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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 first quarter ending March 31, 2011.
For the three months ending March 31, 2011:
Total revenue was $106.2 million in the first quarter of 2011, compared with $74.2 million in the first quarter of 2010.
Net income was $2,166,782 (basic and diluted earnings of $0.31 per share) in the first quarter of 2011, compared with $1,763,264 (basic and diluted earnings of $0.27 per share) in the first quarter of 2010. Basic and diluted weighted average shares outstanding were 6,885,170 and 6,928,448 respectively in the first quarter of 2011 and were 6,449,522 and 6,487,650 respectively (split-adjusted) for basic and diluted shares in the first quarter of 2010.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2011 was $5,229,971 compared with EBITDA of $4,132,001 for the first quarter of 2010. (See attached reconciliation.)
Key Highlights for the First Quarter Ending March 31, 2011
Revenue up 43% year-over-year
Net Income up 23% year-over-year
Diluted EPS up 15% year-over-year, despite a 7% increase in diluted shares outstanding
EBITDA up 27% year-over-year
Chairman of the Board Harry Kletter commented, “ISA had another record quarter, with revenue up 43% over last year’s first quarter. Even though some of this increase was from higher commodity prices, our unit volume was up 37% over the first quarter of 2010. Our earnings also posted strong growth, increasing 23% over the first quarter of 2010. These results are particularly impressive when you consider that they surpass the record results we posted in the first quarter of last year.”