MINNEAPOLIS, June 14, 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 fiscal year ended
December 30, 2017.
Highlights include (in thousands):
- Revenues of continuing operations of $41,544
- Gross profit of $13,145
- Net income from continuing operations attributed to ARCA of
$5,893
- Net income of $118 as compared to
a prior year loss of $1,451
- Total liabilities decreased to $20,653 from $30,647 the prior year
- Cash on hand increased to $3,313
from $968
"Fiscal 2017 was a year of many accomplishments for ARCA.
We sold the Compton facility for a gain of $5,163, we sold our 50% interest in AAP for a
gain of $81, and we exited the
ApplianceSmart business for a loss on sale and operations of
$5,775, net of tax. Revenues
were up 2.7% versus the prior period. Our gross profit margin
increased to 31.6% versus 30.5% for the prior period.
Operating expenses were up primarily due to our new GeoTraq
subsidiary and the amortization expense associated with the
intangibles acquired of $1,397.
Cash on hand increased $2,345 and
debt decreased by $9,375. We
believe the company is now poised for further growth in both of its
key businesses. We are excited about our prospects with
GeoTraq and expected continued growth and profitability with ARCA
Recycling!", 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 growth in ARCA's
key businesses and continued growth and profitability of ARCA
Recycling. 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.