Contact Information: For Immediate Release Contact: Alison Ziegler Cameron Associates (212) 554-5469 alison@cameronassoc.com www.americanecology.com
American Ecology Extends Stock Repurchase Program; Initiates 10b5-1 Plan for Stock Repurchases
| Source: American Ecology Corporation
BOISE, ID--(Marketwire - February 25, 2009) - American Ecology Corporation (NASDAQ : ECOL ) (the
"Company") announced today that its Board of Directors has extended the
expiration of its previously announced stock repurchase program from
February 29, 2009 to December 31, 2009, unless extended, canceled or
modified. The Board initially authorized the Company to repurchase up to
600,000 shares, or about 3%, of its outstanding common stock on October 28,
2008.
The Company also announced that it has entered into a prearranged stock
repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934
(the "10b5-1 Plan") to facilitate the repurchase program. Under the 10b5-1
Plan, our third party broker will have authority to repurchase the
Company's shares in the open market or through privately negotiated
transactions in accordance with the terms of the plan. The 10b5-1 Plan
will permit repurchases commencing March 26, 2009, unless the plan is
terminated earlier in accordance with its terms. The Company anticipates
funding any repurchases with cash. At December 31, 2008, the Company had
18.2 million shares outstanding and $18.5 million in cash.
About American Ecology Corporation
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 steel mills,
medical and academic institutions, refineries, chemical manufacturing
facilities and the nuclear power industry. Headquartered in Boise, Idaho,
the Company is the oldest radioactive and hazardous waste services company
in the United States.
This press release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995 that are based on our
current expectations, beliefs and assumptions about the industry and
markets in which American Ecology Corporation and its subsidiaries operate.
Because such statements include risks and uncertainties, actual results may
differ materially from what is expressed herein and no assurance can be
given that the Company will meet its 2009 earnings estimates, successfully
execute its growth strategy, repurchase its stock under approved stock
repurchase plans or declare or pay future dividends. For information on
other factors that could cause actual results to differ materially from
expectations, please refer to American Ecology Corporation's December 31,
2008 Annual Report on Form 10-K and other reports filed with the Securities
and Exchange Commission. Many of the factors that will determine the
Company's future results are beyond the ability of management to control or
predict. Readers should not place undue reliance on forward-looking
statements, which reflect management's views only as of the date such
statements are made. The Company undertakes no obligation to revise or
update any forward-looking statements, or to make any other forward-looking
statements, whether as a result of new information, future events or
otherwise. Important assumptions and other important factors that could
cause actual results to differ materially from those set forth in the
forward-looking information include a loss of a major customer, compliance
with and changes to applicable laws and regulations, limitations operating
the thermal desorption system installed at the Texas facility, access to
cost effective transportation services, access to insurance and other
financial assurances, loss of key personnel, lawsuits, adverse economic
conditions, government funding or competitive pressures, incidents that
could limit or suspend specific operations, our ability to perform under
required contracts, our willingness or ability to pay dividends and our
ability to integrate any potential acquisitions.
Investors should also be aware that while we do, from time to time,
communicate with securities analysts, it is against our policy to disclose
any material non-public information or other confidential commercial
information. Accordingly, stockholders should not assume that we agree with
any statement or report issued by any analyst irrespective of the content
of the statement or report. Furthermore, we have a policy against issuing
or confirming financial forecasts or projections issued by others. Thus, to
the extent that reports issued by securities analysts contain any
projections, forecasts or opinions, such reports are not the responsibility
of American Ecology Corporation.