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 waste, today announced financial results for the year and fourth quarter ended December 31, 2011.
Revenue for 2011 was $276.9 million compared with $343.0 million in 2010. Net loss for 2011 was $(3.9) million, or $(0.56) per diluted share, compared with net income of $8.1 million, or $1.21 per diluted share, for 2010. Revenue for the fourth quarter of 2011 was $50.0 million compared with $99.5 million for the same period in 2010. Net income for the quarter was $(1.8) million, or $(0.26) per diluted share, compared with $2.0 million, or $0.29 per diluted share, for the fourth quarter of 2010.
Key Highlights 2011
- Ferrous shipment volumes increased 7.5% year-over-year
- Cash flow from operations was $19.0 million, primarily as a result of a decrease in working capital
- Repaid debt by $17 million
- Current ratio at December 31, 2011, was 3.2 to 1
- We exited 2011 with $29 million of working capital and $20 million of availability on our revolving line of credit
Harry Kletter, founder and Chairman of ISA, stated, “The market demand for our stainless products was extremely volatile in 2011. While this resulted in short-term negative results, we believe the long-term outlook for this business remains strong. We have continued to invest in our people and our processes, and we expect to achieve improved profitability in our recycling segment. We have brought new talent into the organization, including the addition of two new board members with exemplary credentials, Dr. David Russell and Ms. Rudy Scarito. We believe we can benefit from their varied but relevant backgrounds. While we are still in the early days of 2012, we are beginning to see some benefits from our efforts.”