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Industrial Services Of America, Inc. Reports Fourth Quarter And 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 fourth quarter and fiscal year ending December 31, 2010.

For the twelve months ending December 31, 2010
  • Total revenue was $343.0 million in 2010, compared with $181.1 million for the same period in 2009.
  • Net income was $8,052,609 (basic and diluted earnings of $1.22 and $1.21 per share respectively) in 2010, compared with net income of $5,284,712 (basic and diluted earnings of $0.91 per share) in 2009.
Basic and diluted weighted average shares outstanding were 6,622,480 and 6,666,480 in 2010 and were 5,783,328 and 5,801,459 respectively (split-adjusted) for basic and diluted weighted average shares outstanding in 2009.
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) for 2010 was $17,785,839 compared with EBITDA of $12,680,811 for 2009. (See attached reconciliation.)

For the fourth quarter ending December 31, 2010:
  • Total revenue was $99.5 million in the fourth quarter of 2010, compared with $37.7 million in the fourth quarter 2009.
  • Net income was $2,019,524 (basic and diluted earnings of $0.30 and $0.29 per share, respectively) in the fourth quarter of 2010, compared with $1,547,225 (basic and diluted earnings of $0.24 per share) in the fourth quarter of 2009. Basic and diluted weighted average shares outstanding were 6,790,026 and 6,837,185 respectively in the fourth quarter of 2010 and were 6,429,438 and 6,460,428 respectively (split-adjusted) for basic and diluted shares in the fourth quarter of 2009.
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2010 was $4,027,670 compared with EBITDA of $3,724,852 for the fourth quarter of 2009. (See attached reconciliation.)

Key Highlights for the Fiscal Year Ending December 31, 2010
  • Revenues up 89% year-over-year
  • Net Income up 52% year-over-year
  • Diluted EPS up 33% year-over-year, despite a 15% increase in diluted shares outstanding

Key Highlights for the Fourth Quarter Ending December 31, 2010
  • Revenues up 164% year-over-year
  • Net Income up 31% year-over-year
  • Diluted EPS up 24% year-over-year, despite a 6% increase in diluted shares outstanding

Chairman of the Board Harry Kletter commented, “2010 was another great year. Our sales have grown at a compound annual rate of 85% per year for each of the last two years, increasing from $100 million in 2008 to $181 million in 2009 to $343 million in 2010. This has occurred during one of the most difficult economic times since the 1930’s. We ended 2010 with a strong balance sheet, including a current ratio of 3.6-to-1 and low leverage.

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