LAS VEGAS, Aug. 15, 2018 /PRNewswire/ -- Appliance Recycling Centers of America, Inc. (ARCI) ("ARCA" or the "company"), a leading provider of utility appliance recycling programs, announces its financial results for the second fiscal quarter 2018 ended June 30, 2018.
Highlights include (in thousands):
- Revenues of continuing operations of $8,373
- Gross profit of $2,150
- Total liabilities decreased to $13,118 from $20,390 compared to the same period in the prior year
- Stockholder's equity increased to $23,321 from $15,142 compared to the same period in the prior year
"Cash provided by operations for continuing operations for the 26 weeks ended June 30, 2018 was up to $2,554 from $259 in the prior year period. The recycling business remains strong going forward with several new replacement programs expected to start in Q3 and Q4 of this fiscal year," said Virland Johnson, CFO of ARCA.
Appliance Recycling Centers of America, Inc. and subsidiaries ("ARCA") are in the business of recycling major household appliances in North America by providing turnkey appliance recycling and replacement services for utilities and other sponsors of energy efficiency programs. In addition, through its GeoTraq Inc. subsidiary, a development stage company, ARCA is engaged in the development, design and ultimately ARCA expects the sale of cellular transceiver modules, also known as Cell-ID modules.
Forward Looking Statements
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995, including statements regarding the commencement of new replacement programs in Q3 and Q4 of this fiscal year. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with the general economic conditions, competition in the retain and recycling industries and regulatory risks. Other factors that could cause operating and financial results to differ are described in ARCA's periodic reports filed with the Securities and Exchange Commission (the "SEC"). Other risks may be detailed from time to time in reports to be filed with the SEC.
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