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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 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.
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.