Appliance Recycling Centers of America Inc. (ARCA) reported large net income and sales increases for its third quarter, driven by strong results from its retail and recycling operating segments.
For the period ended Oct. 1, ARCA’s operating income rose 122 percent to $2.9 million compared with $1.3 million a year earlier. Net income rose similarly to $1.71 million compared with $922,000 in the 2010 period. Diluted earnings per share for the third quarter increased to 30 cents from 16 cents a year ago.
Revenues for the third quarter advanced 31.2 percent to $35.9 million from $27.3 million in the comparable period in 2010.
"I am pleased to report that our third quarter results were driven by a strong upturn in revenues in both our retail and recycling operations,” said Edward (Jack) Cameron, president and chief executive officer, in a news release. “Despite a retail appliance environment that remains highly competitive, our ApplianceSmart stores in three of our four markets achieved solid increases in sales, with the fourth market remaining steady.”
For the nine-month period net income nearly tripled to $4.52 million compared with $1.64 million a year earlier. Revenue rose 19.1 percent to $98.7 million from $82.8 at the same point in 2010.