Recycling Centers of America Inc. (Arca) returned to
profitability in the first quarter, citing the replacement of
white goods by consumers as a driving force.
The Minneapolis-based recycler
posted net income of $184,000 in contrast to a $66,000 net loss
in the first three months of last year despite an 8.6-percent
decline in revenue to $18.1 million.
our return to profitabilitydemonstrate solid progress
executing the strategic initiatives we outlined earlier this
year," president and chief executive officer Edward R. Cameron
Cameron noted that a strong
appliance replacement program boosted its first-quarter
recycling revenues to $8.3 million, up 57.6 percent from nearly
$5.3 million a year earlier, and the company expects the growth
path to continue as new energy efficiency requirements take
effect in 2014.
The byproducts segment saw its
revenues fall 8.6 percent due to a 4-percent reduction in
overall recycling volumes and a 14-percent decline in scrap
prices compared with the first three months of last year, and
the company expects scrap prices to remain volatile for the
remainder of this year and into 2014.