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Industrial Services Of America, Inc. Reports Second Quarter 2011 Results

Stocks in this article: IDSA

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, 2011.

For the six months ending June 30, 2011:

  • Total revenue was $171.2 million for the first six months of 2011, compared with $167.0 million for the first six months of 2010.
  • Net income was $2,479,358 (basic and diluted earnings of $0.36 per share) for the first six months of 2011, compared with $4,110,464 (basic and diluted earnings of $0.64 and $0.63 per share, respectively) for the first six months of 2010. Basic and diluted weighted average shares outstanding were 6,912,997 and 6,952,549 respectively in the first six months of 2011 and were 6,456,053 and 6,474,903 respectively (split-adjusted) for basic and diluted shares in the first six months of 2010.
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first six months of 2011 was $7,396,253 compared with EBITDA of $9,249,654 for the first six months of 2010. (See attached reconciliation.)
  • Net income and earnings per share were adversely affected by a fee of $500,000 in the second quarter resulting from the cancellation of purchase contracts as market demand for stainless steel slowed significantly.

For the three months ending June 30, 2011:

  • Total revenue was $65.0 million in the second quarter of 2011, compared with $92.8 million in the second quarter of 2010.
  • Net income was $312,576 (basic and diluted earnings of $0.05 per share) in the second quarter of 2011, compared with $2,347,200 (basic and diluted earnings of $0.36 per share) in the second quarter of 2010. Basic and diluted weighted average shares outstanding were 6,789,917 and 6,825,108 respectively in the second quarter of 2011 and were 6,462,513 and 6,489,908 respectively (split-adjusted) for basic and diluted shares in the second quarter of 2010.
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2011 was $2,166,282 compared with EBITDA of $5,117,653 for the second quarter of 2010. (See attached reconciliation.)
  • Net income and earnings per share were adversely affected by a fee of $500,000 in the second quarter resulting from the cancellation of purchase contracts as market demand for stainless steel slowed significantly.

Key Highlights for the Second Quarter Ending June 30, 2011

  • Assessment and redeployment of key personnel
  • Continued emphasis on cost reduction
  • Attentive working capital management
  • Greater availability under the credit facilities

Recycling Volumes – 2 nd Quarter Summary

  • Stainless volumes decreased 62.0% from the second quarter of 2010
  • Ferrous volumes increased 21.8% from the second quarter of 2010
  • Non-Ferrous volumes increased 38.8% from the second quarter of 2010

Brian Donaghy, President and Chief Operating Officer of ISA stated, "We saw a dramatic change in stainless market conditions during the second quarter of 2011. Virtually every stainless scrap provider, including ISA, saw demand dwindle as a result of the world-wide decrease in demand for stainless steel and other nickel-based scrap. We believe that consumers have worked down their inventory levels, and we are optimistic that demand will soon rebound.

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