Metalico Inc. (MEA)

[polkamatic]

MEA...1stQ 2007 earnings (from 4/24/07)

Metalico Posts Record First Quarter Earnings
Tuesday April 24, 9:51 am ET


CRANFORD, N.J.--(BUSINESS WIRE)--Metalico, Inc. (AMEX: MEA - News), a scrap metal recycler and lead products fabricator, today announced first quarter earnings per share of $0.12 on a diluted basis, a Company record for a first quarter.
Consolidated revenue in the first quarter of 2007 was $51.8 million, up 9.7% from $47.2 million in the prior year's first quarter and up 8.4% from $47.8 million reported in the fourth quarter of 2006.

The Company also posted increases in operating income, up 6.1%, and net income, up 10.7%, over results for the comparable period in the prior year.

Operating income for the quarter was a record $5.2 million, a 6.1% increase from $4.9 million for the first quarter of 2006 and a 93% increase over the $2.7 million reported in the preceding quarter.

Metalico's net income in the first quarter of 2007 was a record $3.1 million, an increase of 10.7% from quarterly income of $2.8 million reported in the prior year's first quarter. Earnings per share rose to $0.12 compared to $0.11 reported in the prior year's first quarter, an increase of 9.1%.

EBITDA (defined below) for the first quarter of 2007 increased by $500,000 (8.5%) to $6.4 million over $5.9 million for the comparable prior year quarter. The Company defines EBITDA as earnings before interest, income taxes, depreciation, amortization, stock-based compensation, minority interests, other income and discontinued operations. EBITDA is considered non-GAAP financial information and a reconciliation of net income to EBITDA is included in the attached financial tables.

The average selling price for ferrous metals increased by 7% for the quarter ending March 31, 2007 versus last year's first quarter, but increased by 33% sequentially over the fourth quarter of 2006. The average price for non-ferrous metal sales for the first quarter of 2007 increased by 48% from last year's first quarter and by 6% sequentially over the fourth quarter of 2006.

During the first quarter of 2007, Metalico's scrap metal segment realized year-over-year unit volume decreases of 4% for ferrous and 9% for non-ferrous. The fabricated lead products segment realized a per pound price increase of 29% and a unit volume decrease of 28% in the first quarter of 2007 as compared to the same period a year ago.

As of April 24, 2007, Metalico had 15,238,899 common shares issued and outstanding and 10,910,011 non-trading preferred shares (exchangeable for common at a one-to-one ratio) outstanding, for a total of 26,148,910 common equivalent shares outstanding as of that date. The company's preferred stock is held principally by the financial institutions that financed Metalico at its inception.

Since December 31, 2006, 2,954,963 freely trading shares of Metalico common stock have been issued from the conversion of 2,954,963 preferred shares.

"Prices across all of our commodity metals rose during the first quarter which helped Metalico achieve record results for the period," said Carlos E. Aguero, Metalico's President and Chief Executive Officer. "The geographic regions where we operate were hampered with many days of severe winter weather conditions which resulted in lower unit volume sales in both business segments compared to last year."

Metalico, Inc. is a rapidly growing holding company with operations in two business segments: ferrous and non-ferrous scrap metal recycling, and fabrication of lead-based products. The Company operates six recycling facilities through New York State and five lead fabrication plants in four states. Metalico's common stock is traded on the American Stock Exchange under the symbol MEA.

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