American Ecology Records $2-Million Loss in Quarter
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American Ecology reported a $2-million loss in the second quarter that ended June 30, stemming from a $3.9-million reserve set aside as part of the settlement of a lawsuit with the state of Illinois over a low-level radioactive waste dump the company once operated near Sheffield.
Illinois filed suit in 1978 seeking $97 million in damages over the dump, where low-level radioactive waste has been leaking.
According to the settlement, announced in May, American Ecology will repair the radioactive portion of the dump and maintain it for 10 years. Total cost of the settlement is expected to be more than $8 million.
The Agoura Hills company said if the reserve had not been set up, its profit would have been $408,000, compared to $275,000 a year earlier. Revenue in the quarter rose 9% to $15.6 million.
For the six months, the company lost $2 million, compared to a profit of $484,000 a year earlier. Revenue rose 14% to $30.5 million.
For detailed data and results of other companies, please see tables, Page 10.
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