UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): August 21, 2017
APPLIANCE RECYCLING CENTERS OF AMERICA, INC.
(Exact name of registrant as specified in its charter)
| Minnesota | 0-19621 | 41-1454591 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 175 Jackson Avenue North Suite 102, Minneapolis, Minnesota | 55343 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: 952-930-9000
Not Applicable
(Former name or former address, if changed since last report)
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:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On August 21, 2017, Appliance Recycling Centers of America, Inc. (the “Company”) issued a press release setting forth the Company’s results of operations for its first quarter ended July 1, 2017. A copy of the Company’s press release is furnished herewith as Exhibit 99.1 and is incorporated into this Item 2.02 by reference. The information in this Item (and in such press release) shall not be deemed “filed” with the Securities and Exchange Commission (“SEC”) for purposes of the Securities Exchange Act of 1934, as amended nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
|
Exhibit Number |
Description of Document |
| 99.1 | Press Release dated August 21, 2017 |
| 2 |
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 hereunto duly authorized.
| Date: August 21, 2017 | APPLIANCE RECYCLING CENTERS OF AMERICA, INC. | |
| By: |
/s/ Tony Isaac | |
| Tony Isaac | ||
| Chief Executive Officer | ||
| 3 |
Exhibit 99.1
Appliance Recycling Centers of America Announces Second Quarter 2017 Financial Results
Minneapolis, MN (August 21, 2017) -- Appliance Recycling Centers of America, Inc. (Nasdaq: ARCI) (“ARCA” or the “company”), a leading provider of utility appliance recycling programs, announces today its financial results for the second quarter of 2017.
Highlights, which are comparable to the same period of 2016, include:
| · | Revenues of $25.7 million, an increase of 4.1 percent |
| · | Gross profit of $8.7 Million, an increase of 35 percent |
| · | Operating Income of $2.5 Million, compared to a loss of $1.1 Million |
| · | SG&A of $6.1 Million, a reduction of 18 percent |
| · | Net Income of more than $2 Million, or, $0.31 earnings per share, compared to a previous loss of $2.1 Million |
| · | Cash flow from operations of approximately $3.3 Million for the 26 weeks ended July 1, 2017 |
| · | Stockholders Equity increased to $15.1 Million ($2.27 per share), an increase of 40.1 percent year to date |
“We have diligently worked over the last several quarters to improve our company balance sheet and streamline operations in order to achieve our current position, of which we are extremely pleased,” said Tony Isaac, CEO of ARCA. “Our work has been focused on reducing expenses, repositioning of our company, and selling our stake in our joint venture, ARCA Advanced Processing, the results of which are not included in these financial statements, but have improved our balance sheet through the receipt of $800,000 in cash and the elimination of more than $4.2million in direct and indirect liabilities, as well as preventing associated potential future losses. Ultimately we believe these efforts result in additional shareholder value.”
About ARCA
ARCA’s two business components are uniquely positioned
in the industry to work together to provide a full array of appliance-related services. ARCA’s regional centers process appliances
at end of life to remove environmentally damaging substances and produce material byproducts for recycling for utilities in the
U.S. and Canada. Eighteen company-owned stores under the name ApplianceSmart, Inc.® sell new appliances directly to consumers
and provide affordable ENERGY STAR® options for energy efficiency appliance replacement programs.
Forward Looking Statements
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation
Reform Act of 1995, including statements regarding ARCA’s future success. These forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated
with the general economic conditions, competition in the retain and recycling industries and regulatory risks. Other factors that
could cause operating and financial results to differ are described in ARCA’s periodic reports filed with the Securities
and Exchange Commission. Other risks may be detailed from time to time in reports to be filed with the SEC.
# # #
Contact:
Rachel Holmes
Executive Vice President
Appliance Recycling Centers of America, Inc.
Tel: 952-930-9000
Email: rholmes@arcainc.com