Appliance Recycling Posts Loss for First QuarterAppliance Recycling Posts Loss for First Quarter
May 8, 2012
Appliance Recycling Centers of America Inc. (ARCA) posted a loss for its first quarter, caused by lower recycling volumes and company investments.
The Minneapolis-based appliance recycling company said in a news release that for the quarter ended March 31 its loss totaled $66,000, or 1 cent per diluted share. In 2011 the company reported consolidated net income of $674,000, or 12 cents per share.
Revenues for the first quarter declined 1.7 percent to $29.4 million compared with $29.9 million in 2011.
"The investments we made in growing our energy efficiency programs, recycling centers and retail operations, combined with lower recycling volumes in several of our larger utility programs, led us to a near-breakeven first quarter," said ARCA Edward (Jack) Cameron, president and CEO.