Industrial Services of America, Inc. (NASDAQ: IDSA) today announced financial results for its third quarter ended September 30, 2010. Revenue for the third quarter of 2010 was $76.6 million compared with $80.0 million for the same period in 2009. Net income for the quarter was $1.9 million, or $0.28 per diluted share, compared with $2.2 million, or $0.37 per diluted share, for the third quarter of 2009. Diluted shares outstanding increased to 6,835,480 from 5,864,585 diluted shares in the third quarter of 2009.
Key Highlights for the Third Quarter Ending September 30, 2010
Key Highlights for the Nine Months Ending September 30, 2010
- Ferrous shipment volumes increased 90% quarter-over-quarter, resulting primarily from ongoing improvements in shredder efficiency
- The Company began the installation of an upgrade to its downstream non-ferrous recovery system, designed to increase yields and profit margins
- Industry veteran Daniel Gascoyne joined ISA as Executive Vice President to lead the Company’s Non-Ferrous Division
- Non-Ferrous shipment volumes were 13% higher than shipment volumes in the second quarter
- ISA’s Alloys division continued to perform well with respect to profit margins and capacity
- Revenues up 70% year-over-year
- Net Income up 61% year-over-year
- Diluted EPS up 36% year-over-year, despite an increase in shares outstanding
Harry Kletter, Chairman of the Board of Industrial Services of America, commented, “When we look at our earnings, our Alloys, Ferrous and Non-Ferrous divisions all performed solidly during the quarter.”
The third quarter of 2010 was the seventh consecutive quarter of profitability for ISA, following the dramatic downturn in the industry and the global economy in the fourth quarter of 2008.
Mr. Kletter said, “Scrap recycling is not a monthly or quarterly business. We buy and sell scrap in response to customer orders, but we can’t predict the timing. Sometimes we have firm orders that don’t ship until the following quarter. But we have grown our business every year, and 2010 is no different.”