Appliance Recycling Centers of America Has Best Year Ever
Feb 28, 2012
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Appliance Recycling Centers of America, Inc. reported record operating results in 2011, resulting in "the best financial year in ARCA's history," according to CEO Jack Cameron.
Revenues for the fiscal year ended Dec. 31, 2011 were $126.7 million, up 17% from $108.2 million in 2010. Operating income of $7.2 million was up 136% from $3.1 million in 2010.
The increases came mostly from three factors in 2011 that were not in 2010:
* A summer refrigerator replacement initiative from a California utility program resulted in replacing over 10,000 refrigerators.
* Recognition of $1.2 million in carbon offset revenues that drop directly to the bottom line.
* Generating revenue and operating income growth of approximately 50% and 600%, respectively, at ARCA Advanced Processing, LLC (AAP).
Appliance Recycling Centers does not expect the California refrigerator replacement initiative to reoccur in 2012. It expects to generate carbon offset revenues in 2012 but cannot predict the amount or frequency of carbon offset sales. It expects growth at AAP in 2012 but not at the same rate as 2011.
"The difficult economic climate in 2009 caused us to take extensive measures to streamline operations and reduce expenses, which we knew would have a long-term payoff," commented Edward R. (Jack) Cameron, president and CEO. "We began to realize the positive impact of these steps in 2011."
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