Appliance Recycling Centers of America, Inc. reported revenues of U.S. $13.1 million for the third quarter of 2002 ended Sept. 28, down slightly from $13.6 million in the year-earlier period. Net income came to $274,000 or $0.09 per diluted share after a one-time write-off of $124,000 of deferred financing costs related to a pay down of long-term debt, compared to $1.6 million or $0.50 per diluted share in the third quarter of 2001.
For the first 9 months of 2002, revenues totaled $36.5 million, up 16 percent from $31.5 million a year ago. Nine-month earnings amounted to $1 million or $0.32 per diluted share, compared to $2.3 million or $0.76 per diluted share in the same period of 2001.
Through its ApplianceSmart (www.ApplianceSmart.com) operation, ARCA is a retailer of special-buy household appliances, primarily those manufactured by Whirlpool Corporation. These special-buy appliances, which include closeouts, factory overruns and scratch-and-dent units, typically are not integrated into the manufacturer's normal distribution channel. ApplianceSmart sells these virtually new appliances at a discount to full retail, offers a 100-percent money-back guarantee and provides warranties on parts and labor. As of October 2002, ApplianceSmart was operating 10 factory outlets.
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