| DE | 0-11688 | 95-3889638 | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
| 251 E. Front St., Suite 400, Boise, ID | 83706 | |
| (Address of principal executive offices) | (Zip 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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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 hereunto duly authorized.
| Dated: June 2, 2016 |
US Ecology, Inc. By: /s/ Eric L. Gerratt Eric L. Gerratt Executive Vice President and Chief Financial Officer |
| Exhibit No. | Description | |
| 99.1 | Press Release of US Ecology, Inc. dated June 2, 2016 |
Authorizes a $25 Million Stock Repurchase Program
BOISE, ID -- (Marketwired - June 02, 2016) - US Ecology, Inc. (NASDAQ: ECOL) ("the Company") today announced that the Board of Directors completed its annual review of the Company's capital allocation priorities and remains committed to investing available free cash flow into internal, organic growth initiatives while continuing to identify high-quality, strategic acquisitions that extend or enhance our environmental services assets or complementary field service capabilities. As part of this annual review, the Board of Directors authorized a program to repurchase up to $25 million of the Company's outstanding common stock.
"Later this month we will mark our two-year anniversary of the acquisition of EQ, which broadened US Ecology's geographic presence and strengthened our market position as a leader in the environmental services industry," commented Jeff Feeler, Chairman and CEO. "Over this period, the Company's strong cash flow generation and strategic focus on our core environmental services assets has allowed us to reduce debt and strengthen our balance sheet, positioning US Ecology for growth. Anticipated future strong cash flow generation should allow for continued organic investment, strategic acquisitions and will also return capital to stockholders through our current dividend. The authorization of a repurchase program provides additional opportunities to deploy capital through opportunistic stock purchases."
Under the newly authorized program, stock repurchases may be made from time to time in the open market or through privately negotiated transactions. The timing of any purchases will be based upon prevailing market conditions and other factors. The program will remain in effect until June 2, 2018, unless extended by the Board of Directors. The share buyback program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time without prior notice.
The Company anticipates funding for this program to come from available corporate funds, including cash on hand, revolving credit facility borrowings and future cash flows.
About US Ecology, Inc.
US Ecology, Inc. is a leading North American provider of environmental services to commercial and government entities. The Company addresses the complex waste management needs of its customers, offering treatment, disposal and recycling of hazardous, non-hazardous and radioactive waste, as well as a wide range of complementary field and industrial services. US Ecology's focus on safety, environmental compliance, and best-in-class customer service enables us to effectively meet the needs of our customers and to build long-lasting relationships. Headquartered in Boise, Idaho, with operations in the United States, Canada and Mexico, the Company has been protecting the environment since 1952. For more information visit www.usecology.com.
Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on management's beliefs and assumptions, which in turn are based on currently available information. Important assumptions include, among others, those regarding demand for Company services, expansion of service offerings geographically or through new or expanded service lines, the timing and cost of planned capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Forward-looking statements also involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond our ability to control or predict. Such factors include the replacement of non-recurring event clean-up projects, a loss of a major customer, our ability to permit and contract for timely construction of new or expanded disposal cells, our ability to renew our operating permits or lease agreements with regulatory bodies, loss of key personnel, compliance with and changes to applicable laws, rules, or regulations, access to insurance, surety bonds and other financial assurances, a deterioration in our labor relations or labor disputes, our ability to perform under required contracts, failure to realize anticipated benefits and operational performance from acquired operations, adverse economic or market conditions, government funding or competitive pressures, incidents or adverse weather conditions that could limit or suspend specific operations, access to cost effective transportation services, fluctuations in foreign currency markets, lawsuits, our willingness or ability to pay dividends, implementation of new technologies, limitations on our available cash flow as a result of our indebtedness and our ability to effectively execute our acquisition strategy and integrate future acquisitions.
Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission (the "SEC"), we are under no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on our forward-looking statements. Although we believe that the expectations reflected in forward-looking statements are reasonable, we cannot guarantee future results or performance. Before you invest in our common stock, you should be aware that the occurrence of the events described in the "Risk Factors" section in this report could harm our business, prospects, operating results, and financial condition.
Contact: Alison Ziegler Darrow Associates (201) 220-2678 aziegler@darrowir.com www.usecology.com