Appliance Recycling Centers of America Reports Q4 Results Apr 2, 2007

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Appliance Recycling Centers of America, Inc. reported sales of U.S. $19.9 million for the fourth quarter of 2006 ended Dec. 30, an increase of 10 percent from $18.1 million in the year-earlier period. ARCA reported a net loss of $291,000 or $0.07 per diluted share, a significant improvement from the net loss of $951,000 or $0.22 per share in the fourth quarter of 2005. The fourth quarter net loss included stock compensation expense of $14,000 and other income of $730,000 related to the default provision in the previously announced purchase agreement for ARCA's Minneapolis headquarters facility. If the transaction had been completed, this sale would have generated proceeds of approximately $6.0 million.

For full-year 2006, ARCA reported sales of $77.8 million, up 4 percent from $74.9 million in 2005. ARCA posted a net loss for the year of $1.5 million or $0.33 per share, compared to the net loss of $933,000 or $0.22 per share in 2005. Same-store sales of the 12 ApplianceSmart factory outlets that were open during the complete fourth quarters of 2006 and 2005 increased 6 percent, while total retail sales rose 12 percent in the fourth quarter to $16.7 million from the year- earlier level. For the year, same-store sales of the 11 ApplianceSmart factory outlets that were open during all of 2006 and 2005 were virtually unchanged, while total retail sales rose 4 percent in 2006 to $65.5 million. Fourth quarter recycling revenues of $2.6 million were down from $2.9 million in the comparable period of 2005. For the year, recycling revenues of $10.3 million declined modestly from $10.9 million in 2005.


 

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