##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-Q
 
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the Quarterly Period Ended: March 31, 2007
    
    Commission File Number: 0-11688
 AMERICAN ECOLOGY CORPORATION
 
  Delaware
    
    95-3889638(State of Incorporation)
    
    (I.R.S. Employer 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)
  þ o
  o þ o
  o þ




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##### 



AMERICAN ECOLOGY CORPORATION
 TABLE OF CONTENTS
 PART I.
    
    FINANCIAL INFORMATIONItem 1.
    
    Financial Statements (Unaudited)Consolidated Balance Sheets as of March 31, 2007 and December 31, 2006
    
    
    1Consolidated Statements of Operations for the three months ended March 31, 2007 and 2006
    
    
    2Consolidated Statements of Cash Flows for the three months ended March 31, 2007 and 2006
    
    
    3Notes to Consolidated Financial Statements
    
    
    4Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    10Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    14Item 4.
    
    Controls and Procedures
    
    
    14PART II.
    
    OTHER INFORMATIONCautionary Statement
    
    
    14Item 1.
    
    Legal Proceedings
    
    
    15Item 1A.
    
    Risk Factors
    
    
    15Item 2.
    
    Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    15Item 3.
    
    Defaults Upon Senior Securities
    
    
    15Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    15Item 5.
    
    Other Information
    
    
    15Item 6.
    
    Exhibits
    
    
    15SIGNATURE
    
    
    16Exhibit 10.54Exhibit 10.57Exhibit 10.59Exhibit 31.1Exhibit 31.2Exhibit 32




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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 
 AMERICAN ECOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
 March 31,
    
    
    December 31,2007
    
    
    2006AssetsCurrent Assets:Cash and cash equivalents
    
    $
    3,736
    
    
    $
    3,775Short-term investments
    
    
    7,759
    
    
    
    6,120Receivables, net
    
    
    29,124
    
    
    
    27,692Prepaid expenses and other current assets
    
    
    2,877
    
    
    
    2,639Income tax receivable
    
    
    
    
    
    
    650Deferred income taxes
    
    
    513
    
    
    
    2,166Total current assets
    
    
    44,009
    
    
    
    43,042Property and equipment, net
    
    
    57,192
    
    
    
    55,460Restricted cash
    
    
    4,752
    
    
    
    4,691Deferred income taxes
    
    
    851
    
    
    
    848Total assets
    
    $
    106,804
    
    
    $
    104,041Liabilities and Stockholders EquityCurrent Liabilities:Accounts payable
    
    $
    4,782
    
    
    $
    6,866Deferred revenue
    
    
    3,669
    
    
    
    3,612Accrued liabilities
    
    
    5,492
    
    
    
    3,544Accrued salaries and benefits
    
    
    1,490
    
    
    
    1,943Customer advances
    
    
    1,464
    
    
    
    1,866Income tax payable
    
    
    673
    
    
    
    Current portion of closure and post-closure obligations
    
    
    1,425
    
    
    
    656Current portion of long-term debt
    
    
    6
    
    
    
    6Total current liabilities
    
    
    19,001
    
    
    
    18,493Long-term closure and post-closure obligations
    
    
    11,536
    
    
    
    12,160Long-term debt
    
    
    22
    
    
    
    24Other long-term liabilities
    
    
    4
    
    
    
    9Total liabilities
    
    
    30,563
    
    
    
    30,686Contingencies and commitmentsStockholders EquityCommon stock $0.01 par value, 50,000 authorized; 18,224 and
18,174 shares issued and outstanding, respectively
    
    
    182
    
    
    
    182Additional paid-in capital
    
    
    58,217
    
    
    
    57,532Retained earnings
    
    
    17,842
    
    
    
    15,641Total stockholders equity
    
    
    76,241
    
    
    
    73,355Total liabilities and stockholders equity
    
    $
    106,804
    
    
    $
    104,041
   1




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AMERICAN ECOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 Three Months Ended March 31,2007
    
    
    2006Revenue
    
    $
    38,964
    
    
    $
    21,522Transportation costs
    
    
    17,171
    
    
    
    5,057Other direct operating costs
    
    
    10,279
    
    
    
    6,755Gross profit
    
    
    11,514
    
    
    
    9,710Selling, general and administrative expenses
    
    
    3,599
    
    
    
    3,483Operating income
    
    
    7,915
    
    
    
    6,227Other income (expense):Interest income
    
    
    211
    
    
    
    188Interest expense
    
    
    (1
    )
    
    
    (1
    )Other
    
    
    4
    
    
    
    284Income before income taxes
    
    
    8,129
    
    
    
    6,698Income tax
    
    
    3,194
    
    
    
    2,519Net income
    
    $
    4,935
    
    
    $
    4,179Earnings per share:Basic
    
    $
    0.27
    
    
    $
    0.23Dilutive
    
    $
    0.27
    
    
    $
    0.23Shares used in earnings per share calculation:Basic
    
    
    18,209
    
    
    
    17,877Dilutive
    
    
    18,253
    
    
    
    18,051Dividends paid per share
    
    $
    0.15
    
    
    $
    0.15
   2




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AMERICAN ECOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 Three Months Ended March 31,2007
    
    
    2006Cash Flows From Operating Activities:Net income
    
    $
    4,935
    
    
    $
    4,179Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation, amortization and accretion
    
    
    2,351
    
    
    
    1,854Deferred income taxes
    
    
    1,650
    
    
    
    2,304Stock-based compensation expense
    
    
    143
    
    
    
    91Accretion of interest income
    
    
    (60
    )
    
    
    (127
    )Changes in assets and liabilities:Receivables
    
    
    (1,432
    )
    
    
    (561
    )Income tax receivable
    
    
    650
    
    
    
    Other assets
    
    
    (238
    )
    
    
    676Deferred revenue
    
    
    57
    
    
    
    280Accrued salaries and benefits
    
    
    (453
    )
    
    
    (794
    )Accounts payable and accrued liabilities
    
    
    (587
    )
    
    
    (1,438
    )Income tax payable
    
    
    673
    
    
    
    Closure and post-closure obligations
    
    
    (119
    )
    
    
    (380
    )Net cash provided by operating activities
    
    
    7,570
    
    
    
    6,084Cash Flows From Investing Activities:Purchases of short-term investments
    
    
    (11,943
    )
    
    
    (12,204
    )Purchases of property and equipment
    
    
    (3,775
    )
    
    
    (7,801
    )Restricted cash
    
    
    (61
    )
    
    
    (1
    )Maturities of short-term investments
    
    
    10,364
    
    
    
    16,282Proceeds from sale of property and equipment
    
    
    
    
    
    
    9Net cash used in investing activities
    
    
    (5,415
    )
    
    
    (3,715
    )Cash Flows From Financing Activities:Dividends paid
    
    
    (2,734
    )
    
    
    (2,661
    )Proceeds from stock option exercises
    
    
    326
    
    
    
    1,479Tax benefit of common stock options
    
    
    216
    
    
    
    199Other
    
    
    (2
    )
    
    
    Net cash used in financing activities
    
    
    (2,194
    )
    
    
    (983
    )Increase (Decrease) in cash and cash equivalents
    
    
    (39
    )
    
    
    1,386Cash and cash equivalents at beginning of period
    
    
    3,775
    
    
    
    3,641Cash and cash equivalents at end of period
    
    $
    3,736
    
    
    $
    5,027Supplemental DisclosuresIncome taxes paid
    
    $
    3
    
    
    $
    31Interest paid
    
    
    1
    
    
    
    1Non-cash investing and financing activities:Capital expenditures in accounts payable
    
    
    953
    
    
    
    1,069Acquisition of equipment with capital leases
    
    
    
    
    
    
    34
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AMERICAN ECOLOGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 NOTE 1  GENERAL
 Basis of Presentation
    Use of Estimates
 NOTE 2  EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS
 EITF 06-3. How Taxes
Collected from Customers and Remitted to Governmental Authorities Should Be Presented in the Income
Statement (That Is, Gross versus Net Presentation)
 FIN 48. Accounting for Uncertainty in Income Taxes Accounting for Income Taxes
  4




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SFAS 157. Fair Value Measurements
 FSP EITF 00-19-2. Accounting
for Registration Payment Arrangements Accounting for Contingencies
 SFAS 159. The Fair Value Option for Financial
Assets and Financial Liabilities
 NOTE 3 CONCENTRATION AND CREDIT RISK
 Major Customers
 Three Months Ended
    
    
    Three Months EndedCustomer
    
    March 31, 2007
    
    
    March 31, 2006Honeywell International, Inc.
    
    
    37
    %
    
    
    6
    %U.S. Army Corps of Engineers
    
    
    8
    %
    
    
    23
    %
  % of TradeAccounts ReceivableCustomer
    
    as of March 31, 2007Honeywell International, Inc.
    
    
    37
    %Compass Environmental, Inc.
    
    
    15
    %
 Credit Risk Concentration
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NOTE 4 SHORT-TERM INVESTMENTS
 March 31,
    
    
    December 31,in thousands
    
    2007
    
    
    2006Fixed maturity securitiesCommercial paper
    
    $
    6,257
    
    
    $
    4,122Federal Home Loan
    
    
    1,502
    
    
    
    1,998Total
    
    $
    7,759
    
    
    $
    6,120
 NOTE 5 RECEIVABLES
  March 31,
    
    
    December 31,in thousands
    
    2007
    
    
    2006Trade
    
    $
    29,169
    
    
    $
    27,536Unbilled revenue
    
    
    105
    
    
    
    237Other
    
    
    1
    
    
    
    2929,275
    
    
    
    27,802Allowance for doubtful accounts
    
    
    (151
    )
    
    
    (110
    )$
    29,124
    
    
    $
    27,692
 NOTE 6 PROPERTY AND EQUIPMENT
 March 31,
    
    
    December 31,in thousands
    
    2007
    
    
    2006Cell development costs
    
    $
    28,366
    
    
    $
    28,366Land and improvements
    
    
    8,967
    
    
    
    8,816Buildings and improvements
    
    
    18,263
    
    
    
    18,264Railcars
    
    
    17,375
    
    
    
    17,375Vehicles and other equipment
    
    
    18,407
    
    
    
    17,479Construction in progress
    
    
    8,216
    
    
    
    5,59099,594
    
    
    
    95,890Accumulated depreciation and amortization
    
    
    (42,402
    )
    
    
    (40,430
    )$
    57,192
    
    
    $
    55,460
  NOTE 7 LINE OF CREDIT
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NOTE 8 CLOSURE AND POST-CLOSURE OBLIGATIONS
 Accounting for Contingencies Accounting for Asset Retirement Obligations
  Three Months Endedin thousands
    
    March 31, 2007Beginning obligation
    
    $
    12,816Accretion expense
    
    
    264Payments
    
    
    (148
    )Adjustments
    
    
    29Ending obligation
    
    $
    12,961Less current portion
    
    
    (1,425
    )Long-term portion
    
    $
    11,536
 NOTE 9 INCOME TAXES
 .
   NOTE 10 COMMITMENTS AND CONTINGENCIES
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NOTE 11  COMPUTATION OF EARNINGS PER SHARE
 in thousands, except per share data
    
    Three Months Ended March 31,2007
    
    
    2006Basic
    
    
    Diluted
    
    
    Basic
    
    
    DilutedNet income
    
    $
    4,935
    
    
    $
    4,935
    
    
    $
    4,179
    
    
    $
    4,179Weighted average common
shares outstanding
    
    
    18,209
    
    
    
    18,209
    
    
    
    17,877
    
    
    
    17,877Dilutive effect of stock options and
restricted stock
    
    
    
    
    
    
    44
    
    
    
    
    
    
    
    174Weighted average
shares outstanding
    
    
    
    
    
    
    18,253
    
    
    
    
    
    
    
    18,051Earnings per share
    
    $
    0.27
    
    
    $
    0.27
    
    
    $
    0.23
    
    
    $
    0.23Anti-dilutive shares
excluded from calculation
    
    
    
    
    
    
    158
    
    
    
    
    
    
    
    
 NOTE 12  OPERATING SEGMENTS
    Non-Operating
    
    
    OperatingDisposal
    
    
    Disposalin thousands
    
    Facilities
    
    
    Facilities
    
    
    Corporate
    
    
    TotalThree months ended March 31, 2007Revenue
    
    $
    38,960
    
    
    $
    4
    
    
    $
    
    
    
    $
    38,964Transportation costs
    
    
    17,171
    
    
    
    
    
    
    
    
    
    
    
    17,171Other direct operating costs
    
    
    10,172
    
    
    
    107
    
    
    
    
    
    
    
    10,279Gross profit
    
    
    11,617
    
    
    
    (103
    )
    
    
    
    
    
    
    11,514Selling, general
& administration
    
    
    1,296
    
    
    
    
    
    
    
    2,303
    
    
    
    3,599Operating income (loss)
    
    
    10,321
    
    
    
    (103
    )
    
    
    (2,303
    )
    
    
    7,915Interest income, net
    
    
    4
    
    
    
    
    
    
    
    206
    
    
    
    210Other income
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    4Income (loss) before tax
    
    
    10,329
    
    
    
    (103
    )
    
    
    (2,097
    )
    
    
    8,129Tax expense
    
    
    
    
    
    
    
    
    
    
    3,194
    
    
    
    3,194Net income (loss)
    
    $
    10,329
    
    
    $
    (103
    )
    
    $
    (5,291
    )
    
    $
    4,935Depreciation, amortization & accretion
    
    $
    2,266
    
    
    $
    77
    
    
    $
    8
    
    
    $
    2,351Capital expenditures
    
    $
    3,772
    
    
    $
    3
    
    
    $
    
    
    
    $
    3,775Total assets
    
    $
    87,435
    
    
    $
    67
    
    
    $
    19,302
    
    
    $
    106,804
  8




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Non-Operating
    
    
    OperatingDisposal
    
    
    Disposalin thousands
    
    Facilities
    
    
    Facilities
    
    
    Corporate
    
    
    TotalThree months ended March 31, 2006Revenue
    
    $
    21,518
    
    
    $
    4
    
    
    $
    
    
    
    $
    21,522Transportation costs
    
    
    5,057
    
    
    
    
    
    
    
    
    
    
    
    5,057Other direct operating costs
    
    
    6,664
    
    
    
    91
    
    
    
    
    
    
    
    6,755Gross profit
    
    
    9,797
    
    
    
    (87
    )
    
    
    
    
    
    
    9,710Selling, general
& administration
    
    
    1,330
    
    
    
    
    
    
    
    2,153
    
    
    
    3,483Operating income (loss)
    
    
    8,467
    
    
    
    (87
    )
    
    
    (2,153
    )
    
    
    6,227Interest income, net
    
    
    10
    
    
    
    
    
    
    
    177
    
    
    
    187Other income (expense)
    
    
    (15
    )
    
    
    
    
    
    
    299
    
    
    
    284Income (loss) before tax
    
    
    8,462
    
    
    
    (87
    )
    
    
    (1,677
    )
    
    
    6,698Tax expense
    
    
    
    
    
    
    
    
    
    
    2,519
    
    
    
    2,519Net income (loss)
    
    $
    8,462
    
    
    $
    (87
    )
    
    $
    (4,196
    )
    
    $
    4,179Depreciation, amortization & accretion
    
    $
    1,758
    
    
    $
    90
    
    
    $
    6
    
    
    $
    1,854Capital expenditures
    
    $
    7,752
    
    
    $
    49
    
    
    $
    
    
    
    $
    7,801Total assets
    
    $
    63,258
    
    
    $
    88
    
    
    $
    28,188
    
    
    $
    91,534
 NOTE 13 SUBSEQUENT EVENT
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AMERICAN ECOLOGY CORPORATION
MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Overview
    10




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Results of Operations
  in thousands, except per
    
    Three Months Ended March 31,share amounts
    
    2007
    
    
    %
    
    
    2006
    
    
    %Revenue
    
    $
    38,964
    
    
    
    100.0
    %
    
    $
    21,522
    
    
    
    100.0
    %Transportation costs
    
    
    17,171
    
    
    
    44.1
    %
    
    
    5,057
    
    
    
    23.5
    %Other direct operating costs
    
    
    10,279
    
    
    
    26.3
    %
    
    
    6,755
    
    
    
    31.4
    %Gross profit
    
    
    11,514
    
    
    
    29.6
    %
    
    
    9,710
    
    
    
    45.1
    %Selling, general and
administrative expenses
    
    
    3,599
    
    
    
    9.3
    %
    
    
    3,483
    
    
    
    16.2
    %Operating income
    
    
    7,915
    
    
    
    20.3
    %
    
    
    6,227
    
    
    
    28.9
    %Other income (expense):Interest income
    
    
    211
    
    
    
    0.6
    %
    
    
    188
    
    
    
    0.9
    %Interest expense
    
    
    (1
    )
    
    
    0.0
    %
    
    
    (1
    )
    
    
    0.0
    %Other
    
    
    4
    
    
    
    0.0
    %
    
    
    284
    
    
    
    1.3
    %Income before income taxes
    
    
    8,129
    
    
    
    20.9
    %
    
    
    6,698
    
    
    
    31.1
    %Income tax
    
    
    3,194
    
    
    
    8.2
    %
    
    
    2,519
    
    
    
    11.7
    %Net income
    
    $
    4,935
    
    
    
    12.7
    %
    
    $
    4,179
    
    
    
    19.4
    %Earnings per share:Basic
    
    $
    0.27
    
    
    
    
    
    
    $
    0.23Dilutive
    
    $
    0.27
    
    
    
    
    
    
    $
    0.23Shares used in earnings
per share calculation:Basic
    
    
    18,209
    
    
    
    
    
    
    
    17,877Dilutive
    
    
    18,253
    
    
    
    
    
    
    
    18,051Dividends paid per share
    
    $
    0.15
    
    
    
    
    
    
    $
    0.15
 Three Months Ended March 31, 2007 Compared to Three Months Ended March 31, 2006
 Revenue -
   11




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Gross Profit .
 Selling, General and Administrative (SG&A) .
 Interest income.
 Other income (expense).
 Income tax expense .
   12




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Critical Accounting Policies
   Liquidity and Capital Resources
    Operating Activities
 Investing Activities -
 Financing Activities -
  13




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Contractual Obligations and Guarantees
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
 Item 4. Controls and Procedures
   
 PART II. OTHER INFORMATION
 
 Cautionary Statement for Purposes of Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995  This quarterly report on Form 10-Q contains forward-looking statements within the meaning of the
federal securities laws. Statements that are not historical facts, including statements about the
Companys beliefs and expectations, are forward-looking statements. Forward-looking statements
include statements preceded by, followed by or that include the words may, could, would,
should, believe, expect, anticipate, plan, estimate, target, project, intend and
similar expressions. These statements include, among others, statements regarding our financial and
operating results, strategic objectives and means to achieve those objectives, the amount and
timing of capital expenditures, the amount and timing of interest expense, the likelihood of our
success in expanding our business, financing plans, budgets, working capital needs and sources of
liquidity.
 Forward-looking statements are only predictions and are not guarantees of performance. These
statements are based on managements beliefs and assumptions, which in turn are based on currently
available information. Important assumptions include, among others, those regarding demand for
Company services, expansion of service offerings geographically or through new service lines, the
timing and cost of planned capital expenditures, competitive conditions and general economic
conditions. These assumptions could prove inaccurate. Forward-looking statements also involve known
and unknown risks and uncertainties, which could cause actual results to differ materially from
those contained in any forward-looking statement. Many of these factors are beyond our ability to
control or predict. Such factors include, but are not limited to, changes in key personnel,
compliance with and changes in applicable laws and regulations, exposure to litigation, access to
insurance and financial assurances, emergence of new technologies, potential loss of major
contracts, access to cost effective transportation services, our ability to meet contractual
commitments, impact of general economic trends on our business, and competition.
 Except as required by applicable law, including the securities laws of the United States and the
rules and regulations of the Securities and Exchange Commission, or the SEC, we are under no
obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. You should not place undue reliance on our forward-looking
statements. Although we believe that the expectations reflected in forward-looking statements are
reasonable, we cannot guarantee future results or performance. Before you invest in our common
stock, you should be aware that the occurrence of the events described in the Risk Factors
section in Section 1A of Part II Other Information in this Form 10-Q and filed in our Annual Report
on Form 10-K could harm our business, prospects, operating results, and financial
condition. Although we believe that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee future results or performance.
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Investors should also be aware that while we do, from time to time, communicate with securities
analysts, it is against our policy to disclose to them any material non-public information or other
confidential commercial information. Accordingly, stockholders should not assume that we agree with
any statement or report issued by any analyst irrespective of the content of the statement or
report. Furthermore, we have a policy against issuing or confirming financial forecasts or
projections issued by others. Thus, to the extent that reports issued by securities analysts
contain any projections, forecasts or opinions, such reports are not the responsibility of American
Ecology Corporation.
 
 Item 1. Legal Proceedings
  
 Item 1A. Risk Factors.
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
 Item 3. Defaults Upon Senior Securities
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Other Information
  
 Item 6. Exhibits
 10.54
    
    *Management Incentive Plan Effective January 1, 200710.57
    
    *Amended and Restated Executive Employment Agreement with Stephen A. Romano10.59
    
    *First Amendment to Form of Stock Option Agreement dated January 31, 200731.1
    
    Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Certification of CAO Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
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SIGNATURE
  American Ecology Corporation(Registrant)Date: April 27, 2007
    
    /s/ Jeffrey R. FeelerJeffrey R. FeelerVice President, Controller andChief Accounting Officer
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EXHIBIT INDEX
 ExhibitNo.
    
    Description10.54
    
    *Management Incentive Plan Effective January 1, 200710.57
    
    *Amended and Restated Executive Employment Agreement with Stephen A. Romano10.59
    
    *First Amendment to Form of Stock Option Agreement dated January 31, 200731.1
    
    Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Certification of CAO Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
  17