Arca quarterly earnings tumble 63.5%
Nov 12, 2009 | 09:47 AM
| Michael Marley
Fewer sales of dinged and dented appliances and less revenue from its recycling operations dropped Appliance Recycling Centers of America Inc.'s (Arca's) third-quarter net income almost two-thirds below the total posted for the year-earlier period.
Net income for the Minneapolis-based appliance recycler and retailer sank 63.5 percent to $416,000 for the three months ended Oct. 3 from $1.1 million in the year-earlier period on revenue that fell 11.6 percent to $26 million from $29.4 million.
Third-quarter revenue from its ApplianceSmart Factory Outlets totaled $18 million, down approximately 4 percent from $18.7 million during the same 2008 period. The company blamed the revenue decline on lower prices to meet the competition from rival appliance retailers and lower levels of customer traffic in its stores.....
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