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Appliance Recycling Centers of America swings to profit in fiscal Q3

Appliance Recycling Centers of America Inc. said its normalized net income for the fiscal third quarter ended Oct. 1 was 12 cents per share, compared with a loss of 9 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $697,380, compared with a loss of $535,750 in the year-earlier period.

The normalized profit margin climbed to 2.5% from negative 1.9% in the year-earlier period.

Total revenue decreased on an annual basis to $27.4 million from $28.1 million, and total operating expenses decreased 11.3% on an annual basis to $25.9 million from $29.2 million.

Reported net income came to $1.1 million, or 19 cents per share, compared to a loss of $758,680, or a loss of 13 cents per share, in the prior-year period.