Appliance Recycling Centers Financial Officer Leaves; Quarterly Results Mixed

Appliance Recycling Centers Financial Officer Leaves; Quarterly Results Mixed

Appliance Recycling Centers of America Inc. said chief financial officer (CFO) Jeffrey Cammerrer is leaving the company, and reported higher revenue but lower earnings for its third quarter.

The St. Louis Park, Minn.-based appliance recycling company said Cammerrer is stepping down effective Nov. 21 to take a position with a firm in the health care industry. He joined Appliance Recycling in 2008 as corporate controller. Mark Eisenschenk, president and CEO, will take over as acting CFO while the company considers permanent candidates, according to a news release.

Net income fell 45 percent in the third quarter ended Sept. 30, to $600,000, or 9 cents per diluted share, compared with $1.1 million, or 20 cents per diluted share, in the year-ago period. Revenue rose slightly to $33.6 million from $33.5 million.

For the nine months, net income remained flat at $2.1 million, or 37 cents per diluted share, in the 2014 period. Revenue increased 4 percent to $100.3 million from $96.2 million in 2013.

"While year-to-date results are encouraging, with sales topping $100 million and operating income running $900,000 better than last year, results for the third quarter fell short of our expectations," Eisenschenk said. Performance at its ApplianceSmart operation was hurt by a $300,000 sales decline and $200,000 in margin compression.

 

 

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