June
June 28, 2006 | June 27, 2006 | June 5, 2006
June 28, 2006
Contact: Alison Ziegler, Cameron Associates 212.554.5469
alison@cameronassoc.com
AMERICAN ECOLOGY SUBSIDIARY, US ECOLOGY TEXAS, RECEIVES OSHA SAFETY RECOGNITION
Robstown, TEXAS – June 26, 2006 -- American Ecology Corporation [NASDAQ: ECOL] today announced that its subsidiary, US Ecology Texas, has been recommended by the U.S. Occupational Safety & Health Administration (OSHA) for designation as a Voluntary Protection Program (VPP) “Star” company based on the operation’s exceptional safety record and training programs.
“Safety is a core value at all American Ecology facilities,” Stephen Romano, President and Chief Executive Officer stated. “We congratulate General Manager Ken Knibbs and our entire Texas team for this recognition of their collective commitment to working safely, and we look forward to formal designation of US Ecology Texas as a VPP Star facility.”
“The team from our Corpus Christi office performed an extensive review of US Ecology Texas’ work practices and safety program and we’re pleased to recommend the site be approved for participation in the OSHA VPP Star Program," commented OSHA VPP Review Team Leader Rick Martinez.
American Ecology’s Idaho facility was recognized by OSHA in 2004 for exceptional safety practices, and the company’s other hazardous and radioactive waste disposal facilities in Nevada and Washington are also applying for OSHA safety recognition.
Voluntary Protection Programs promote effective worksite-based safety and health. VPP approval is OSHA’s official recognition of the outstanding efforts of employers and employees who have achieved exemplary occupational safety and health. Additional information on OSHA’s VPP program and prestigious “Star” designation can be found at: http://www.osha.gov/dcsp/vpp/index.html.
US Ecology Texas operates a hazardous waste treatment and disposal facility near Robstown, Texas. The company has supported environmental remediation projects and served oil refineries, chemical manufacturing facilities and other industry in the Gulf Coast region since 1973. Parent company American Ecology Corporation, based in Boise, Idaho, provides radioactive, PCB, hazardous and non-hazardous waste services to commercial and government customers throughout the United States. American Ecology is the oldest radioactive and hazardous waste services Company in the United States.
This press release contains forward-looking statements that are based on our current expectations, beliefs and assumptions about the industry and markets in which American Ecology and its subsidiaries operate. Actual results may differ materially from what is expressed herein and no assurance can be given that the Company will receive or maintain VPP Star status at its operating disposal facilities. For information on other factors that could cause actual results to differ from expectations please refer to American Ecology Corporation’s 2005 Annual Report on Form 10-K and quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 2, 2006.
June 27, 2006
Contact: Alison Ziegler, Cameron Associates 212.554.5469
alison@cameronassoc.com
AMERICAN ECOLOGY ANNOUNCES APPOINTMENT OF NEW CHIEF ACCOUNTING OFFICER
Company Also Announces Plans To Purchase Additional Gondola Railcars
BOISE, Idaho – June 27, 2006 – American Ecology Corporation [NASDAQ: ECOL] today announced that its Board of Directors has approved the appointment of Jeffrey R. Feeler, CPA, as Vice President, Controller, Treasurer and Chief Accounting Officer. Mr. Feeler, 36, will replace Michael Gilberg effective July 28, 2006. Mr. Gilberg is leaving American Ecology at that time to pursue other interests.
American Ecology’s Board of Directors also announced plans to purchase approximately 80 new gondola railcars to meet bundled rail transportation and disposal service demand.
Appointment of New Chief Accounting Officer
Mr. Feeler joins American Ecology from MWI Veterinary Supply, Inc. (“MWI”). He joined MWI just prior to MWI’s initial public offering and was responsible for all financial reporting, SEC compliance, financial planning, treasury and investor relations. Prior to MWI, Mr. Feeler spent nearly two years as Director of Financial Reporting at Albertson’s, Inc. and previously held various finance positions with Hewlett-Packard Company. From 1993 to 2002 he was with PricewaterhouseCoopers LLP, most recently as Business Assurance Senior Manager, where he provided audit and accounting services including the preparation of equity and debt registration statements, merger and acquisition due diligence support and other financial reporting support to multi-national public companies.
Stephen Romano, President and Chief Executive Officer commented, “With over 13 years experience in financial reporting, including nine years in public accounting and three years at Fortune 50 companies, Mr. Feeler is very well qualified to assume the duties of Controller, Treasurer and Chief Accounting Officer,” adding “We are excited to add his experience and expertise to the American Ecology team.”
Mr. Gilberg will continue to carry out his duties as Controller, Treasurer and Chief Accounting Officer through the filing of the Company’s second quarter financial results. Gilberg assisted in the recruitment process for Mr. Feeler and will be available, under a retention agreement, to help ensure a seamless transition of duties. “Mr. Gilberg made a strong contribution to American Ecology’s turnaround during his four and a half years with the Company and we wish him all the best in his new endeavors,” Romano concluded.
Railcar Purchase
The Company expects to purchase approximately 80 additional new railcars with cash to service recently awarded and existing rail transportation and disposal projects. Railcar fleet expansion will also support the planned 2006 opening of the Company’s Texas rail transfer facility now under construction.
Purchase of the new railcars reflects an approximately $6 million increase in American Ecology’s 2006 capital budget to $18 million from the previously announced $12 million. Capital spending in 2005 was $19.2 million. Management continues to project 2007 capital spending in a more normalized range of $6 to $7 million.
“American Ecology realizes higher margins with company-owned railcars than with leased or railroad-owned cars. Given the ramp-up of the Honeywell Jersey City project and other work, an expanded fleet of Company-owned railcars offers increased profitability,” Romano noted.
American Ecology Corporation, through its subsidiaries, provides radioactive, PCB, hazardous and non-hazardous waste services to commercial and government customers throughout the United States, such as nuclear power plants, steel mills, medical and academic institutions, refineries and chemical manufacturing facilities. Headquartered in Boise, Idaho, American Ecology is the nation’s oldest radioactive and hazardous waste services provider, having operated for more than fifty years.
This press release contains forward-looking statements that are based on our current expectations, beliefs and assumptions about the industry and markets in which American Ecology and its subsidiaries operate. Actual results may differ materially from what is expressed herein. No assurance can be given that the Company will realize higher rail service margins or increased profitability, continue to pay future dividends, meet its growth objectives, successfully market its Texas rail-served business, or fully comply with Securities and Exchange Commission requirements during the accounting executive transition. For information on other factors that could cause actual results to differ from expectations please refer to American Ecology Corporation’s 2005 Annual Report on Form 10-K and quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 2, 2006.
June 5, 2006
Contact: Alison Ziegler, Cameron Associates 212.554.5469
alison@cameronassoc.com
MICHAEL G. HANNON JOINS AMERICAN ECOLOGY AS VICE PRESIDENT OF CORPORATE DEVELOPMENT
BOISE, Idaho – June 5, 2006 – American Ecology Corporation [NASDAQ: ECOL] today announced the appointment of Michael G. Hannon, age 51, as Vice President of Corporate Development. Hannon is responsible for strategic planning, analysis of internal and external growth opportunities, and management and integration of potential merger and acquisition processes. He will also support the Company’s investor relations activities. Hannon reports to American Ecology President and Chief Executive Officer Stephen Romano.
“Mike Hannon is a waste industry veteran who brings a wealth of experience to American Ecology’s senior management team,” stated Romano. “His financial, operational and merger and acquisition background make him uniquely suited to fill this newly created position,” Romano added. “We look forward to Mike’s contributions in building shareholder value through continued growth of American Ecology’s nationally unique mix of hazardous, PCB and low-level radioactive waste treatment and disposal services,” Romano concluded.
Since 2002, Hannon has been President of Valuation Insight, Inc., a firm specializing in merger and acquisition consulting. From 1994 to 2002, Hannon was Vice President of Development / Mergers & Acquisitions at Allied Waste Industries, Inc. In that position, Hannon led a team that acquired more than 300 waste service businesses. Allied also acquired several publicly held companies during Hannon’s tenure including Laidlaw Waste Systems, Inc. (1996) and Browning-Ferris Industries, Inc. (1999). Hannon previously served as Midwest Regional Vice President with Laidlaw, and before that as a Regional Controller with Laidlaw and SCA Services. His background includes more than 30 years of waste industry experience.
With the hiring of Hannon, the Company has no current plans to name a new Chief Financial Officer. Vice President and Controller Michael Gilberg continues to serve as American Ecology’s Chief Accounting Officer and as Secretary and Treasurer to the Company’s Board of Directors.
American Ecology Corporation, through its subsidiaries, provides radioactive, PCB, hazardous and non-hazardous waste services to commercial and government customers throughout the United States, such as nuclear power plants, steel mills, medical and academic institutions, refineries and chemical manufacturing facilities. Headquartered in Boise, Idaho, American Ecology is the nation’s oldest radioactive and hazardous waste services provider, having operated for more than fifty years.
This press release contains forward-looking statements that are based on our current expectations, beliefs and assumptions about the industry and markets in which American Ecology and its subsidiaries operate. Actual results may differ materially from what is expressed herein. No assurance can be given that the Company will increase shareholder value, meet its growth objectives or expand the business through internal business initiatives or through mergers or acquisitions. For information on other factors that could cause actual results to differ from expectations please refer to American Ecology Corporation’s 2005 Annual Report on Form 10-K and quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 2, 2006.