American Ecology said its earnings fell 57% to $300,000, or 9 cents a share, in the second quarter ended June 30. Earnings were $700,000, or 25 cents a share, in the second quarter last year. The decline came even though revenue rose 39% in the quarter, from $10.3 million to $14.3 million.
The waste-management company, based in Calabasas, cited increased expenses associated with lawsuits filed by the state of Illinois alleging that radioactive isotopes entered a lake from a dump the company operated. In addition, the company had costs from the closing of one of its dumps in Maxey Flats, Tenn., after state allegations that waste materials were not contained properly.
For the six months, American Ecology earned $500,000, or 16 cents a share, down 64% from $1.4 million, or 49 cents a share, a year earlier. Revenue rose 30% to $26.7 million.