Market Overview

US Ecology Announces Second Quarter 2018 Results

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SECOND QUARTER HIGHLIGHTS COMPARED TO PRIOR YEAR:

  • Revenue $136.9 million, up 9%
  • Base Business growth of 13%; Event Business decline of 8%
  • Field and Industrial Services revenue growth of 4%
  • Operating income growth of 28%
  • Net income of $13.2 million
  • Diluted earnings per share of $0.60; Adjusted earnings per share of $0.61, up 61%
  • Adjusted EBITDA of $31.7 million, up 15%    

2018 BUSINESS OUTLOOK REAFFIRMED:

  • Diluted earnings per share $2.15 to $2.34 per share
  • Adjusted EBITDA $122 million to $128 million
  • Capital expenditures $39 million to $42 million

BOISE, Idaho, Aug. 02, 2018 (GLOBE NEWSWIRE) -- US Ecology, Inc. (NASDAQ:ECOL) ("the Company") today reported total revenue of $136.9 million and net income of $13.2 million, or $0.60 per diluted share, for the quarter-ended June 30, 2018.  Adjusted earnings per share, which excludes foreign currency translation gains and losses, and business development expenses, was $0.61 per diluted share in the second quarter of 2018, up 61% from the second quarter of 2017.

"Business conditions continue to improve, supporting our growth expectations for the year," commented Chairman and Chief Executive Officer, Jeff Feeler.  "We saw increased strength in our Environmental Services Base Business, with revenue up 13% compared to the second quarter of 2017.  Even after backing out the recovery at a treatment facility that was temporarily shut down in the second quarter of 2017, our Base Business was up 9% in the second quarter of 2018. Our Environmental Services Event Business was down 8% in the second quarter of 2018 as a large multi-year project that would have replaced projects completed in the prior year did not ship as anticipated.  This project commenced shipments in July and volume initially expected in the first half of 2018 should now be recognized in the second half of 2018. Our Field and Industrial Services segment also delivered another quarter of solid revenue growth, up 4% compared to the second quarter last year, in-line with our expectations."

For the second quarter of 2018, Environmental Services ("ES") segment revenue was $99.0 million, up from $89.6 million in the second quarter of 2017. This increase consisted of 9% growth in treatment and disposal ("T&D") revenue and 13% growth in transportation revenue compared to the second quarter of 2017. Field and Industrial Services ("FIS") segment revenue was $38.0 million for the second quarter of 2018, up 4% from $36.5 million in the same period of 2017, reflecting continued growth in our Small Quantity Generation business lines, as well as stronger overall market conditions.

Gross profit for the second quarter of 2018 was $41.4 million, up 15% from $35.9 million in the same quarter last year. ES segment gross profit was $35.9 million in the second quarter of 2018, up from $30.7 million in the same quarter of 2017. T&D gross margin for the ES segment was 42% for the second quarter of 2018, up from 38% for the second quarter of 2017. Gross profit for the FIS segment in the second quarter of 2018 was $5.5 million, up from $5.2 million in the second quarter of 2017.  Gross margin for the FIS segment was 15% in second quarter of 2018, compared to 14% in the second quarter last year.

Selling, general and administrative ("SG&A") expense for the second quarter of 2018 was $21.2 million, compared with $20.0 million in the same quarter last year. The increase in SG&A expense was primarily due to higher labor and incentive compensation.

Operating income for the second quarter of 2018 was $20.3 million compared to $15.9 million in the second quarter of 2017, an increase of 28%.

Net interest expense for the second quarter of 2018 was $2.9 million, down from $8.5 million in the second quarter of 2017. The decrease was the result of a non-cash charge of $5.5 million associated with the second quarter 2017 write-off of deferred financing fees related to the refinancing of our former credit facility.

The Company's consolidated effective income tax rate for the second quarter of 2018 was 24.4%, down from 35.0% for the second quarter of 2017. The decrease was primarily due to tax reform passed in the fourth quarter of 2017, which reduced the U.S. corporate tax rate from 35% to 21%. 

Net income for the second quarter of 2018 was $13.2 million, or $0.60 per diluted share, compared to net income of $5.0 million, or $0.23 per diluted share, in the second quarter of 2017. Tax reform favorably impacted net income by approximately $0.08 per diluted share compared to the second quarter of 2017.  Adjusted earnings per share, which excludes foreign currency translation gains and losses, business development expenses, and the non-cash write-down of deferred financing fees in the second quarter of 2017, was $0.61 per diluted share in the second quarter of 2018, compared to $0.38 per diluted share in the second quarter of 2017.

Adjusted EBITDA for the second quarter of 2018 was $31.7 million, up 15% from $27.6 million in the same period last year.

Reconciliations of earnings per diluted share to adjusted earnings per diluted share and net income to adjusted EBITDA are attached as Exhibit A to this release.

Year-To-Date Results

Total revenue for the first six months of 2018 was $257.0 million, up 9% from $236.3 million in the first six months of 2017. Revenue for the ES segment was $185.4 million for the first six months of 2018, up from $170.9 million in the same period of 2017. This consisted of a 7% increase in T&D revenue and a 13% increase in transportation revenue compared to the first six months of 2017. Revenue for the FIS segment was $71.5 million for the first six months of 2018, up 9% from $65.4 million in the same period of 2017, reflecting continued growth in our Total Waste Management and Small Quantity Generation business lines as well as stronger overall market conditions.

Gross profit for the first six months of 2018 was $77.1 million, up 14% from $67.8 million in the same period last year. Gross profit for the ES segment was $68.4 million in the first six months of 2018, up from $59.4 million in the first six months of 2017. T&D gross margin for the ES segment was 41% for the first six months of 2018 compared to 38% for the prior year period, reflecting the March 2017 shutdown of one of our large treatment facilities due to severe wind damage. Gross profit for the FIS segment in the first six months of 2018 was $8.8 million, up from $8.4 million in the first six months of 2017.  Gross margin for the FIS segment was 12% in the first six months of 2018, compared to 13% in the first six months of 2017, driven primarily by increased costs experienced in the Industrial Services business in the first quarter of 2018 due to harsher winter conditions.

SG&A expense for the first six months of 2018 was $43.4 million compared with $39.7 million in the same period last year.  The increase in SG&A expense was primarily due to higher labor and incentive compensation. 

Operating income for the first six months of 2018 was $33.7 million, up 20% from $28.1 million in the first six months of 2017.

Net interest expense for the first six months of 2018 was $5.7 million, down from $12.6 million in the first six months of 2017.  Interest expense for the first six months of 2017 included the non-cash charge of $5.5 million associated with the write-off of deferred financing fees related to the refinancing of our former credit facility in April 2017.  Excluding the non-cash deferred financing fees charge, interest expense decreased compared to the first six months of 2017 as a result of a lower interest rate on our new credit facility.

The Company's consolidated effective income tax rate for the first six months of 2018 was 25.7%, down from 36.2% for the first six months of 2017. This decrease is primarily due to tax reform passed in the fourth quarter of 2017, which reduced the U.S. corporate tax rate from 35% to 21%. 

Net income for the first six months of 2018 was $22.5 million, or $1.02 per diluted share, compared to $10.2 million, or $0.47 per diluted share, in the first six months of 2017. Adjusted earnings per share, which excludes the gain on the issuance of a property easement, foreign currency translation gains and losses, the non-cash write-down of deferred financing fees, and business development expenses, was $0.97 per diluted share in the first six months of 2018 compared to $0.61 per diluted share for the first six months of 2017. Adjusted EBITDA for the first six months of 2018 was $56.2 million, up 10% from $51.1 million in the same period last year. Reconciliations of earnings per diluted share to adjusted earnings per diluted share and net income to adjusted EBITDA are attached as Exhibit A to this release.

2018 OUTLOOK

"Business conditions in the first half of 2018 remain consistent with our expectations, with strong underlying improvement across many of our service lines," commented Feeler.  "Our Base Business continues to lead the way, with high-single-digit growth rates, even after excluding the recovery of our treatment facility that was temporarily shut down last year. We have been successful at securing Event Business opportunities to add to our pipeline. This has helped offset unexpected delays with one of our multi-year cleanup sites in the first half of 2018.  Our Field and Industrial Services segment is benefitting from contracts won in 2017, although given the slower than anticipated pace of implementation, some of the contracts have yet to produce the expected results.  Overall, the strong fundamentals and improving business conditions have us on track to meet our previously issued 2018 guidance."

Based on our first half results and current outlook for the balance of 2018 the Company reaffirms its previously issued 2018 Adjusted EBITDA guidance range of $122 million to $128 million and its diluted earnings per share guidance of $2.15 to $2.34.  The Company's earnings guidance excludes the gain on the issuance of a property easement, business development expenses and foreign currency gains and losses. 

The following table reconciles our projected net income to our adjusted EBITDA guidance range:

     
    For the Year Ending December 31, 2018
(in thousands)   Low   High
         
Net Income   $ 48,441     $ 52,641  
Income tax expense     17,949       19,449  
Interest expense     10,400       10,400  
Other income     (2,290 )     (2,290 )
Depreciation and amortization of plant and equipment     29,400       29,700  
Amortization of intangible assets     9,600       9,600  
Stock-based compensation     4,200       4,200  
Accretion of closure & post-closure obligations     4,300       4,300  
Adjusted EBITDA   $ 122,000     $ 128,000  
         

DIVIDEND

On July 2, 2018, the Company declared a quarterly dividend of $0.18 per common share for stockholders of record on July 20, 2018. The $4.0 million dividend was paid on July 27, 2018.

CONFERENCE CALL

US Ecology, Inc. will hold an investor conference call on Friday, August 3, 2018 at 10:00 a.m. Eastern Daylight Time (8:00 a.m. Mountain Daylight Time) to discuss these results and its current financial position and business outlook. Questions will be invited after management's presentation. Interested parties can access the conference call by dialing 877-512-4138 or 412-317-5478. The conference call will also be broadcast live on our website at www.usecology.com. An audio replay will be available through August 10, 2018 by calling 877-344-7529 or 412-317-0088 and using the passcode 10122215.  The replay will also be accessible on our website at www.usecology.com.

ABOUT US ECOLOGY, INC.

US Ecology, Inc. is a leading North American provider of environmental services to commercial and government entities. The Company addresses the complex waste management needs of its customers, offering treatment, disposal and recycling of hazardous, non-hazardous and radioactive waste, as well as a wide range of complementary field and industrial services. US Ecology's focus on safety, environmental compliance, and best–in-class customer service enables us to effectively meet the needs of our customers and to build long-lasting relationships. US Ecology has been protecting the environment since 1952 and has operations in the United States, Canada and Mexico. For more information, visit www.usecology.com.

Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on management's beliefs and assumptions, which in turn are based on currently available information. Important assumptions include, among others, those regarding demand for Company services, expansion of service offerings geographically or through new or expanded service lines, the timing and cost of planned capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Forward-looking statements also involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond our ability to control or predict. Such factors include the replacement of non-recurring event clean-up projects, a loss of a major customer, our ability to permit and contract for timely construction of new or expanded disposal cells, our ability to renew our operating permits or lease agreements with regulatory bodies, loss of key personnel, compliance with and changes to applicable laws, rules, or regulations, access to insurance, surety bonds and other financial assurances, a deterioration in our labor relations or labor disputes, our ability to perform under required contracts, failure to realize anticipated benefits and operational performance from acquired operations, adverse economic or market conditions, government funding or competitive pressures, incidents or adverse weather conditions that could limit or suspend specific operations, access to cost effective transportation services, fluctuations in foreign currency markets, lawsuits, our willingness or ability to repurchase shares or pay dividends, implementation of new technologies, limitations on our available cash flow as a result of our indebtedness and our ability to effectively execute our acquisition strategy and integrate future acquisitions.

Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission (the "SEC"), we are under no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on our forward-looking statements. Although we believe that the expectations reflected in forward-looking statements are reasonable, we cannot guarantee future results or performance. Before you invest in our common stock, you should be aware that the occurrence of the events described in the "Risk Factors" sections of our annual and quarterly reports could harm our business, prospects, operating results, and financial condition.

 
 
US ECOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
                 
    Three Months Ended June 30,   Six Months Ended June 30,
      2018       2017       2018       2017  
Revenue                
Environmental Services   $ 98,960     $ 89,591     $ 185,431     $ 170,894  
Field & Industrial Services     37,952       36,466       71,540       65,397  
                 
Total     136,912       126,057       256,971       236,291  
                 
Gross profit                
Environmental Services     35,899       30,673       68,351       59,360  
Field & Industrial Services     5,549       5,223       8,768       8,409  
                 
Total     41,448       35,896       77,119       67,769  
                 
Selling, general & administrative expenses                
Environmental Services     4,825       5,260       11,201       10,991  
Field & Industrial Services     2,454       2,628       4,711       5,269  
Corporate     13,877       12,112       27,476       23,454  
                 
Total     21,156       20,000       43,388       39,714  
                 
                 
Operating income     20,292       15,896       33,731       28,055  
                 
Other income (expense):                
Interest income     39       21       63       31  
Interest expense     (2,907 )     (8,474 )     (5,716 )     (12,604 )
Foreign currency gain (loss)     (139 )     158       (153 )     246  
Other     193       166       2,316       303  
                 
Total other expense     (2,814 )     (8,129 )     (3,490 )     (12,024 )
                 
Income before income taxes     17,478       7,767       30,241       16,031  
Income tax expense     4,258       2,718       7,778       5,797  
                 
Net income   $ 13,220     $ 5,049     $ 22,463     $ 10,234  
                 
Earnings per share:                
Basic   $ 0.60     $ 0.23     $ 1.03     $ 0.47  
Diluted   $ 0.60     $ 0.23     $ 1.02     $ 0.47  
                 
Shares used in earnings                
per share calculation:                
Basic     21,867       21,751       21,835       21,738  
Diluted     22,024       21,890       21,991       21,874  
                 
Dividends paid per share   $ 0.18     $ 0.18     $ 0.36     $ 0.36  
                 
                 

 

US ECOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
         
    June 30, 2018   December 31, 2017
Assets        
         
Current Assets:        
Cash and cash equivalents   $ 53,303     $ 27,042  
Receivables, net     112,416       110,777  
Prepaid expenses and other current assets     9,053       9,138  
Income tax receivable     2,842       -  
Total current assets       177,614         146,957  
         
Property and equipment, net     232,317       234,432  
Restricted cash and investments     4,887       5,802  
Intangible assets, net     216,939       222,812  
Goodwill     188,479       189,373  
Other assets     4,427       2,700  
Total assets   $    824,663     $    802,076  
         
Liabilities and Stockholders' Equity        
         
Current Liabilities:        
Accounts payable   $ 17,717     $ 14,868  
Deferred revenue     10,228       8,532  
Accrued liabilities     30,404       22,888  
Accrued salaries and benefits     11,838       14,242  
Income tax payable     -       2,970  
Current portion of closure and post-closure obligations     2,299       2,330  
Total current liabilities       72,486         65,830  
         
Long-term closure and post-closure obligations     75,268       73,758  
Long-term debt     277,000       277,000  
Other long-term liabilities     1,811       3,828  
Deferred income taxes, net     57,798       57,583  
Total liabilities       484,363         477,999  
         
Commitments and contingencies        
         
Stockholders' Equity        
         
Common stock     220       218  
Additional paid-in capital     180,687       177,498  
Retained earnings     170,112       155,533  
Treasury stock     (370 )     (68 )
Accumulated other comprehensive loss     (10,349 )     (9,104 )
Total stockholders' equity       340,300         324,077  
Total liabilities and stockholders' equity   $    824,663     $    802,076  
         
         

 

US ECOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
         
    For the Six Months Ended
June 30,
      2018       2017  
Cash Flows From Operating Activities:        
Net income   $ 22,463     $ 10,234  
Adjustments to reconcile net income to net cash provided by        
operating activities:        
Depreciation and amortization of property and equipment     13,649       13,621  
Amortization of intangible assets     4,598       5,286  
Accretion of closure and post-closure obligations     2,155       2,155  
Unrealized foreign currency loss (gain)     1,222       (425 )
Deferred income taxes     27       (1,379 )
Share-based compensation expense     2,079       1,959  
Net loss on disposition of assets     11       245  
Amortization and write-off of debt issuance costs     405       5,604  
Amortization and write-off of debt discount     -       667  
Changes in assets and liabilities:        
Receivables     (2,087 )     (14,486 )
Income tax receivable     (2,851 )     2,020  
Other assets     88       (4,038 )
Accounts payable and accrued liabilities     10,286       5,819  
Deferred revenue     1,770       4,770  
Accrued salaries and benefits     (2,317 )     (429 )
Income tax payable     (2,905 )     (115 )
Closure and post-closure obligations     (583 )     (686 )
Net cash provided by operating activities      48,010       30,822  
         
Cash Flows From Investing Activities:        
Purchases of property and equipment     (14,960 )     (17,552 )
Purchases of restricted investments     (498 )     (400 )
Proceeds from sale of restricted investments     431       406  
Proceeds from sale of property and equipment     141       86  
Net cash used in investing activities      (14,886 )     (17,460 )
         
Cash Flows From Financing Activities:        
Payments on long-term debt     -       (287,040 )
Proceeds from long-term debt     -       281,000  
Payments on short-term borrowings     -       (13,438 )
Proceeds from short term borrowings     -       11,260  
Dividends paid     (7,884 )     (7,849 )
Proceeds from exercise of stock options     1,471       609  
Payment of equipment financing obligations     (217 )     (176 )
Other     (312 )     (77 )
Net cash used in financing activities      (6,942 )     (15,711 )
         
Effect of foreign exchange rate changes on cash     (902 )     260  
         
Increase (decrease) in Cash and cash equivalents and restricted cash     25,280       (2,089 )
         
Cash and cash equivalents and restricted cash at beginning of period     28,799       8,722  
         
Cash and cash equivalents and restricted cash at end of period   $ 54,079     $ 6,633  
         
         

EXHIBIT A
Non-GAAP Results and Reconciliation

US Ecology reports adjusted EBITDA, Pro Forma adjusted EBITDA and adjusted earnings per diluted share results, which are non-GAAP financial measures, as a complement to results provided in accordance with generally accepted accounting principles in the United States (GAAP) and believes that such information provides analysts, stockholders, and other users information to better understand the Company's operating performance. Because adjusted EBITDA, Pro Forma adjusted EBITDA and adjusted earnings per diluted share are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations they may not be comparable to similar measures used by other companies. Items excluded from adjusted EBITDA, Pro Forma adjusted EBITDA and adjusted earnings per diluted share are significant components in understanding and assessing financial performance.

Adjusted EBITDA, Pro Forma adjusted EBITDA and adjusted earnings per diluted share should not be considered in isolation or as an alternative to, or substitute for, net income, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Adjusted EBITDA, Pro Forma adjusted EBITDA and adjusted earnings per diluted share have limitations as analytical tools and should not be considered in isolation or a substitute for analyzing our results as reported under GAAP. Some of the limitations are:

  • Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
  • Adjusted EBITDA does not reflect our interest expense, or the requirements necessary to service interest or principal payments on our debt;
  • Adjusted EBITDA does not reflect our income tax expenses or the cash requirements to pay our taxes;
  • Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
  • Although depreciation and amortization charges are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect cash requirements for such replacements; and
  • Pro Forma adjusted EBITDA does not reflect our business development expenses, which may vary significantly quarter to quarter.

Adjusted EBITDA

The Company defines adjusted EBITDA as net income before interest expense, interest income, income tax expense/benefit, depreciation, amortization, stock-based compensation, accretion of closure and post-closure liabilities, foreign currency gain/loss, and other income/expense, which are not considered part of usual business operations.

Pro Forma adjusted EBITDA

The Company defines Pro Forma adjusted EBITDA as adjusted EBITDA (see definition above) plus business development expenses incurred during the period. We believe Pro Forma adjusted EBITDA is helpful in understanding our business and how it relates to our 2018 guidance which does not include business development expenses. 

The following reconciliation itemizes the differences between reported net income and adjusted EBITDA and Pro Forma adjusted EBITDA for the three and six months ended June 30, 2018 and 2017:

         
(in thousands)   Three Months Ended June 30,   Six Months Ended June 30,
      2018       2017       2018       2017  
                 
Net Income   $ 13,220     $ 5,049     $ 22,463     $ 10,234  
Income tax expense     4,258       2,718       7,778       5,797  
Interest expense     2,907       8,474       5,716       12,604  
Interest income     (39 )     (21 )     (63 )     (31 )
Foreign currency (gain) loss     139       (158 )     153       (246 )
Other income     (193 )     (166 )     (2,316 )     (303 )
Depreciation and amortization of plant and equipment     7,044       6,987       13,649       13,621  
Amortization of intangible assets     2,296       2,615       4,598       5,286  
Stock-based compensation     1,011       1,043       2,079       1,959  
Accretion and non-cash adjustments of closure & post-closure obligations     1,081       1,082       2,155       2,155  
Adjusted EBITDA   $ 31,724     $ 27,623     $ 56,212     $ 51,076  
                 
Business development expenses     18       16       29       53  
Pro Forma adjusted EBITDA   $ 31,742     $ 27,639     $ 56,241     $ 51,129  
                 
                 

Adjusted Earnings Per Diluted Share

The Company defines adjusted earnings per diluted share as net income adjusted for the after-tax impact of the gain on the issuance of a property easement, the after-tax impact of non-cash write-off of deferred financing fees related to our former credit agreement, the after-tax impact of business development costs, and non-cash foreign currency translation gains or losses, divided by the number of diluted shares used in the earnings per share calculation.

The property easement gain relates to the issuance of an easement on a small portion of owned land at an operating facility which should not hinder our future use.  The non-cash write-off of deferred financing fees relates to the write-off of the remaining unamortized fees associated with our former credit agreement which was refinanced in April 2017. Business development costs relate to expenses incurred to evaluate businesses for potential acquisition or costs related to closing and integrating successfully acquired businesses. The foreign currency translation gains or losses excluded from the earnings per diluted share calculation are related to intercompany loans between our Canadian subsidiaries and the U.S. parent which have been established as part of our tax and treasury management strategy. These intercompany loans are payable in Canadian dollars ("CAD") requiring us to revalue the outstanding loan balance through our consolidated income statement based on the CAD/United States currency movements from period to period.

We believe excluding the gain on issuance of a property easement, the after-tax impact of the non-cash write off of deferred financing fees, the after-tax impact of business development costs, and non-cash foreign currency translation gains or losses provides meaningful information to investors regarding the operational and financial performance of the Company.

The following reconciliation itemizes the differences between reported net income and earnings per diluted share to adjusted net income and adjusted earnings per diluted share for the three and six months ended June 30, 2018 and 2017:

   
(in thousands, except per share data) Three Months Ended June 30,
  2018
  2017
  Income
before
income taxes
Income tax
expense
Net income per share   Income
before
income taxes
Income tax
expense
Net income per share
As Reported $ 17,478   $ (4,258 ) $ 13,220   $ 0.60     $ 7,767   $ (2,718 ) $ 5,049   $ 0.23  
                   
Adjustments:                  
Plus:  Non-cash write-off of deferred financing fees related to former credit agreement   -     -     -     -       5,461     (1,911 )   3,550     0.16  
Plus:  Business development costs   18     (4 )   14     -       16     (6 )   10     -  
Non-cash foreign currency translation (gain) loss   287     (70 )   217     0.01       (370 )   129     (241 )   (0.01 )
As Adjusted $ 17,783   $ (4,332 ) $ 13,451   $ 0.61     $ 12,874   $ (4,506 ) $ 8,368   $ 0.38  
                   
Shares used in earnings per diluted share calculation       22,024             21,890    
                   
                   
                   
(in thousands, except per share data) Six Months Ended June 30,
  2018
  2017
  Income
before
income taxes
Income tax
expense
Net income per share   Income
before
income taxes
Income tax
expense
Net income per share
As Reported $ 30,241   $ (7,778 ) $ 22,463   $ 1.02     $ 16,031   $ (5,797 ) $ 10,234   $ 0.47  
                   
Adjustments:                  
Less:  TX land easement gain   (1,990 )   512     (1,478 )   (0.07 )     -     -     -     -  
Plus:  Non-cash write-off of deferred financing fees related to former credit agreement   -     -     -     -       5,461     (1,975 )   3,486     0.16  
Plus:  Business development costs   29     (7 )   22     -       53     (19 )   34     -  
Non-cash foreign currency translation (gain) loss   462     (119 )   343     0.02       (515 )   186     (329 )   (0.02 )
As Adjusted $ 28,742   $ (7,392 ) $ 21,350   $ 0.97     $ 21,030   $ (7,605 ) $ 13,425   $ 0.61  
                   
                   
Shares used in earnings per diluted share calculation       21,991             21,874    
                   

 Contact: Alison Ziegler, Darrow Associates (201)220-2678
aziegler@darrowir.com www.usecology.com 

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