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Industrial Services Of America, Inc. Reports Second Quarter 2010 Results

Industrial Services of America, Inc. (NASDAQ: IDSA), a company that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities for domestic users and export markets and offers programs and equipment to help businesses manage wastes, today reported financial results for the second quarter ending June 30, 2010.

Highlights:

  • Total revenue for the second quarter 2010 increased 137% to $92.8 million from last year second quarter
  • Net income for the second quarter 2010 increased 155% to $2.3 million from last year second quarter
  • New credit facilities of $48.8 million to accommodate continued growth

Harry Kletter, Chairman and Chief Executive Officer commented, “The quarter ended with much stronger than expected orders, but we continue to be cautious as certain economic indicators suggest that the current recovery may be slowing.” The company recently announced that its credit facilities had been increased to $48.8 million from $28.8 million. Brian Donaghy, President stated, “We need the increased credit facilities in place for opportunities in our overall recycling business.”

For the second quarter of 2010:

  • Total revenue was $92.8 million in 2010, compared with $39.1 million in 2009 primarily due to an increase in the volume of ferrous shipments of 164.0%. (Shredder operations began July 1, 2009.)
  • Net income was $2,347,200 (basic and diluted earnings of $0.36 per share) in 2010, compared with $922,210 (basic and diluted earnings of $0.17 per share) in 2009. Basic and diluted weighted average shares outstanding were 6,462,513 and 6,489,908 in 2010 and 5,477,844 for both in 2009 (adjusted for split).
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) for 2010 was $5,117,653 compared with EBITDA of $2,365,976 for 2009. (See attached reconciliation.)

For the first six months of fiscal 2010:

  • Total revenue was $167.0 million, compared with $63.4 million in 2009 primarily due to an increase in the volume of ferrous shipments of 175.3%. (Shredder operations began July 1, 2009.)
  • Net income was $4,110,464 (basic earnings of $0.64 per share and diluted earnings of $0.63 per share), compared with net income of $1,576,273 (basic and diluted earnings of $0.29 per share) in 2009. Basic and diluted weighted average shares outstanding were 6,456,053 and 6,474,903 in 2010 and 5,420,709 for both in 2009 (adjusted for split).
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) for 2010 were $9,249,654 compared with EBITDA of $4,208,212 for 2009. (See attached reconciliation.)

Other Information:

ISA will host a conference call on Monday, August 9, 2010 at 2:00 p.m. Eastern Daylight Time to discuss its earnings results for the quarter ended June 30, 2010 and to provide an update on business developments.

The conference call can be accessed by dialing:
U.S. and Canada Dial-in Number: 877-354-6067
International Dial-in Number: 706-758-1711
Conference ID# 90249476
 

Callers should identify the Industrial Services of America earnings results call.

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