Metalico, Inc. disclosed third quarter operating income from continuing operations of $2.1 million, an increase from $600,000 for the prior year period excluding impairment charges.
Consolidated EBITDA was $7.6 million before the impact of discontinued operations, compared to $6.6 million in the third quarter of 2013. Reported operating results exclude lead fabricating segment operations, which have been classified as discontinued operations pending sale.
Net loss from continuing operations was $2.1 million or $0.04 per share, principally due to higher interest expense and tax provision. Inclusive of a $4.9 million discontinued operations loss, net loss was $7 million, or $0.14 per share.
Metalico posted sales of $129 million from continuing operations for the quarter, a 9 percent increase over $118 million in the comparable 2013 period.
Record ferrous metal shipments combined with near record nonferrous shipments contributed to increased sales. Ferrous scrap pricing was about 5 percent higher, partially offset by lower nonferrous selling prices and product mix.
Metalico had previously announced its intent to divest non-core assets and apply proceeds to reduce its debt. The company reported it has made substantial progress toward the sale of its lead fabricating segment and has reclassified its lead business as discontinued operations pending sale as required under applicable accounting standards.
Published in the January 2015 Edition of American Recycler News