Minneapolis - Appliance Recycling Centers of America Inc (ARCA) has recorded stable results for the third quarter (Q3) of 2008, the company said 29 Oct.
Total revenues increased by 8.1 percent to $29.6 million from $27.4 million in the same period in 2007, gross profit was up to $10.1 million from $9.3 million in the same period last year whilst net income fell from $1.4 million or in Q3 2007 to $1.1 million.
"Overall the third quarter was solid for the company, especially in light of the difficult economic environment in which we are operating," said Edward Cameron, ARCA president and ceo.
The company also opened a new ApplianceSmart outlet in San Antonio in Q3 2008, signed two new leases for ApplianceSmart outlets in Rochester, Minnesota and Marietta, Georgia, and signed an agreement to become the exclusive distributor for Untha Recycling Technology (URT). ARCA also signed three new appliance recycling contracts.
ARCA is a major household appliance recycler for the energy conservation programmes of electric utilities. Through its ApplianceSmart operation ARCA is a major retailer of special-buy household appliances, mainly manufactured by Maytag, GE, Frigidaire and Whirlpool.