August 30, 2008

Metalico Q1 sales up by 230% YoY

Metalico Inc reported its best quarter ever, with sharp increases in revenues, operating income and net income for the first quarter of 2008.

Its net income for the quarter ended March 31st 2008 was USD 6.1 million on sales of USD 170.5 million compared to net income of USD 3.1 million on sales of USD 51.8 million for the quarter ended March 31, 2007, an increase in sales of USD 118.7 million or 230% over the same quarter 2007 results. Operating income for 2008 increased USD 7.9 million or 153% YoY to USD 13.1 million as compared to USD 5.2 million for the prior year quarter.

First Quarter Highlights

1. First quarter sales increased by 230% to USD 170.5 million in 2008 compared to USD 51.8 million in the prior year's first quarter.

2. Operating income for the quarter was USD 13.1 million, compared to operating income of USD 5.2 million for the quarter ended March 31st 2007, an increase of 153%.

3. Income from continuing operations increased 104% for the quarter to USD 6.5 million from USD 3.2 million in the prior year.

4. EBITDA rose to USD 15.8 million, an increase for the quarter ended March 31st 2008 of 57% over USD 10.0 million in the fourth quarter of 2007.

Metalico's Scrap Metal segment experienced QoQ volume increases of approximately 82% for ferrous and 95% for non ferrous metals. The Lead Fabrication segment volume remained unchanged QoQ>. Ferrous metal prices saw an increase of 50% QoQ, while selling prices for non-ferrous rose by 166% QoQ.

Mr Carlos E Agüero president & CEO of Metalico said that "We are extremely pleased with our performance. As a result of last year's acquisitions and the recent purchase of American CatCon in January, Metalico started 2008 with a much larger operating platform. In addition, we benefited from rising commodity prices throughout the quarter coupled with unit volume growth."