LAS VEGAS, Aug. 15, 2018 /PRNewswire/ -- Appliance Recycling
Centers of America, Inc. (Nasdaq: 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.
About 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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SOURCE Appliance Recycling Centers of America, Inc.