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, 2010. Highlights:
Total revenue for the first quarter 2010 increased 206% to $74.2 million
Net income for the first quarter 2010 increased 170% to $1.8 million
Refinanced existing credit facilities for three-year term to accommodate continued growth
Harry Kletter, Chairman and Chief Executive Officer commented, "The management team, led by our President Brian Donaghy, continues to improve and expand our operations. As developing countries continue to grow along with the general improvement of the global economy, worldwide demand for scrap metals should remain strong. We will continue to look for strategic growth opportunities and to increase efficiency. We continue to hire key revenue generating executives.” For the first quarter of 2010:
Total revenue was $74.2 million in 2010, compared with $24.2 million in 2009.
Net income was $1,763,264 (basic and diluted earnings of $0.41 per share) in 2010, compared with $654,063 (basic and diluted earnings of $0.18 per share) in 2009. Basic and diluted weighted average shares outstanding were 4,299,681 and 4,325,100 in 2010 and 3,575,292 for both in 2009.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for 2010 was $4,132,001 compared with EBITDA of $1,842,236 for 2009. (See attached reconciliation.)
Other Information: ISA will host a conference call on Monday, May 10, 2010 at 2:00 p.m. Eastern time to discuss it earnings results for the quarter ended March 31, 2010 and to provide update on business developments.
The conference call can be accessed by dialing:
U.S. and Canada Dial-in Number: 877-354-6067
International Dial-in Number: 706-758-1711
Conference ID#: 73097561
Callers should identify the Industrial Services of America earnings results call.