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Industrial Services Of America, Inc. Announces Third Quarter 2012 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 waste, recently announced financial results for the third quarter ended September 30, 2012.

Revenue for the quarter was $45.7 million compared with $55.8 million in the third quarter of 2011. The net loss for the quarter was ($0.9) million, or ($0.13) per diluted share, compared with net loss of ($4.5) million, or ($0.67) per diluted share, for the comparable period in 2011.

Key Highlights
  • Pick.Pull.Save auto parts division is now fully operational on 15 acres with over 1,200 autos in inventory
  • Shredder now receiving higher quality product inflow with auto parts division adjacent to shredder
  • Term debt approximately $7 million
  • Outstanding revolving line of credit paid down to less than $20 million, from a high of $45 million
  • Potential growth opportunities as industry improves

Key Financial Highlights
  • Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for the nine months ending September 30, 2012 was $1.8 million
  • Current ratio at September 30, 2012 was 3.2 to 1
  • Working capital as of September 30, 2012 was $22.6 million
  • Cost reductions now approximately $1 million annually

During the past four years the Company purchased a stainless steel recycling operation, invested approximately $15 million in a shredder and extensive downstream non-ferrous recovery system, acquired property for expansion and established a self-service auto parts division, which now has over 1,200 cars in inventory on 15 acres of land. These assets, along with all of ISA’s other long-term assets, currently secure approximately $7 million of outstanding debt.

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