Metalico Inc. (MEA)

[polkamatic]

Metalico, Inc. (MEA) Q3 2010 Earnings Call October 29, 2010 10:00 am ET
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.... I would now like to turn the call over to Mr. Carlos Aguero, President and Chief Executive Officer of Metalico. Please go ahead.

Carlos Aguero

Good morning and thank you for joining today's call. With me here today is Michael Drury, our Executive Vice President. Following the presentation, we'll be available to answer any questions. We will also post a transcript of our remarks and the question-and-answer session on the Metalico website when the transcript becomes available after the call.

This morning Metalico released financial results for the third quarter of 2010 showing improvement in sales, revenue, operating income and EBITDA as compared to the same period in 2009. The results also show improvements over the second quarter 2010 in operating income, EBITDA and net income even with the small decline in sales. This marks our third consecutive period of increase in net income since the declared end of the economic crisis.

Let’s go to quarter’s highlights compared to 2009. Sales increased 50% to 137 million, an increase of $45.5 million or 91.5 million reported. EBITDA rose 22% to 13.8 compared to 11.3, operating income increased 25% to 9.6 million compared to operating income of 7.7. Net income was 4.5 million or $0.10 per diluted share compared to adjusted net income of 2.7 or $0.08 per diluted share. The prior year’s reported net income of 5.1 million or $0.12 benefited from one-time gain, net of income taxes and fair value adjustments totaling $2.4 million representing $0.04 per share compared to a benefit of $168,000 for similar items that occurred in the current quarter.

Unit volume shipped increased 14% for ferrous scrap and 34% for non-ferrous scrap. Platinum group metals, PGM’s unit volumes increased total 32% and product shipments decreased by 15% however operating income in the lead segment increased by 57%. The company’s scrap metal segment generated 8.6 million in operating income in the quarter compared to 7.8 million last year. The lead fabricating segment generated 1.1 million of operating income compared to 700,000 in the prior year and 15% fewer shipments.

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