UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM 10-Q

(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                  ACT OF 1934

                  For the Quarterly Period Ended March 31, 2004

                                       OR


     ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

      For the transition period from __________________to__________________


                         Commission File Number 0-11688


                          AMERICAN ECOLOGY CORPORATION
                          ----------------------------
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                 DELAWARE                             95-3889638
                 --------                             ----------
      (State or other jurisdiction of              (I.R.S. Employer
       incorporation or organization)            Identification Number)

            Lakepointe Centre I,
         300 E. Mallard, Suite 300
               Boise, Idaho                             83706
               ------------                             -----
   (Address of principal executive offices)           (Zip Code)


                                 (208) 331-8400
                                 --------------
              (Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required
to  be  filed  by  Sections  13  or 15(d) of the Securities Exchange Act of 1934
during  the  preceding  12  months,  and  (2)  has  been  subject to such filing
requirements  for  the  past  90  days.
                                  Yes [X]  No [ ]

Indicate  by  check  mark  whether  the  registrant  is an accelerated filer (as
defined  in  Rule  12b-2  of  the  Exchange  Act).
                                  Yes [ ]  No [X]

At  April  30,  2004  Registrant had outstanding 17,209,150 shares of its Common
Stock.


<PAGE>
                          AMERICAN ECOLOGY CORPORATION
                      QUARTERLY REPORT ON FORM 10-Q FOR THE
                        THREE MONTHS ENDED MARCH 31, 2004


                                TABLE OF CONTENTS


                         PART I.  FINANCIAL INFORMATION



                                                                            PAGE
Item 1.   Financial Statements

          Consolidated Balance Sheets
             (Unaudited)                                                       4

          Consolidated Statements of Operations
             (Unaudited)                                                       5

          Consolidated Statements of Cash Flows
             (Unaudited)                                                       6

          Notes to Consolidated Financial Statements 7

Item 2.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations                                               14

Item 3.   Quantitative and Qualitative Disclosures About Market Risk          22

Item 4.   Controls and Procedures                                             22


                           PART II. OTHER INFORMATION



Item 1.   Legal Proceedings                                                   22

Item 2.   Changes in Securities and Use of Proceeds                           23

Item 3.   Defaults Upon Senior Securities                                     23

Item 4.   Submission of Matters to a Vote of Security Holders                 23

Item 5.   Other Information                                                   23

Item 6.   Exhibits and Reports on Form 8-K                                    23

          Signatures                                                          24


                                        2
<PAGE>

OFFICERS
--------
Stephen  A.  Romano
Chief  Executive  Officer,  President  and  Chief
Operating  Officer

James  R.  Baumgardner
Senior  Vice  President,  Chief  Financial  Officer
Treasurer  and  Secretary

Michael  J.  Gilberg
Vice  President  and  Controller

Steven  D.  Welling
Vice  President,  Sales  &  Marketing

John  M.  Cooper
Vice President and Chief Information Officer


DIRECTORS
---------
Roger  P.  Hickey,  Chairman
President,  Chicago  Partners

David  B.  Anderson
President,  Highland  Capital  Enterprises  Corp.

Rotchford  L.  Barker
Independent  Businessman

Roy  C.  Eliff
Independent  Businessman

Edward  F.  Heil
Independent  Businessman

Stephen  A.  Romano
Chief  Executive  Officer,  President  and  Chief
Operating  Officer

Stephen  M.  Schutt
Vice  President,  Nuclear  Fuel  Services,  Inc.


CORPORATE  OFFICE
-----------------
Lakepointe  Centre  I
American  Ecology  Corporation
300  East  Mallard  Drive,  Suite  300
Boise,  Idaho  83706
(208)  331-8400
(208)  331-7900  (fax)
www.americanecology.com
-----------------------


COMMON  STOCK
-------------
American  Ecology  Corporation's  common  stock
trades  on  the  Nasdaq  National  Market  under  the
symbol  ECOL.


FINANCIAL  REPORTS
------------------
A  copy  of  American  Ecology  Corporation
Annual  and  Quarterly  Reports,  as  filed  on  Form  10-K
and  10-Q  with  the  Securities  and  Exchange
Commission,  may  be  obtained  by  writing:
Lakepointe  Centre  I
300  E.  Mallard,  Suite  300
Boise,  Idaho  83706
or  at  www.americanecology.com
        -----------------------


TRANSFER  AGENT
---------------
Mellon  Investor  Services  LLC
Overpeck  Centre
85  Challenger  Road
Ridgefield  Park,  New  Jersey  07660
(201)  296-4000
or  at  www.mellon-investor.com
        -----------------------


AUDITOR
-------
Moss  Adams  LLP
1001  Fourth  Avenue,  Suite  2900
Seattle,  WA  98154


                                        3
<PAGE>
<TABLE>
<CAPTION>

PART  I.   FINANCIAL  INFORMATION
---------------------------------
ITEM  1.   FINANCIAL  STATEMENTS.

                                         AMERICAN ECOLOGY CORPORATION
                                    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                                     ($ IN 000'S EXCEPT PER SHARE AMOUNTS)


                                                                            MARCH 31,2004    December 31,2003
                                                                           ---------------  ------------------
<S>                                                                        <C>              <C>
ASSETS
Current Assets:
   Cash and cash equivalents                                               $       10,771   $           6,674
   Receivables, net                                                                 8,576              12,596
   Income taxes receivable                                                             52                   2
   Prepayments and other                                                              861               1,049
   Deferred income taxes                                                            2,057               3,222
   Assets held for sale or closure                                                    735                 938
                                                                           ---------------  ------------------
      Total current assets                                                         23,052              24,481

Cash and investment securities, pledged                                               131                 170
Property and equipment, net                                                        27,500              28,317
Facility development costs                                                          6,478               6,478
Other assets                                                                          565                 561
Deferred income taxes                                                               5,062               5,062
Assets held for sale or closure                                                     1,557               1,557
                                                                           ---------------  ------------------
      Total assets                                                         $       64,345   $          66,626
                                                                           ===============  ==================

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
   Current portion of long term debt                                       $        1,474   $           1,475
   Accounts payable                                                                 1,605               1,678
   Accrued liabilities                                                              6,501               4,788
   Accrued closure and post closure obligation, current portion                     1,828               1,828
   Liabilities of assets held for sale or closure, current portion                    928               1,907
                                                                           ---------------  ------------------
      Total current liabilities                                                    12,336              11,676

Long term debt                                                                      3,835               4,200
Long term accrued liabilities                                                         513                 454
Accrued closure and post closure obligation, excluding current portion              9,405               9,296
Liabilities of assets held for sale or closure, excluding current portion           4,608               4,649
                                                                           ---------------  ------------------
      Total liabilities                                                            30,697              30,275
                                                                           ---------------  ------------------

Commitments and contingencies

Shareholders' equity:
   Convertible preferred stock, 1,000,000 shares authorized
   Common stock, $.01 par value, 50,000,000 authorized, 17,175,150
      and 17,033,118  shares issued and outstanding                                   172                 170
   Additional paid-in capital                                                      49,681              54,824
   Accumulated deficit                                                            (16,205)            (18,643)
                                                                           ---------------  ------------------
      Total shareholders' equity                                                   33,648              36,351
                                                                           ---------------  ------------------

Total Liabilities and Shareholders' Equity                                 $       64,345   $          66,626
                                                                           ===============  ==================
<FN>

See notes to consolidated financial statements.
</TABLE>


                                        4
<PAGE>
<TABLE>
<CAPTION>
                                      AMERICAN ECOLOGY CORPORATION
                                 CONSOLIDATED STATEMENTS OF OPERATIONS
                                              (UNAUDITED)
                                 ($ IN 000'S EXCEPT PER SHARE AMOUNTS)


                                                                            Three Months Ended
                                                                     MARCH 31, 2004    March 31, 2003
                                                                     ---------------  ----------------
<S>                                                                  <C>              <C>

Revenue                                                              $        13,905  $        10,771
Direct operating costs                                                         7,612            5,984
                                                                     ---------------  ----------------

Gross profit                                                                   6,293            4,787
Selling, general and administrative expenses                                   2,872            4,497
                                                                     ---------------  ----------------
Operating income                                                               3,421              290

Interest income                                                                   36               --
Interest expense                                                                  49              121
Loss on write off of Ward Valley facility development costs                       --           20,951
Other income                                                                      45               --
                                                                     ---------------  ----------------

Income (loss) before income tax and discontinued operations                    3,453          (20,782)
Income tax expense (benefit)                                                   1,164               (8)
                                                                     ---------------  ----------------

Income (loss) before discontinued operations                                   2,289          (20,774)
Gain from discontinued operations - El Centro Landfill                            --            4,944
Gain (loss) from discontinued operations - Oak Ridge LLRW Facility               149           (1,337)
                                                                     ---------------  ----------------

Net income (loss)                                                              2,438          (17,167)
Preferred stock dividends                                                         --               64
                                                                     ---------------  ----------------

Net income (loss) available to common shareholders                   $         2,438  $       (17,231)
                                                                     ===============  ================

Basic earnings (loss) from continuing operations                                 .13            (1.34)
Basic earnings from discontinued operations                                      .01              .23
                                                                     ---------------  ----------------
Basic earnings (loss) per share                                      $           .14  $         (1.11)
                                                                     ===============  ================

Diluted earnings (loss) from continuing operations                               .13            (1.34)
Diluted earnings from discontinued operations                                    .01              .23
                                                                     ---------------  ----------------
Diluted earnings (loss) per share                                    $           .14  $         (1.11)
                                                                     ===============  ================

Dividends paid per common share                                      $            --  $            --
                                                                     ===============  ================
<FN>


See notes to consolidated financial statements.
</TABLE>


                                        5
<PAGE>
<TABLE>
<CAPTION>
                          AMERICAN ECOLOGY CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (UNAUDITED, $ IN 000'S)

                                                       Three Months Ended March 31,
                                                       ----------------------------
                                                              2004      2003
                                                            --------  ---------
<S>                                                         <C>       <C>
Cash flows from operating activities:
   Net income (loss)                                        $ 2,438   $(17,167)
   Adjustments to reconcile net income to net
      cash provided by operating activities:
   Depreciation, amortization, and accretion                  1,488      1,707
   Income from discontinued operations                         (149)    (3,607)
   Write off of Ward Valley project                              --     20,951
   Changes in assets and liabilities:
   Receivables                                                4,020      3,211
   Other assets                                                 173        131
   Closure and post closure obligation                         (148)      (204)
   Income taxes payable                                       1,115        (10)
   Accounts payable and accrued liabilities                   1,699        875
                                                            --------  ---------
      Net cash provided by operating activities              10,636      5,887

Cash flows from investing activities:
   Capital expenditures                                        (513)    (2,277)
   Proceeds from sale of assets                                 110         --
   Transfers from cash and investment securities, pledged        39         --
                                                            --------  ---------
      Net cash used in investing activities                    (364)    (2,277)

Cash flows from financing activities:
   Payments of indebtedness                                    (366)    (1,531)
   Retirement of series D preferred stock                        --     (6,406)
   Retirement of common stock warrants                       (5,500)        --
   Stock options exercised                                      359      3,650
                                                            --------  ---------
      Net cash used in financing activities                  (5,507)    (4,287)
                                                            --------  ---------

Increase (decrease) in cash and cash equivalents              4,765       (677)
Net cash provided by (used in) discontinued operations         (668)     7,676
Cash and cash equivalents at beginning of period              6,674        135
                                                            --------  ---------
Cash and cash equivalents at end of period                  $10,771   $  7,134
                                                            ========  =========

Supplemental disclosures of cash flow information:
Cash paid during the year for:
   Interest                                                 $    49   $    121
   Income taxes paid                                             50          2
Non-cash investing and financing activities:
<FN>


See notes to consolidated financial statements.
</TABLE>



                                        6
<PAGE>
AMERICAN  ECOLOGY  CORPORATION
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS

NOTE  1.  BASIS  OF  PRESENTATION

In  the opinion of management, the accompanying unaudited consolidated financial
statements  contain  all adjustments and disclosures necessary to present fairly
the  financial  position,  results  of  operations,  and  cash flows of American
Ecology  Corporation  and  its  wholly-owned subsidiaries (the "Company"). These
financial  statements and notes should be read in conjunction with the financial
statements  and  notes included in the Company's 2003 Annual Report on Form 10-K
for  the  year  ended  December 31, 2003, filed with the Securities and Exchange
Commission.

Certain  reclassifications  of  prior  quarter amounts have been made to conform
with  current quarter presentation, none of which affect previously recorded net
income.

NOTE  2.  EARNINGS  PER  SHARE

Basic  earnings  per  share are computed based on net income available to common
shareholders and the weighted average number of common shares outstanding during
the  quarter.  Diluted earnings per share reflect the assumed issuance of common
shares  for  outstanding  options and conversion of warrants. The computation of
diluted  earnings per share does not assume exercise or conversion of securities
whose  exercise  price  is greater than the average common share market price as
the  assumed  conversion  of these securities would increase earnings per share.
The computation of diluted loss per share does not assume exercise or conversion
of  any  securities  as the assumed conversion of securities would decrease loss
per  share.

<TABLE>
<CAPTION>
                                                           Three Months Ended March 31,
     ($in thousands except per share amounts)                     2004      2003
                                                                 -------  ---------
<S>                                                              <C>      <C>

Income (loss) before discontinued operations                     $ 2,289  $(20,774)
Income from operations of discontinued segments                      149     3,607
                                                                 -------  ---------
Net income (loss)                                                  2,438   (17,167)
Preferred stock dividends                                             --        64
                                                                 -------  ---------
Net income (loss) available to common shareholders               $ 2,438  $(17,231)
                                                                 =======  =========

Weighted average shares outstanding-
  Common shares                                                   17,090    15,476
Effect of dilutive shares
  Stock options                                                      525        --
                                                                 -------  ---------

 Average shares                                                   17,615    15,476
                                                                 =======  =========

Basic earnings (loss) per share from continuing operations           .13  $  (1.34)
Basic earnings (loss) per share from discontinued operations         .01       .23
                                                                 -------  ---------
Basic earnings (loss) per share                                  $   .14  $  (1.11)
                                                                 =======  =========

Diluted earnings (loss) per share from continuing operations         .13  $  (1.34)
Diluted earnings (loss) per share from discontinued operations       .01       .23
                                                                 -------  ---------
Diluted earnings (loss) per share                                $   .14  $  (1.11)
                                                                 =======  =========
</TABLE>



NOTE  3.  EQUITY

On February 17, 2004 the Company redeemed a warrant to purchase 1,349,843 shares
of common stock at $1.50 a share for $5,500,000. The closing market price of the
Company's  common  stock  of  February  17, 2004 was $6.99. The warrant had been
issued in 1998 to its former bank as part of a debt restructuring agreement. The
redeemed


                                        7
<PAGE>
warrant, which represented approximately 8% of the Company's shares outstanding,
has  been  surrendered  and will not be reissued. The warrant redemption reduced
the  Company's cash on hand by $5,500,000 and reduced additional paid-in-capital
by  a  like  amount,  with  no  effect  on  the  Statement  of  Operations.

NOTE  4.  OPERATING  SEGMENTS

The  Company  operates  within  two  segments, Operating Disposal Facilities and
Non-Operating Disposal Facilities, based on its internal reporting structure and
nature  of  services offered. The Operating Disposal Facility segment represents
facilities accepting hazardous and radioactive waste. The Non-Operating Disposal
Facility  segment  represents facilities that are not accepting hazardous and/or
radioactive  waste  or  are  awaiting  approval  to  open.

On December 27, 2002, the Company committed to discontinue commercial operations
within  its  Processing  and  Field  Services  segment  which  aggregated,
volume-reduced,  and  performed  remediation  and  other services on radioactive
material,  but  excluded  processing  performed  at its disposal facilities. All
prior  segment  information has been restated in order to present the operations
at  the  Oak  Ridge  facility,  including  the  Field  Services  division,  as
discontinued  operations.

Effective  December  31,  2002,  the  Company classified the El Centro municipal
landfill  as  an  asset  held  for sale due to the expected sale of the facility
which  occurred  on  February  13,  2003. All prior segment information has been
restated  in  order  to  present  the  operations  of  the El Centro landfill as
discontinued  operations.

Income  taxes are assigned to Corporate, but all other items are included in the
segment  where they originated.  Inter-company transactions have been eliminated
from  the  segment  information  and  are  not  significant  between  segments.




                                        8
<PAGE>
Summarized financial information concerning the Company's reportable segments is
shown  in  the  following  table  ($  in  thousands).

<TABLE>
<CAPTION>
                                          Operating       Non-Operating     Discontinued
                                          Disposal          Disposal       Processing and
                                         Facilities        Facilities      Field Services      Corporate         Total
<S>                                   <C>                <C>              <C>               <C>               <C>
-------------------------------------------------------------------------------------------------------------------------
THREE MONTHS ENDED MARCH 31, 2004
---------------------------------
Revenue                               $         13,891   $           14   $            --   $            --   $   13,905
Direct operating cost                            7,503              109                --                --        7,612
                                      -----------------  ---------------  ----------------  ----------------  -----------
Gross profit (loss)                              6,388              (95)               --                --        6,293
S,G&A                                            1,224                5                --             1,643        2,872
                                      -----------------  ---------------  ----------------  ----------------  -----------
Income (loss) from operations                    5,164             (100)               --            (1,643)       3,421
Interest and other income/(expense)                 25               17                --               (10)          32
                                      -----------------  ---------------  ----------------  ----------------  -----------
Income (loss) before income tax and
discontinued operations                          5,189              (83)               --            (1,653)       3,453
Income tax expense (benefit)                        --               --                --             1,164        1,164
Discontinued operations                             --               --               149                --          149
                                      -----------------  ---------------  ----------------  ----------------  -----------
Net Income (loss)                     $          5,189   $          (83)  $           149   $        (2,817)  $    2,438
                                      =================  ===============  ================  ================  ===========
Depreciation and accretion            $          1,478   $            2   $            --   $             8   $    1,488
Capital Expenditures                  $            481   $           --   $            --   $            32   $      513
Total Assets                          $         36,307   $        6,529   $         2,292   $        19,217   $   64,345
-------------------------------------------------------------------------------------------------------------------------
THREE MONTHS ENDED MARCH 31, 2003
---------------------------------
Revenue                               $         10,767   $            4   $            --   $            --   $   10,771
Direct operating cost                            5,882              102                --                --        5,984
                                      -----------------  ---------------  ----------------  ----------------  -----------
Gross profit (loss)                              4,885              (98)               --                --        4,787
S,G&A                                            1,826            1,517                --             1,154        4,497
                                      -----------------  ---------------  ----------------  ----------------  -----------
Income (loss) from operations                    3,059           (1,615)               --            (1,154)         290
Interest and other income/(expense)                (44)              --                --               (77)        (121)
Write off of Ward Valley facility                   --           20,951                --                --       20,951
                                      -----------------  ---------------  ----------------  ----------------  -----------
Income (loss) before income tax and
discontinued operations                          3,015          (22,566)               --            (1,231)     (20,782)
Income tax expense (benefit)                        --               --                --                (8)          (8)
Discontinued operations                          4,944               --            (1,337)               --        3,607
                                      -----------------  ---------------  ----------------  ----------------  -----------
Net Income (loss)                     $          7,959   $      (22,566)  $        (1,337)  $        (1,223)  $  (17,167)
                                      =================  ===============  ================  ================  ===========
Depreciation and accretion            $          1,802   $            1   $            --   $            11   $    1,814
Capital Expenditures                  $          2,614   $           23   $           473   $            --   $    3,110
Total Assets                          $         36,230   $        6,519   $         4,231   $        16,910   $   63,890
</TABLE>

NOTE 5. STOCK OPTION PLANS

The  Company  has  two  stock-based  compensation plans, which are accounted for
under  the  recognition  and  measurement  principles  of  APB  Opinion  No. 25,
Accounting  for  Stock  Issued  to  Employees  and  related  Interpretations. No
stock-based employee compensation cost is reflected in net income. The following
table illustrates the effect on net income and earnings per share if the Company
applied  the  fair  value  recognition  provisions  of  FASB  Statement No. 123,
Accounting  for  Stock-Based  Compensation,  to stock-based compensation for the
quarters  ended  March  31,  2004  and  2003:

<TABLE>
<CAPTION>
($in thousands, except per share amounts)                                   2004      2003
                                                                           -------  ---------
<S>                                                                        <C>      <C>
Net income (loss), as reported                                             $2,438   $(17,167)
Deduct: Total stock-based employee compensation expense determined
under fair value based method for all awards, net of related tax effects      (94)      (525)
                                                                           -------  ---------
Pro forma net income (loss)                                                $2,344   $(17,692)
                                                                           =======  =========


                                        9
<PAGE>
EARNINGS (LOSS) PER SHARE:
   Basic - as reported                                                     $  .14   $  (1.11)
                                                                           =======  =========
   Basic - pro forma                                                       $  .14   $  (1.14)
                                                                           =======  =========
   Diluted - as reported                                                   $  .14   $  (1.11)
                                                                           =======  =========
   Diluted - pro forma                                                     $  .13   $  (1.14)
                                                                           =======  =========
</TABLE>

The  stock option plan summary and changes during quarters ended March 31 are as
follows:

<TABLE>
<CAPTION>
                                                                     2004         2003
                                                                  -----------  -----------
<S>                                                               <C>          <C>
Options outstanding, beginning of quarter                          1,266,281      753,150
Granted                                                                   --      758,724
Exercised                                                           (141,100)     (67,500)
Canceled                                                                  --       (9,500)
                                                                  -----------  -----------
Options outstanding, end of quarter                                1,125,181    1,434,874
                                                                  ===========  ===========

Weighted average exercise price of options, beginning of quarter  $     3.90   $     3.42
Weighted average exercise price of options granted                             $     4.42
Weighted average exercise price of options exercised              $     2.49   $     1.68
Weighted average exercise price of options canceled                            $     3.12
Weighted average exercise price of options, end of quarter        $     4.08   $     4.03

Options exercisable at end of quarter                                819,841      865,831
                                                                  ===========  ===========

Options available for future grant at end of quarter                 509,676      453,626
                                                                  ===========  ===========
</TABLE>

The  following  table summarizes information about the stock options outstanding
under  the  Company's  option  plans  as  of  March  31,  2004:

<TABLE>
<CAPTION>
                        Weighted
                         average        Weighted       Weighted
                        remaining        average        average
Range of exercise   contractual life     Number     exercise price     Number     exercise price
price per share          (years)       outstanding     per share     exercisable     per share
------------------  -----------------  -----------  ---------------  -----------  ---------------
<S>                 <C>                <C>          <C>              <C>          <C>

1.00 - $1.47                     3.5       67,500  $          1.32       67,500  $          1.32
1.60 - $2.25                     5.7       84,000  $          2.04       84,000  $          2.04
2.42 - $3.50                     8.4      354,582  $          2.92      245,791  $          2.89
3.75 - $5.00                     7.1      424,846  $          4.30      297,923  $          4.22
     6.50                        8.9      139,253  $          6.50       69,627  $          6.50
    10.13                        0.9       55,000  $         10.13       55,000  $         10.13
                                       -----------                   -----------
                                        1,125,181                       819,841
                                       ===========                   ===========
</TABLE>


As  of  March  31,  2004,  the  1992 Stock Option Plan for Employees had options
outstanding  to  purchase  701,681  common  shares with 188,976 shares remaining
available  for  issuance  under  option  grants.  The 1992 Stock Option Plan for
Directors had options outstanding to purchase 423,500 common shares with 320,700
shares  remaining  available  for  issuance  under  option  grants.

The  fair  value  of  each  option  grant  is  estimated using the Black-Scholes
option-pricing  model  with  the following weighted-average assumptions used for
grants  during  the  quarter  ended March 31 2003, with no options being granted
during  the  quarter  ended  March  31,  2004:


                                       10
<PAGE>
<TABLE>
<CAPTION>
                                                             2004         2003
                                                           ----------  ----------
<S>                                                        <C>         <C>
          Expected volatility                                      --        105%
          Risk-free interest rates                                 --       4.25%
          Expected lives                                           --   10 years
          Dividend yield                                           --          0%
          Weighted-average fair value of options granted
          during the quarter (Black-Scholes)                       --  $    2.68
</TABLE>


NOTE  6.   INCOME  TAXES

The Company recognized $1,164,000 of income tax expense during the quarter ended
March  31,  2004  and  reduced  the  current  deferred tax asset a corresponding
amount.

At  March  31,  2004,  the Company has approximately $23,000,000 of deferred tax
assets and a corresponding $15,900,000 valuation allowance which reduces the net
deferred  tax  asset  to  $7,119,000.  $7,119,000  represents  the  expected
utilization  of  deferred  tax  assets  in  the  foreseeable  future.

The Company has historically recorded a valuation allowance for certain deferred
tax assets due to inherent uncertainties regarding future operating results, and
limitations on utilization of acquired net operating loss carry forwards for tax
purposes.  The  realization  of a significant portion of net deferred tax assets
is  based  in  part  on  the  Company's  estimates of the timing of reversals of
certain  temporary  differences  and  on the generation of taxable income before
such  reversals.  The Company will continue to assess the valuation allowance at
least  annually.

NOTE  7.  LITIGATION

Significant  developments  have  occurred  on  the following legal matters since
December  31,  2003:

US ECOLOGY, INC. V. THE STATE OF CALIFORNIA, ET AL., CASE NO.GIC747562, SUPERIOR
---------------------------------------------------
COURT  OF  THE  STATE  OF  CALIFORNIA  FOR  THE  COUNTY  OF  SAN  DIEGO

In  May 2000, subsidiary US Ecology, Inc., sued the State of California, et. al.
("the  State")  for  monetary  damages  exceeding $162 million stemming from the
State's  alleged  abandonment  of  the  Ward  Valley low-level radioactive waste
("LLRW")  disposal  project. The case was tried in Superior Court for the County
of San Diego ("the Superior Court") during February and March 2003. On March 26,
2003,  the  Superior  Court  issued  a  decision  against  the  Company.

Based  on  the  uncertainty  of  recovery following the Superior Court's adverse
decision,  the Company wrote off the $20,951,000 deferred site development asset
on  March  31,  2003.

On  June  26,  2003,  the  Company  filed a notice of appeal with the California
Fourth Appellate District Court. The opening appellate brief was filed March 15,
2004.  The  State's  opposition  brief is due June 14, 2004. The Company's reply
brief will be filed July 5, unless extended by the Appellate Court.  The Company
expects  oral  arguments  in  the  2nd  half  of  2004  or  early  2005.

No  assurance  can  be  given that the Company will prevail on appeal or reach a
settlement  to  recover  any  portion  of  its  investment.

ENTERGY  ARKANSAS,  INC.  ET  AL, CENTRAL INTERSTATE LOW-LEVEL RADIOACTIVE WASTE
--------------------------------------------------------------------------------
COMMISSION  AND  US  ECOLOGY,  INC. ("PLAINTIFFS") V. STATE OF NEBRASKA, ET AL.,
------------------------------------------------------------------------------
CASE  NO.  4:98CV3411,  U.S.  DISTRICT  COURT,  DISTRICT  OF  NEBRASKA

This  action  was  brought  in  federal  court  in  December of 1999 by electric
utilities  that generate low-level radioactive waste ("LLRW") within the Central
Interstate  Low-Level  Radioactive  Waste  Compact ("CIC") and seeks declaratory
relief  and  damages.


                                       11
<PAGE>
In  September  2002,  the US District Court for the District of Nebraska entered
judgment  against  Nebraska  in  favor  of  the  CIC for $153 million, including
approximately $50 million for prejudgment interest. Of this amount, US Ecology's
share  was  $6.2 million plus $6.1 million for prejudgment interest. The Company
carries  $6.5  million on its balance sheet for capitalized facility development
costs.  The  State  of Nebraska subsequently appealed this judgment. On February
18,  2004,  the Eighth U.S. Circuit Court of Appeals affirmed the District Court
ruling  in  its  entirety.  On  March  3,  2004,  the  State of Nebraska filed a
petition  for  rehearing  by  the  full Eighth U.S. Circuit Court of Appeals (en
banc).  On April 21, 2004, the Eighth Circuit Court of Appeals denied Nebraska's
petition  for  rehearing.  The  State  of Nebraska may petition the U.S. Supreme
Court  to  review  the  matter.

No  assurance  can be given that the trial and appellate court judgments will be
affirmed on appeal or that US Ecology will recover its contributions or interest
thereon.

NOTE  8.   COMMITMENTS  AND  CONTINGENCIES

Effective  January  1,  2003,  the  Company  established  the  American  Ecology
Corporation  Management  Incentive  Plan ("MIP"). The Plan provides for selected
participants  to  receive  bonuses  based  on  pre-tax  operating income levels.
Bonuses under the plan are to be paid out over three years with a maximum in any
one  year  of  $1,125,000  in  bonuses  if  pre-tax  operating  income  exceeds
$12,000,000  including all costs for the MIP. During the quarter ended March 31,
2004, the Company accrued $292,000 for the Management Incentive Plan which would
be  paid  to the selected participants if the Company's pre-tax operating income
exceeds  $12,000,000  for  2004.

The  Company's  contract  with  the  US  Army Corps of Engineers (USACE) expires
during  the  second quarter of 2004 unless extended for an additional 5 years at
the  option  of the USACE. The Company has been notified in writing by the USACE
that  it  intends  to  exercise  its  five  year  renewal  option.

NOTE  9.  CLOSURE  AND  POST  CLOSURE  OBLIGATIONS

Closure and post closure obligations are recorded when environmental assessments
and/or  remedial efforts are probable, and the costs can be reasonably estimated
consistent  with  Statement of Financial Accounting Standards No. 5. The Company
performs  periodic  reviews  of  both non-operating and operating facilities and
revises  accruals  for  estimated post-closure, remediation and other costs when
necessary.  The  Company's  recorded  liabilities are based on best estimates of
current  costs  and are updated periodically to reflect current technology, laws
and  regulations,  inflation  and  other  economic  factors.

Changes  to  reported closure and post closure obligations were as follows ($ in
thousands):

<TABLE>
<CAPTION>
                                 Accrued Closure and      Closure Obligation of Assets    Total Closure and Post
                               Post Closure Obligation      Held for Sale or Closure       Closure Obligations
                              -------------------------  ------------------------------  ------------------------
<S>                           <C>                        <C>                             <C>

December 31, 2003 obligation  $                 11,124   $                       4,621   $                15,745
Accretion of obligation                            257                              17                       274
Payment of obligation                             (148)                            (44)                     (192)
Adjustment of obligation                            --                              --                        --
                              -------------------------  ------------------------------  ------------------------
March 31, 2004 obligation     $                 11,233   $                       4,594   $                15,827
                              =========================  ==============================  ========================
</TABLE>

At  March  31,  2004,  $131,000  of  pledged cash and investment securities were
legally  restricted  for  purposes  of  settling  the  closure  and post closure
obligation.

NOTE  10.  DISCONTINUED  OPERATIONS

As  of March 31, 2004, "Assets held for sale or closure" consisted of the assets
and  liabilities  of  the  discontinued  Oak Ridge processing and field services
operations.  Accordingly, the revenue, costs and expenses and cash flows for the
Oak  Ridge  operation  have been excluded from continuing operations results and
reported as "Gain (loss) from discontinued operations" and "Net cash provided by
(used  in) discontinued operations". Prior periods have been restated to reflect
the  discontinued  operations.  The  assets  and  liabilities  of  discontinued
operations  included  within


                                       12
<PAGE>
the  consolidated  balance  sheet  as  of  March  31,  2004 are as follows ($ in
thousands):

<TABLE>
<CAPTION>
                                          Processing and Field
                                            Services Facility
                                          ---------------------
<S>                                       <C>
    Current assets
    --------------
        Current assets                    $                 183
        Property & equipment, net                           552
                                          ---------------------
                                                            735
                                          =====================

    Non-current assets
    ------------------
        Property, plant & equipment, net                  1,509
        Other                                                48
                                          ---------------------
                                                          1,557
                                          =====================

    Current liabilities
    -------------------
        Accounts payable & accruals                         890
        Current portion long term debt                       38
                                          ---------------------
                                                            928
                                          =====================

    Non-current liabilities
    -----------------------
        Closure/post closure obligations                  4,593
        Long-term debt                                       10
        Other                                                 5
                                          ---------------------
                                                          4,608
                                          =====================
</TABLE>

Operating  results  for  the  discontinued  operations were as follows for three
months  ending  March  31:

<TABLE>
<CAPTION>
                                         Processing and Field   El Centro Disposal    Total Discontinued
    ($in thousands)                      Services Operations         Facility             Operations
<S>                                     <C>                     <C>                  <C>

    2004
    ----
    Revenues, net                       $                  --   $                --  $                --
    Operating income (loss)                               149                    --                  149
    Net income (loss)                                     149                    --                  149
    Basic earnings (loss) per share                       .01                   .--                  .01
    Diluted earnings (loss) per share                     .01                   .--                  .01

    2003
    ----
    Revenues, net                       $                 779   $               469  $             1,248
    Operating income (loss)                            (1,316)                   78               (1,238)
    Net income (loss)                                  (1,337)                4,944                3,607
    Basic earnings (loss) per share                      (.09)                  .32                  .23
    Diluted earnings (loss) per share                    (.09)                  .32                  .23
</TABLE>

On  December  27,  2002, the Company discontinued commercial waste processing at
its  LLRW  Processing Facility and Field Services operations based in Oak Ridge,
Tennessee.  During 2003, the Company removed all accumulated customer waste from
the  facility  and  obtained  extensive  radiological  surveys  to  improve  the
facility's  marketability.

On  March 12, 2004, the Company entered into a non-binding letter of intent with
a  potential  buyer to acquire the assets held for sale in Oak Ridge, Tennessee.
The  potential  sale, as contemplated by the letter of intent, would require the
Company  to  provide cash, defined assets, including certain land, buildings and
equipment,  in  exchange  for  the  buyer  assuming  specified  liabilities. The
non-binding  letter  of  intent  expires  May  31, 2004, unless extended by both
parties  in writing. While active discussions continue with the potential buyer,
there  is  no  assurance  that  the  Company  will be able to sell the Oak Ridge
facility  on  terms  favorable  to  the  Company.

Costs incurred at the Oak Ridge facility to prepare the facility for sale during
the  three  months  ended  March  31 are summarized as follows: ($ in thousands)


                                       13
<PAGE>
<TABLE>
<CAPTION>
                                                                 2004    2003
                                                                ------  ------
<S>                                                             <C>     <C>

Net operating costs in excess of previous accruals              $  34   $  201
Additional impairment of property and equipment                    --      225
Accounts receivable collected in excess of valuation allowance   (207)      --
Increase in estimated cost to dispose of removed waste             24      911
                                                                ------  ------

Net Income for the period ended March 31, 2004                  $ 149   $1,337
                                                                ======  ======
</TABLE>

Cost  changes for Oak Ridge facility on-site activities and disposal liabilities
for  removed  wastes  are  as  follows:

<TABLE>
<CAPTION>
($in thousands)            December 31, 2003  Cash Payments    Adjustments    March 31, 2004
                           -----------------  --------------  --------------  --------------
<S>                        <C>                <C>             <C>             <C>

Waste disposal liability                 623           (139)              24             508
On-site discontinued
operation cost liability                 442           (221)              34             255

                           December 31, 2002  Cash Payments    Adjustments    March 31, 2003

Waste disposal liability               1,827            (29)           1,596           3,394
On-site discontinued
operation cost liability               1,800           (800)             201           1,201
</TABLE>

The  adjustments  represent  differences  between the estimated costs accrued at
December  31,  actual  costs  incurred  during the first quarter, and changes in
estimated  future  costs  for  removed  waste  disposition.

ITEM  2.  MANAGEMENT'S  DISCUSSION  AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS  OF  OPERATIONS.

This document contains forward-looking statements that involve known and unknown
risks  and  uncertainties  which  may  cause actual results in future periods to
differ materially from those indicated herein.  These risks include, but are not
limited to, the ability to sell Oak Ridge processing facility assets, compliance
with  and  changes  to  applicable  laws,  regulations  and permits, exposure to
litigation, access to capital, access to insurance and financial assurances, new
technologies,  competitive  environment,  labor  disputes,  general  economic
conditions,  and  loss  or  diminution of major contracts. The Form 10-K for the
year  ending  December 31, 2003 contains additional risk factors and an expanded
disclosure  of  these  risks.  When  the  Company uses words like "will", "may,"
"believes," "expects," "anticipates," "should," "estimates," "project," "plans,"
their  opposites  and similar expressions, the Company is making forward-looking
statements.  These  terms are most often used in statements relating to business
plans,  strategies,  anticipated  benefits  or projections about the anticipated
revenues,  earnings or other aspects of our operating results. The Company makes
these statements in an effort to keep stockholders and the public informed about
our  business  based  on  management's current expectations about future events.
Such  statements  should be viewed with caution and are not guarantees of future
performance  or  events.  As  noted  elsewhere  in  this report, our business is
subject  to uncertainties, risks and other influences, many of which the Company
has  no  control  over.  Additionally,  these  factors,  either  alone  or taken
together,  could  have a material adverse effect on the Company and could change
whether  any  forward-looking  statement  ultimately  turns  out to be true. The
Company  undertakes  no  obligation  to publicly release updates or revisions to
these  statements.  The  following discussion should be read in conjunction with
the  audited  consolidated  financial  statements and the notes thereto filed on
Form  10-K  for  the  year  ending  December  31,  2003.

Unless otherwise described, changes discussed relate to the increase or decrease
from the three month period ended March 31, 2003 to the three month period ended
March  31,  2004.

INTRODUCTION
------------

The  Company  is  a  hazardous, PCB, industrial and radioactive waste management
company  providing transportation, treatment and disposal services to commercial
and  government  entities  including,  but not limited to, nuclear power plants,
refineries,  chemical  manufacturing plants, steel mills, the U.S. Department of
Defense,  biomedical  facilities,


                                       14
<PAGE>
universities and research institutions. The majority of its revenues are derived
from fees charged for use of the Company's four fixed waste disposal facilities.
The  Company  and  its  predecessors  have  been  in  business  for  52  years.

A significant portion of the Company's revenue is attributable to discrete waste
clean-up  projects  ("Event  Business")  which  vary  substantially  in size and
duration.  The one-time nature of Event Business necessarily creates variability
in  revenue  and  earnings.  This  can  produce large quarter to quarter swings.
Management's  strategy  is to continue expanding its recurring customer business
("Base  Business")  while  simultaneously  securing  both  large and small Event
Business  projects. When the Company's Base Business covers fixed costs, much of
the Event Business revenue falls through to the bottom line. This strategy takes
advantage  of  the  largely  fixed  cost  nature  of  the  business.

OVERALL  COMPANY  PERFORMANCE
-----------------------------

The  Company's  financial  performance for the three months ended March 31, 2004
was  substantially  improved  over  the  first  three months of 2003. Quarter to
quarter  comparisons are difficult and are materially affected by several events
including  high litigation expenses in early 2003 and a related asset write off,
costs  to  prepare  the  Company's  Oak  Ridge, Tennessee discontinued low-level
radioactive waste processing operation for sale, a gain on sale of the El Centro
landfill assets in early 2003 and the recognition of income tax expense in 2004.
These  events  are  discussed  in  more  detail  below.

Ward  Valley Litigation Expenses: Due to the adverse California state court
---------------------------------
decision  on  March  26,  2003,  the  Company  wrote off $20,951,000 of facility
development costs for the Ward Valley project. This is reported as Loss on write
off  of  Ward Valley facility development costs in the Consolidated Statement of
Operations.  Litigation  and related costs totaling $1,498,000 were incurred and
included  in SG&A during the three months ending March 31, 2003. The Company has
appealed  the  Ward Valley ruling. Minimal future legal costs are expected based
on a fixed price plus success contingency legal representation agreement entered
and  paid  in  July,  2003  for  the  appeal.

Sale  of  El  Centro:  On  February  13,  2003,  the  Company sold the El Centro
---------------------
municipal  waste  landfill  to  Allied Waste and recognized a $4,909,000 gain on
sale. This gain was included in discontinued operations during the quarter ended
March  31,  2003.

Oak  Ridge  Disposal  Plan:  On  December  27,  2002,  the  Company discontinued
---------------------------
operations  at  the  Oak  Ridge  facility.
During  the  three  months  ended  March  31,  2003,  the Company identified and
incurred an additional $1,337,000 in costs to remove waste from the facility and
prepare  the facility for sale. This primarily reflected improved information on
the  cost  to  remove  specific  wastes  which became known when the wastes were
prepared  for  shipment  to  off-site  service  providers.

Income Tax Expense: During 2002 the Company evaluated the deferred tax asset and
-------------------
offsetting  valuation  allowance  and  determined  that  it  was  probable  that
sufficient  taxable  income  would  be  generated  to  utilize $8,284,000 of the
deferred  tax  asset  in  the  foreseeable future.  During 2003, the $20,951,000
write-off  of  Ward Valley facility development costs resulted in a book as well
as  tax  loss  for  2003  and no portion of the deferred tax asset was utilized.
Based  on  the  Company's  $3,453,000  first  quarter  2004  pre-tax  income and
expectation  of  continued  profitability,  $1,164,000 of income tax expense was
recognized  for  the  three  months  ended  March  31,  2004.

CRITICAL  ACCOUNTING  POLICIES
------------------------------

In  preparing  the  financial  statements,  management  makes many estimates and
assumptions  that  affect  the  Company's  financial  position  and  results  of
operations.  Disposal  Facility  Accounting,  Accounting  for  Discontinued
Operations, Litigation, and Income Taxes involve subjective judgments, estimates
and  assumptions  that  would  likely  produce  a materially different financial
position  and  result  of  operations  if  different  judgments,  estimates,  or
assumptions  were  used.  These  matters  are  discussed  below.

DISPOSAL  FACILITY  ACCOUNTING
In  general  terms,  a  disposal  cell  development asset exists for the cost of
building  usable  disposal  space  and  a  closure


                                       15
<PAGE>
liability  exists for closing, maintaining and monitoring the disposal unit once
this  space  has  been filled. Major assumptions and judgments used to calculate
cell  development  assets  and  closure  liabilities  are  as  follows:

-    Personnel  and  equipment  costs  incurred  to construct disposal cells are
     capitalized  as  a  cell  development  asset.

-    The  cell  development  asset  is amortized as each available cubic yard of
     disposal  space  is  filled.  Periodic  independent  engineering survey and
     inspection  reports  are  used to determine the remaining volume available.
     These  reports  take  into account waste volume, compaction rates and space
     reserved  for  capping filled cells. Additionally, changes in the estimated
     useful  lives  of the cells or related expansion plans have a direct effect
     on  the  amortization expense related to those cells during future periods.

-    The closure liability is the present value based on a current cost estimate
     prepared by an independent engineering firm of the costs to close, maintain
     and  monitor  filled  disposal  units.  Management  estimates the timing of
     payment,  accretes the current cost estimate by an estimated cost of living
     (1.5%),  and  then discounts (9.3%) the accreted current cost estimate back
     to  a  present  value.  The  final  payments  of  the closure liability are
     estimated  as  being paid in 2056 based upon current permitted capacity and
     estimated  annual  usage.

ACCOUNTING  FOR  DISCONTINUED  OPERATIONS
Accounting  for discontinued operations requires numerous subjective and complex
judgments,  estimates  and  assumptions that materially affect financial results
and  position  of  discontinued  operations.

At  December  27,  2002,  the  Company  discontinued  operation  of  its  former
Processing  and  Field  Services  segment  in Oak Ridge, Tennessee facility. The
discontinued  operations  were  accounted  for  under Emerging Issues Task Force
("EITF")  Issue  No. 94-3 Liability Recognition for Certain Employee Termination
Benefits  and  Other Costs to Exit an Activity (including Certain Costs Incurred
in  a  Restructuring),  which  requires  a  liability  to be recognized when the
decision  to  exit  the  segment  was  made. EITF 94-3 was chosen as the guiding
literature  rather  than  Statement  of  Financial  Accounting Standards No. 146
Accounting  for  Costs  Associated  with  Exit or Disposal Activities (FAS 146),
which  requires  a  liability to be recognized at the time that the liability is
incurred.  FAS  146  is required for exit activities entered into after December
31,  2002  but  was  optional  for  exit  activities prior to December 31, 2002.
Approximately $442,000 of expenses were recognized as of December 31, 2003 under
EITF  94-3  that  would  not have been recognized until incurred had the Company
adopted FAS 146 prior to December 27, 2002.  During the three months ended March
31,  2004,  the  Company incurred $188,000 of the expenses recognized under EITF
94-3  as  of  December  31,  2003.

During  the three months ended March 31, 2003, the Company reduced the allowance
for  doubtful  accounts  of  its former Processing and Field Services segment by
$207,000  due  to  the  collection  of accounts receivable in excess of previous
allowances  for  doubtful accounts. At March 31, 2004 the Company was continuing
its  efforts  to  collect  the remaining $101,000 of accounts receivable, all of
which  is  included  in  its  allowance  for  doubtful  accounts.

LITIGATION

The  Company  is  involved  in litigation requiring estimates of timing and loss
potential  whose  disposition  is controlled by the judicial process. During the
quarter  ended  March  31,  2003,  the  Company  wrote off $20,951,000 due to an
adverse  trial  court  decision  which  cast  substantial doubt on the Company's
ability  to  recover  its  investment  in  the  Ward Valley, California disposal
project.  The  Company  has  appealed  the  trial  court's  ruling.

The  US District Court for the District of Nebraska entered judgment against the
State  of  Nebraska  in  favor  of  the  Central  Interstate  Compact  and other
plaintiffs  including the Company. The Company's share of the judgment was $12.3
million.  The  Company carries $6.5 million on its balance sheet for capitalized
facility  development  costs.  The  State of Nebraska subsequently appealed this
judgment.  On  February  18,  2004,  the  Eighth  U.S.  Circuit Court of Appeals
affirmed  the District Court ruling in its entirety. On March 3, 2004, the State
of Nebraska filed a petition for rehearing by the full Eighth U.S. Circuit Court
of  Appeals  (en  banc).  On  April 21, 2004 the Eighth Circuit Court of Appeals
denied  Nebraska's  request  for  full  Court of Appeals rehearing. The State of
Nebraska  may  seek  review  by  the  U.S.  Supreme  Court.


                                       16
<PAGE>
No  assurance can be given that the Company will prevail in the above litigation
or  otherwise recover its investment in the California or Nebraska projects. The
decision  to  accrue  costs  or  write off assets is based on specific facts and
circumstances  pertaining  to  each  case and management's evaluation of present
circumstances.

INCOME  TAXES
The Company has historically recorded a valuation allowance against its deferred
tax  assets  in  accordance with FAS 109, Accounting for Income Taxes. This past
valuation  allowance reflected management's past belief that due to a history of
tax  losses  and  prospects  for  the  Company's business at that time, it would
likely  not  utilize  portions  of  the  deferred  tax  assets  prior  to  their
expiration.  The  valuation  allowance  is based on management's contemporaneous
evaluation  of  whether it is more likely than not that the Company will be able
to  utilize  some,  or  all of the deferred tax assets. During 2002, the Company
assessed  the  valuation  allowance and reversed approximately $8,284,000 of the
valuation  allowance  that  the  Company  expected to utilize in the foreseeable
future.  During  2003,  the  Company  did not have tax or book income due to the
write-off  of  the  Ward Valley facility development asset and therefore did not
utilize  the  deferred  tax  asset. The Company continues to carry a $15,900,000
valuation  allowance  against  an  approximately $23,000,000 deferred tax asset.
During  the  three  months  ended  March  31,  2004,  the  Company  recognized
approximately  34%  of  pre-tax  income as income tax expense of $1,164,000. The
Company  will  continue  to  assess  the  valuation allowance at least annually.

RESULTS  OF  OPERATIONS
-----------------------

The  following table presents, for the periods indicated, the operating costs as
a  percentage  of  revenues  in  the  consolidated  income  statement:

<TABLE>
<CAPTION>
                                                          Three Months Ended
                                                   ----------------------------------
                  ($ in 000's)                     March 31, 2004    March 31, 2003
                                                   --------------  ------------------
                                                      $       %        $         %
                                                   -------  -----  ---------  -------
<S>                                                <C>      <C>    <C>        <C>

Revenue                                             13,905           10,771
Direct operating costs                               7,612  54.7%     5,984     55.6%
                                                   -------         ---------

Gross profit                                         6,293  45.3%     4,787     44.4%
SG & A                                               2,872  20.7%     4,497     41.8%
                                                   -------         ---------

Operating income                                     3,421  24.6%       290      2.7%

Interest income                                         36   0.3%        --      0.0%
Interest expense                                        49   0.4%       121      1.1%
Loss on write off of Ward Valley                        --   0.0%    20,951    194.5%
Other income (expense)                                  45   0.3%        --      0.0%
                                                   -------         ---------

Net income (loss) before income taxes                3,453  24.8%   (20,782)  -192.9%
Income tax expense (benefit)                         1,164   8.4%        (8)    -0.1%
                                                   -------         ---------

Net income (loss) before discontinued operations     2,289  16.5%   (20,774)  -192.9%
                                                   =======         =========
</TABLE>

COMPARISON  OF  THREE  MONTHS  ENDED  MARCH  31,  2004  AND  2003
-----------------------------------------------------------------

REVENUE
-------
For  the  three  months  ended March 31, 2004, the Company reported consolidated
revenue  of  $13,905,000,  a  29% increase over the $10,771,000 reported for the
same  period in 2003. All four operating disposal sites generated higher revenue
during  the  first quarter of 2004. The higher quarterly revenue resulted from a
combination  of  increased waste volume and higher average selling price ("ASP")
for  the  Company's  treatment  and  disposal services. At the 3 hazardous waste
disposal facilities volumes and ASP for services each increased 5% over the same
quarter  last  year.  The  increase in waste volume resulted from an increase in
both  recurring  (or  "Base")  business  and project (or "Event") work performed
during  the  quarter.  The  increase  in  ASP reflected a favorable mix of niche
treatment  and  disposal  business.  The balance of the increase in consolidated
revenue  resulted  from increased transportation


                                       17
<PAGE>
revenue  as the Company employed its strategy of selective bundling disposal and
transportation  to  secure  targeted disposal contracts. During the three months
ending March 31, 2004 and 2003, revenue from a contract with the U.S. Army Corps
of  Engineers accounted for $3,991,000 and $4,156,000 or 29% and 39% of revenue,
respectively.  The  Army and other federal agencies continue to ship waste under
this contract to the Company's Grand View, Idaho facility. Also during the first
quarter  of  2004,  one  contract  for  a  New York clean-up project represented
$1,438,000  or  10%  of  revenue.

Operating  Disposal  Facilities
-------------------------------
The  Richland,  Washington  LLRW  disposal  facility's  revenue  increased
substantially for the three months ended March 31, 2004 above the same period in
2003.  This  increase in revenue was due to approximately 50% increased receipts
of  both  rate-regulated and non rate regulated wastes. For 2004, the Washington
Utilities  and  Transportation Commission have approved a revenue requirement of
$5,476,000  for  the  Richland  facility's  rate-regulated low-level radioactive
waste  interstate  compact  business. $1,443,000 of this revenue was recorded in
the  three  months  ended  March  31,  2004.

At  the Company's Grand View, Idaho disposal facility, higher waste volumes more
than  offset slightly lower ASPs, allowing the site to increase revenue 29% from
the  same  quarter  last  year.  During  the first quarter of 2004, the facility
disposed of 21% more tons than the same period last year. Management expects the
U.S.  Army Corps of Engineers and other federal agencies to continue shipping to
the  facility,  and  that  the  Army will renew its contact with the Company for
these  services for an additional five years. A privately funded clean-up in New
York  also  contributed  to first quarter revenue growth, but is not expected to
result  in  significant  revenue  during  the  second  quarter  of  2004.

At  the  Beatty,  Nevada  hazardous  treatment  and  disposal  facility, revenue
increased  32% for the three months ended March 31, 2004 from the same period in
2003.  The  increased revenue was due to both waste volumes increasing by 14% as
well as by average prices increasing by 16%.  The increased volume was from both
remediation projects and increased activity from existing customers.  The higher
ASP  resulted  from a higher percentage of waste requiring specialized treatment
services.

At  the  Robstown,  Texas  hazardous  treatment  and  disposal facility, revenue
increased  5%  for the three months ended March 31, 2004 from the same period in
2003.  The  increased  revenue  reflected a better mix of wastes received at the
site, driving ASP up 80%.  This much higher ASP more than offset a 40% reduction
in  waste  volumes  received  at the site compared to the first quarter of 2003.
During  the  first  quarter of 2003, the site received a high volume, low-priced
project  at  the  site  that  did  not  recur  in  the  first  quarter  of 2004.

DIRECT  OPERATING  COSTS
------------------------

For  the  three months ended March 31, 2004, consolidated direct operating costs
increased  27%  to  $7,612,000  (55%  of revenue) compared to $5,984,000 (56% of
revenue)  for  the  same  period  in  2003  primarily reflecting increased waste
volumes. Relative to revenue, direct operating costs dropped slightly reflecting
the  largely  fixed cost nature of the Company's business. The Company continues
its  efforts  to  minimize  direct  costs  through  operational improvements and
efficiencies.

Operating  Disposal  Facilities
-------------------------------

Direct  costs  at  the Richland, Washington; Robstown, Texas; and Beatty, Nevada
facilities  essentially  remained  flat  from  the  same  quarter last year. The
increase  in  consolidated  direct  operating  costs for the Company was largely
driven  by  an  increase  in  direct  costs at the Grand View, Idaho facility of
$1,504,000.  This  increase  was  due  to  increased  waste  volumes and related
transportation  costs.  Approximately  $1,474,000  of  the  increase  in  direct
operating  costs at Grand View was for transportation costs primarily related to
the  New  York  clean-up  project.  During  the quarter ended March 31, 2004 the
Company  was  able  to  reduce the costs of reagents and other additives used to
treat  waste,  resulting  in  lower  variable  costs  for certain waste streams.


                                       18
<PAGE>
Non  Operating  Disposal  Facilities
------------------------------------

Non  Operating  Disposal  Facilities  incur  current  period  expenses  for  the
accretion  of  engineering,  laboratory  and other contractor expenses and labor
costs  required to meet the Company's obligations subsequent to operational use.
For the three months ended March 31, 2004 and 2003, the Company reported $10,000
and $-0- of expenses on proposed development projects, and $109,000 and $102,000
of  costs  in  2004 and 2003 to remediate or close facilities subsequent to use.

GROSS  PROFIT
-------------

Significantly  higher  quarterly  revenue  allowed the Company to generate a 31%
increase  in gross profit, pushing quarterly gross profit to $6,293,000 compared
with  a  gross  profit  of  $4,787,000 for the same quarter last year. Increased
disposal revenue at all operating disposal facilities produced more fall through
due  to  the  largely  fixed cost nature of the business. Gross margin increased
slightly  to  45%  of  revenue  compared  to 44% of revenue despite an increase,
quarter  over  quarter,  in  lower  margin  transportation  revenue.

SELLING,  GENERAL  AND  ADMINISTRATIVE  COSTS  (SG&A)
-----------------------------------------------------

For  the  three  months  ended  March  31,  2004,  the  Company reported SG&A of
$2,872,000 (21% of revenue), a 36% decrease from the $4,497,000 (42% of revenue)
for  the same three months of 2003. The decrease in SG&A primarily resulted from
a  $1,520,000  decrease in legal expenses quarter to quarter. Legal expenses for
the first quarter of 2004 dropped to $84,000 compared to $1,604,000 in the first
quarter of 2003. The Company has resolved multiple lawsuits, reducing legal fees
and  freeing  up management time and resources to focus on growing the business.
The Company incurred costs during 2003 to upgrade and centralize information and
accounting  systems. The cost of these business system upgrades was largely born
in  2003,  while  the  savings  and efficiencies are being realized in 2004. The
primary  benefit is management access to more timely and detailed information on
operations.

Operating  Disposal  Facilities
-------------------------------

During  the  quarter  ended  March  31, 2004, Operating Disposal Facilities SG&A
decreased $602,000 due to business reorganizations, cost containment efforts and
centralization  of  accounting  at  Corporate.

Corporate
---------

During the quarter ended March 31, 2004, Corporate SG&A increased $489,000. This
includes  $292,000 accrued for the Management Incentive Plan which would be paid
to  selected  participants  if  the  Company's  pre-tax operating income exceeds
$12,000,000  including  all  costs associated with the Management Incentive Plan
for  2004.  The  remaining increase in Corporate SG&A represents costs that were
previously  borne  by the Operating Disposal Facilities, but are now assigned to
Corporate.

Non  Operating  Disposal  Facilities
------------------------------------

Non  Operating  Disposal  Facilities  incur primarily legal costs to protect the
Company's  investment  in  disposal  site  development  projects in Ward Valley,
California  and  Butte,  Nebraska. For the three months ended March 31, 2004 and
2003, the Company reported $5,000 and $1,517,000 of SG&A expenses, respectively,
at  Non  Operating Disposal Facilities. The majority of 2003 expenses were legal
costs  associated  with  the  Ward  Valley,  California  litigation.

INTEREST  INCOME
----------------

For  the  three  months  ended  March  31,  2004,  the Company earned $36,000 of
interest  income,  an  increase  from  $-0-  in  the  same period of 2003 due to
substantially  higher cash balances. Interest income is earnings on tax refunds,
cash  balances,  restricted  investments,  and  notes  receivable.  The  Company
typically  maintains  minimal  amounts,  for  which  income  is  a  function  of
prevailing  market  rates.  Based on anticipated low interest rates, the Company
does  not  anticipate  significant  interest  income  in  2004.


                                       19
<PAGE>
INTEREST  EXPENSE
-----------------

For the three months ended March 31, 2004, the Company reported interest expense
of  $49,000,  a  decrease  of $72,000 from the corresponding period in 2003. The
primary  cause of this decrease was the reduction in average debt outstanding by
$2,000,000  from  March  31, 2003 to 2004. For the three months ending March 31,
2004,  the  interest  rate  paid  on its single outstanding term loan was 3.38%.
Additional  reductions in interest expense could occur as debt balances continue
to  be paid down, however the Company will experience increased interest expense
should interest rates increase. At March 31, 2004, the line of credit had a zero
balance.

OTHER  INCOME  (LOSS)
---------------------

Other  Income  is  composed  of  the  following  ($  in  thousands):

<TABLE>
<CAPTION>
                                                      Three Months Ended March 31,
                                                         2004             2003
                                                    ---------------  ---------------
<S>                                                 <C>              <C>
Data processing services                            $            20  $            --
Cash receipts for sale or rent of property rights                16               --
Other miscellaneous income, net                                   9               --
                                                    ---------------  ---------------

Total other income (loss)                           $            45  $            --
                                                    ===============  ===============
</TABLE>


INCOME  TAXES
-------------

The  components  of  the  income  tax  provision  (benefit)  were as follows (in
thousands):

<TABLE>
<CAPTION>
                               Three Months Ended March 31,
                                 2004             2003
                             -------------  -----------------
<S>                          <C>            <C>
Federal tax expense          $       1,164  $             --
State tax expense (benefit)             --                (8)
                             -------------  -----------------

Income tax expense           $       1,164  $             (8)
                             =============  =================
</TABLE>

The  tax effects of temporary differences between income for financial reporting
and  income  taxes give rise to deferred tax assets and liabilities. The Company
has  historically recorded a valuation allowance for certain deferred tax assets
due  to  uncertainties regarding future operating results and for limitations on
utilization  of acquired net operating loss carry forwards for tax purposes. The
potential  realization  of  a  significant portion of net deferred tax assets is
based  in  part on the Company's estimates of the timing of reversals of certain
temporary  differences  and  on  the  generation  of  taxable income before such
reversals.  In  2002,  the  Company reevaluated the deferred tax asset valuation
allowance,  determined  it was then "more likely than not" that a portion of the
deferred  tax  asset  would  be  realizable,  and  decreased  the portion of the
valuation  allowance  related  to  its  operating  facilities.

During 2003, the $20,951,000 write-off of Ward Valley facility development costs
resulted  in  a book as well as tax loss for 2003 and no portion of the deferred
tax  asset  was  utilized.  Based on the Company's $3,453,000 first quarter 2004
pre-tax  income  and  the  expectation  of continued profitability for the year,
$1,164,000  of  income  tax expense was recognized during the three months ended
March  31,  2004.

The  net  operating  loss  carry  forward  at  March  31, 2004 was approximately
$41,000,000.  Of this net operating loss carry forward, approximately $2,745,000
is  limited  pursuant  to  the  net  operating loss limitation rules of Internal
Revenue  Code  Section  382  and  begins  to  expire  in  2006.  The  remaining
unrestricted  net  operating loss carry forward expires at various dates between
2010  and  2020.  Due to the Company's net operating loss carry forwards, income
tax  expense  of approximately 2% of pretax income tax expense is expected to be
paid  in  cash,  while  the other approximately 32% of pretax income tax expense
will  be  offset  against  the  net  operating  loss  carry  forwards.

The Company will continue to assess the deferred tax asset and related valuation
allowance  as  circumstance  dictate,  but  at  least  annually.


                                       20
<PAGE>
SEASONAL  EFFECTS
-----------------

Operating  revenues  are  generally  lower  in the winter months than the warmer
summer  months  when  more short duration, one-time remediation projects tend to
occur.  However,  both  disposal  and  processing  revenue  are  generally  more
affected  by  market  conditions  than  seasonality.

CAPITAL  RESOURCES  AND  LIQUIDITY
----------------------------------

At March 31, 2004, cash and cash equivalents totaled $10,771,000, an increase of
$4,097,000  from  December 31, 2003. The increase in cash reflects collection of
accounts  receivable  and  continued  profitability.

During  the  first  three  months  of 2004, the Company's days sales outstanding
("DSO") decreased at March 31, 2004, to 56 days compared to December 31, 2003 at
68  days.  Continued  improvement in cash and receivable balances is a priority.
Management  expects  that new information systems and appointment of a corporate
credit  and  collections  manager  will  allow  the  Company  to maintain DSO at
approximately  60  days.

As  of March 31, 2004 the Company's liquidity, as measured by the current ratio,
was 1.9 to 1.0. The debt to equity ratio decreased to 0.9:1.0 at March 31, 2004.
The  primary changes to working capital as well as the debt to equity ratio were
caused  by  the  $5,500,000  in  cash  paid  to  redeem  a common stock warrant,
partially  offset  by  first  quarter 2004 earnings. The debt to equity ratio is
defined  as  total  liabilities  divided  by  stockholders  equity.

SOURCES  OF  CASH

On  March  31,  2004,  the  Company had a $8,000,000 revolving line of credit in
place  with Wells Fargo Bank in Boise, Idaho maturing June 15, 2005. The line of
credit  is  secured by the Company's accounts receivable. At March 31, 2004, the
outstanding  balance  on  the  revolving  line  of  credit was $-0-. The Company
borrows  and  repays  according to business demands and availability of cash. It
currently  reserves  $3,508,000 for a letter of credit used as collateral for an
insurance  policy  and  a  lien  bond.

Company  operations  have  produced an average of almost $2,500,000 a quarter in
cash flow over the past three years. Management expects 2004 quarterly cash flow
from  operations  to,  on average, be higher. The $10,771,000 in cash on hand at
December  31,  2003  was  comprised  of  short  term  investments which were not
required  for  operations of $10,959,000, and a net checks outstanding amount of
($188,000).

USES  OF  CASH

On February 17, 2004 the Company redeemed a warrant to purchase 1,349,843 shares
of common stock at $1.50 a share for $5,500,000. The closing market price of the
Company's  common  stock  of  February  17, 2004 was $6.99. The warrant had been
issued in 1998 to its former bank as part of a debt restructuring agreement. The
redeemed  warrant,  which  represented  approximately 8% of the Company's shares
outstanding,  has  been  surrendered  and  will  not  be  reissued.  The warrant
redemption  reduced  the  Company's  cash  on  hand  by  $5,500,000  and reduced
additional  paid-in-capital by a like amount, with no effect on the Statement of
Operations.

Management currently expects its capital spending needs to be between $5,500,000
and  $6,500,000  in  2004.  It  is  expected  that  $3.7 million of 2004 capital
spending  will  be allocated to the Texas hazardous waste facility for treatment
capacity  expansion,  disposal  cell  construction,  future  disposal  cell
engineering,  equipment,  and  development  of  a  rail  transfer facility.  The
Company  also  intends  to  make  capital  improvements at its Grand View, Idaho
facility  to  increase  throughput.

The  Company's  Oak  Ridge  facility continues to require cash, though at a much
lower level than in 2003. Use of cash at Oak Ridge is expected to decrease since
waste  shipped  off site has largely been processed and disposed. If the Company
is  unable  to sell the facility and is required to commence closure activities,
cash  use  could  increase  later in 2004 or 2005. Also, a substantial amount of
cash  or payment of liabilities may be required to complete a sale. At March 31,
2004,  the Company's Oak Ridge facility had liabilities (excluding the estimated
cost to close the facility)


                                       21
<PAGE>
expected  to  be paid in 2004 of $735,000. The Company is attempting to sell the
Oak  Ridge  facility, but would expect to spend the estimated $4,594,000 accrued
in  long  term  liabilities  to  close  the  facility over time if a sale is not
completed.

The  Company believes that cash on hand and cash flow from operations, augmented
as needed by periodic borrowings under the line of credit, will be sufficient to
meet  the  Company's  cash  needs  for  the  foreseeable  future.

ITEM  3.   QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK.

The  Company  does not maintain equities, commodities, derivatives, or any other
instruments  for  trading  or  any  other  purposes,  and  does  not  enter into
transactions  denominated  in  currencies  other  than  the  U.S.  Dollar.

The Company has minimal interest rate risk on investments or other assets as the
amount  held  is  typically  the  minimum  requirement  imposed  by insurance or
government  agencies. At March 31, 2004, $131,000 was held in short term pledged
investment  accounts and approximately $11,000,000 was held in investments whose
terms  ranged from overnight to one week.  Together these items earn interest at
approximately  1%,  and  comprise  17%  of  assets.

The  Company  does  have  interest rate risk on debt instruments. On October 28,
2002,  the  Company  substantially  refinanced  the  8.25% fixed rate $8,500,000
Industrial  Revenue  Bond  with  a  $7,000,000  five  year  term  loan  from the
Company's primary lender. The term loan provides for a variable interest rate of
the bank's prime rate or an offshore rate plus an applicable margin based on the
Company's performance.  At March 31, 2004 the interest rate incurred on the term
loan  was  3.38%  on  the  outstanding  term  loan  balance  of  $5,133,000.  A
hypothetical  increase  of  1%  in interest rates would increase annual interest
expense  paid  by  the  Company  by  approximately  $44,000.

ITEM  4.   CONTROLS  AND  PROCEDURES.

(a)  Within  the  90  day  period  prior  to  the filing of this report, Company
management,  under  the  direction  of  the  Chief  Executive  Officer and Chief
Financial  Officer, carried out an evaluation of the effectiveness of the design
and  operation  of  the Company's disclosure controls and procedures pursuant to
Rule  13a-14  of the Securities Exchange Act of 1934 (Exchange Act).  Based upon
that evaluation, the Chief Executive Officer and Chief Financial Officer believe
that  the  Company's  disclosure controls and procedures are effective in timely
alerting  them to material information required to be disclosed in the Company's
Exchange  Act  filings.

(b)  The  Company  maintains  a system of internal controls that are designed to
provide reasonable assurance that its records and filings accurately reflect the
transactions  engaged  in.  For the quarter ending March 31, 2004, there were no
significant  changes  to  internal  controls  or  in  other  factors  that could
significantly  affect  these  internal  controls.

PART  II  OTHER  INFORMATION.
-----------------------------
ITEM  1.  LEGAL  PROCEEDINGS.

Significant  developments  have  occurred  on  the following legal matters since
December  31,  2003:

US ECOLOGY, INC. V. THE STATE OF CALIFORNIA, ET AL., CASE NO.GIC747562, SUPERIOR
---------------------------------------------------
COURT  OF  THE  STATE  OF  CALIFORNIA  FOR  THE  COUNTY  OF  SAN  DIEGO

In  May 2000, subsidiary US Ecology, Inc., sued the State of California, et. al.
("the  State")  for  monetary  damages  exceeding $162 million stemming from the
State's  alleged  abandonment  of  the  Ward  Valley low-level radioactive waste
("LLRW")  disposal  project. The case was tried in Superior Court for the County
of San Diego ("the Superior Court") during February and March 2003. On March 26,
2003,  the  Superior  Court  issued  a  decision  against  the  Company.

Based  on  the  uncertainty  of  recovery following the Superior Court's adverse
decision,  the Company wrote off the $20,951,000 deferred site development asset
on  March  31,  2003.

On  June  26,  2003,  the  Company  filed a notice of appeal with the California
Fourth Appellate District Court. The


                                       22
<PAGE>
opening  appellate  brief was filed March 15, 2004. The State's opposition brief
is  due  June  14,  2004. The Company's reply brief will be filed July 5, unless
extended  by  the Appellate Court. The Company expects oral arguments in the 2nd
half  of  2004  or  early  2005.

No  assurance  can  be  given that the Company will prevail on appeal or reach a
settlement  to  recover  any  portion  of  its  investment.

ENTERGY  ARKANSAS,  INC.  ET  AL, CENTRAL INTERSTATE LOW-LEVEL RADIOACTIVE WASTE
--------------------------------------------------------------------------------
COMMISSION  AND  US  ECOLOGY,  INC. ("PLAINTIFFS") V. STATE OF NEBRASKA, ET AL.,
------------------------------------------------------------------------------
CASE  NO.  4:98CV3411,  U.S.  DISTRICT  COURT,  DISTRICT  OF  NEBRASKA

This  action  was  brought  in  federal  court  in  December of 1999 by electric
utilities  that generate low-level radioactive waste ("LLRW") within the Central
Interstate  Low-Level  Radioactive  Waste  Compact ("CIC") and seeks declaratory
relief  and  damages.

In  September  2002,  the US District Court for the District of Nebraska entered
judgment  against  Nebraska  in  favor  of  the  CIC for $153 million, including
approximately $50 million for prejudgment interest. Of this amount, US Ecology's
share  was  $6.2 million plus $6.1 million for prejudgment interest. The Company
carries  $6.5  million on its balance sheet for capitalized facility development
costs.  The  State  of Nebraska subsequently appealed this judgment. On February
18,  2004,  the Eighth U.S. Circuit Court of Appeals affirmed the District Court
ruling  in  its  entirety.  On  March  3,  2004,  the  State of Nebraska filed a
petition  for  rehearing  by  the  full Eighth U.S. Circuit Court of Appeals (en
banc).  On April 21, 2004, the Eighth Circuit Court of Appeals denied Nebraska's
petition  for  rehearing.  The  State  of Nebraska may petition the U.S. Supreme
Court  to  review  the  matter.
No  assurance  can be given that the trial and appellate court judgments will be
affirmed on appeal or that US Ecology will recover its contributions or interest
thereon.

ITEM  2.   CHANGES  IN  SECURITIES  AND  USE  OF  PROCEEDS.

On February 17, 2004 the Company redeemed a warrant to purchase 1,349,843 shares
of  common stock at $1.50 a share for $5,500,000. The warrant had been issued in
1998  to its former bank as part of a debt restructuring agreement. The redeemed
warrant, which represented approximately 8% of the Company's shares outstanding,
has  been  surrendered  and  will  not  be  reissued.

ITEM  3.  DEFAULTS  UPON  SENIOR  SECURITIES.

None

ITEM  4.  SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS.

None

ITEM  5.  OTHER  INFORMATION.

     If  at  June  30, 2004, the Company's unaffiliated market capitalization is
greater than $75,000,000, the Company will become an accelerated filer effective
January  1,  2005.  As  of  April  30,  2004,  the Company's unaffiliated market
capitalization  was  approximately  $101,000,000.

ITEM 6.   EXHIBITS  AND  REPORTS  ON  FORM  8-K.

     (a)  The following exhibits are filed as part of this report:

     ---------------------------------------------------------------------------
     Exhibit No.                  Description
     ------------   ------------------------------------------------------------
     31.1           Certifications  of  March  31,  2004  Form  10-Q  by  Chief
                    Executive  Officer  dated  April  30,  2004
     ------------   ------------------------------------------------------------
     31.2           Certifications  of  March  31,  2004  Form  10-Q  by  Chief
                    Financial  Officer  dated  April  30,  2004
     ---------------------------------------------------------------------------


                                       23
<PAGE>
     ---------------------------------------------------------------------------
     32.1           Certifications  of  March  31,  2004  Form  10-Q  by  Chief
                    Executive  Officer  dated  April  30,  2004
     ------------   ------------------------------------------------------------
     32.2           Certifications  of  March  31,  2004  Form  10-Q  by  Chief
                    Financial  Officer  dated  April  30,  2004
     ---------------------------------------------------------------------------

     (b)  Reports on Form 8-K.

                    Press  Release,  dated February 17, 2004, entitled "AMERICAN
                    ECOLOGY POSTS SOLID FOURTH QUARTER EARNINGS OF $3.1 MILLION"
                    Press  Release,  dated February 18, 2004, entitled "AMERICAN
                    ECOLOGY  REDEEMS  COMMON  STOCK  WARRANT  FOR $5.5 MILLION "
                    Press Release, dated February 19, 2004, entitled "U.S. Court
                    of  Appeals  Affirms  Judgment against Nebraska in Low-Level
                    Radioactive  Waste  Lawsuit"
                    Press  Release,  dated  April  20,  2004, entitled "AMERICAN
                    ECOLOGY  POSTS  $3.4 MILLION FIRST QUARTER OPERATING INCOME"



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:  April 30, 2004     By:/s/ Stephen A. Romano
                          ------------------------

                          Stephen A. Romano
                          President, Chief Executive Officer and Chief Operating
                          Officer

Date:  April 30, 2004     By:/s/ James R. Baumgardner
                          ---------------------------

                          James R. Baumgardner
                          Senior Vice President, Chief Financial Officer,
                          Secretary and Treasurer


                                       24
<PAGE>
                                  EXHIBIT INDEX


Exhibit                            Description
-------                            -----------

31.1      Certifications of March 31, 2004 Form 10-Q by Chief Executive Officer
          dated April 30, 2004
31.2      Certifications of March 31, 2004 Form 10-Q by Chief Financial Officer
          dated April 30, 2004
32.1      Certifications of March 31, 2004 Form 10-Q by Chief Executive Officer
          dated April 30, 2004
32.2      Certifications of March 31, 2004 Form 10-Q by Chief Financial Officer
          dated April 30, 2004





                                       25
<PAGE>