8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

Date of Report (Date of earliest event reported): January 12, 2010

AMERICAN ECOLOGY CORPORATION

(Exact name of registrant as specified in its charter)

DELAWARE	0-11688	95-3889638
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)
Lakepointe Centre I, 300 E. Mallard Drive, Suite 300 Boise, Idaho (Address of principal executive offices)		83706 (Zip Code)

(208) 331-8400

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure

Attached as Exhibit 99.1 and furnished for purposes of Regulation FD is an Investor Presentation to be given by the Company at the Needham and Company 12th Annual Growth Stock Conference on Wednesday, January 13, 2010 at the New York Palace Hotel in New York City.

In accordance with general instruction B.2 of Form 8-K, the information in this report (including Exhibit 99.1) is furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

Item 9.01. Financial Statements and Exhibits

(d)  Exhibits

The following exhibits relating to Item 7.01 shall be deemed to be furnished, and not filed:

99.1  American Ecology Corporation Investor Presentation – January 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	AMERICAN ECOLOGY CORPORATION
	(Registrant)
Date:  January 12, 2010	By: /S/ Jeffrey R. Feeler
	Jeffrey R. Feeler
	Vice President & Chief Financial Officer

EX-99.1

1

Investor Presentation

January 2010

2

Jim Baumgardner

President and Chief Executive Officer

Steve Welling

Senior Vice President of Sales and Marketing

Jeff Feeler

Vice President and Chief Financial Officer

3

Safe Harbor

During the course of this presentation I will be making forward-looking statements (as such term
is defined in the Private Securities Litigation Reform Act of 1995) that are based on management’s
current expectations, beliefs and assumptions about the industry and markets in which we and our
subsidiaries operate. Because such statements include risks and uncertainties, actual results may
differ materially from what is expressed and no assurance can be given that the Company will
meet its 2009 earnings estimates, successfully execute its growth strategy, or declare or pay future
dividends.For information on other factors that could cause actual results to differ materially
from expectations, please refer to our December 31, 2008 Annual Report on Form 10-K and other
reports filed with the Securities and Exchange Commission. Many of the factors that will
determine our future results are beyond our ability to control or predict.Participants should not
place undue reliance on forward-looking statements, which reflect our views only as of today.We
undertake no obligation to revise or update any forward-looking statements, or to make any other
forward-looking statements, whether as a result of new information, future events or otherwise.

Important assumptions and other important factors that could cause actual results to differ
materially from those set forth in the forward-looking information include a loss of a major
customer, compliance with and changes to applicable laws and regulations, access to cost effective
transportation services, access to insurance and other financial assurances, loss of key personnel,
lawsuits, adverse economic conditions, government funding or competitive pressures, incidents
that could limit or suspend specific operations, implementation of new technologies,our ability to
perform under required contracts, our willingness or ability to pay dividends and our ability to
integrate any potential acquisitions.

4

Business Overview

ØOperate 4 Hazardous & Radioactive Waste Disposal Facilities

ØHeadquartered in Boise, Idaho (Nasdaq: ECOL)

-221 Employees

-9 Month Revenue $109 million

ØServices to U.S. industry & government

-“Base” Business: recurring waste streams

-“Event” Business: Discrete clean-ups

ØTransportation logistics including 234 company owned railcars

ØIn business since 1952

5

American Ecology Mission

Provide safe, secure & cost-effective hazardous and
radioactive materials management solutions to industry
& government while creating sustainable shareholder
value.

6

American Ecology Vision

ØCement our position as the premier hazardous & radioactive
materials services provider in the diverse markets we serve

- Be the best at what we do!

ØBuild on our strong relationships with customers & regulators
by providing cost-effective, technically superior environmental
management solutions. 

ØEmpower and align employees to actively participate in our
success.

ØGenerate sustainable increases in earnings per share and cash
flow at rate faster than growth of the markets we operate in.

7

Investment Highlights

ØUnique set of radioactive & hazardous services and assets

ØSeasoned, committed Executive management team

ØStrong cash flow business

-Investment in infrastructure fueling organic growth

ØSignificant operating leverage once fixed costs covered

ØStrong balance sheet with no debt

ØIndustry-leading return on invested capital: 15.2% ttm

8

Market Cap: $ 312 million*

Recent Price: $17.21*

52 Wk. Range:$13.56 - - $21.21

Shares Out./Float:18.2 / 15.5 million

Dividend/Yield:$0.72 / 4.2%

SG&A % of Revenue9.3% **

Cash Position:$20.1 million**

Term Debt:-0-

Avail. line of credit:$11 million

Solid Financials

*at 1-5-2010**at 9-30-2009

9

ØHistorically ~3.5M tons/year - Down in 2009 due to economy

—Base Business: Recurring business from industrial base

•Lower manufacturing output in 2009 producing lower
waste volumes - Must take market share to grow

—Event Business: Discrete ‘Clean-ups’

•Private/discretionary clean-ups continue to be deferred &
delayed - - Uncertain when normal conditions will return

•Government clean-ups moving forward but slower than
anticipated

U.S. Disposal Market Overview

10

3 Commercial Nuclear Waste Sites in US

21 Hazardous Waste Sites in US & Canada

«5 sites: Waste Management

«7 sites: Clean Harbors

«6 sites: Others

11

Changes Expected to Benefit
Our Industry Long-term

ØAmerican Recovery & Reinvestment Act of 2009 (“Stimulus”):

— $100 million extra to Army Corps FUSRAP Program

— $800 million extra to EPA Superfund & underground storage

           tank programs

— Main benefit expected in 2010 & 2011 - timing and impact
difficult to predict

ØProposals to reinstate lapsed Superfund excise tax on industry

ØFY 2010 EPA budget largest in agency’s history

— Heightened enforcement should drive more mandated clean-ups

•Timing & impact difficult to predict

ØPrivate Sector Redevelopment of Brownfields

12

Growth Strategy Overview

ØStrong safety culture & regulatory compliance

ØExpand waste handling infrastructure including rail

ØModify facility permits to support entry into new markets, develop
new services & attract new customers

ØMaximize operating leverage inherent to business

ØAggressively manage cost structure

and

ØExecute acquisitions consistent with Vision, Mission, and Core
Competencies

13

Disciplined Dual Growth Strategy

14

Acquisition Approach

ØDeals must be consistent with our Vision, Mission, Core
Competencies & Strategy

— Think broadly, but act in a focused way

— Will the deal help us solve customer hazardous/radioactive
waste problem or issue?

ØBe disciplined. No deal is much better than a bad deal.

ØDon’t overpay— Can never be ‘fixed’

ØDon’t underestimate execution complexity. The hard part starts
after the purchase.

15

ØRemote desert site fed by rail specializes in
high volumes

-5+ years of permitted capacity, but
more unpermitted space for growth

Ø“Hybrid” site for low-activity radioactive
and hazardous waste

ØLong-term business from U.S. Army Corps
of Engineers through ~ 2021

Premier U.S. Hazardous Waste Site

Grand View, Idaho

16

ØAdding New Infrastructure and Disposal
Space for Growth in 2010:

— Adding expanded treatment and drum
           handling capacity

— Constructing additional landfill cell

— 10+ years of permitted capacity

Robstown, Texas

Serving the Gulf Coast Oil & Gas Market

17

Texas Thermal Recycling

ØRecycles refinery tank bottoms,
cracking catalyst & other oil
bearing wastes

—  Industrial reuse of catalyst

—  Used Oil resold into market

ØKey advantage: Internalize cost
of by-product waste (ash &
liquids)

ØBuilding market share despite
increased competition in 2009

— Very Price Competitive

18

ØNew disposal area built in 2008

-10+ years of capacity

ØNew, state-of-the-art treatment
building with high capacity drum
handling capability

ØSuperb natural conditions for disposal

Beatty, Nevada

Great Desert Location Serving California Markets

19

ØRegulated monopoly for low-level
radioactive waste in 8 western states

ØNaturally occurring radioactive material
at free market pricing

Steady, Rate-Regulated Earnings

Richland, Washington

20

20

2010 Outlook

ØWe believe general economic weakness will persist in 2010 with
slow improvement over the course of the year

—Regional & industry pockets will improve before wide-spread recovery

ØContinued pressure on pricing, especially on thermal services

ØForecast ‘Event’ clean-up projects will be slow to return

ØExpect ‘Base’ business to improve slightly through the year as
industrial production increases

ØAnticipate Army Corps business to rebound due to specific
project needs and stimulus spending

ØGiven economic outlook, treatment and disposal revenue from
Honeywell will be hard to fully replace despite non-Honeywell
growth

Focus on Growth in a Sustainable Way!