the intervening time.
With that, I will now turn the call over to Jim Baumgardner.
Jim BaumgardnerThank you, Jeff, and good morning everyone. I’ll start this morning’s call with a quick overview of the quarterly results released earlier today, and then I’ll turn the call back to Jeff to give a more detailed review of the financial statements. Also I have Steve Welling, our EVP of Sales, provide a general market update, Simon’s going to update us on our capital spending initiatives. And then I’ll provide an overview of our business outlook for the remainder of 2010. And close our prepared remarks with an update on the pending acquisition of Stablex and the Siemens facility in California.After our prepared remarks, we will open the call up to questions and comments. For those following along on the PowerPoint presentation, as soon as it’s available, I’ll refer you to slide five for the third quarter highlights. Much like we had anticipated, the third quarter of 2010 saw substantial improvement over the first two quarters. For the third quarter of 2010, net income was $3.9 million or $0.22 per diluted share, as compared to $4.2 million or $0.23 per fully diluted share posted in the third quarter of 2009. The third quarter of 2010 included approximately $500,000 of business development expenses associated with the pending acquisitions were about $0.02 per share.
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