- Total revenue was $343.0 million in 2010, compared with $181.1 million for the same period in 2009.
- Net income was $8,052,609 (basic and diluted earnings of $1.22 and $1.21 per share respectively) in 2010, compared with net income of $5,284,712 (basic and diluted earnings of $0.91 per share) in 2009.
|Basic and diluted weighted average shares outstanding were 6,622,480 and 6,666,480 in 2010 and were 5,783,328 and 5,801,459 respectively (split-adjusted) for basic and diluted weighted average shares outstanding in 2009.|
- Earnings before interest, taxes, depreciation and amortization (EBITDA) for 2010 was $17,785,839 compared with EBITDA of $12,680,811 for 2009. (See attached reconciliation.)
- Total revenue was $99.5 million in the fourth quarter of 2010, compared with $37.7 million in the fourth quarter 2009.
- Net income was $2,019,524 (basic and diluted earnings of $0.30 and $0.29 per share, respectively) in the fourth quarter of 2010, compared with $1,547,225 (basic and diluted earnings of $0.24 per share) in the fourth quarter of 2009. Basic and diluted weighted average shares outstanding were 6,790,026 and 6,837,185 respectively in the fourth quarter of 2010 and were 6,429,438 and 6,460,428 respectively (split-adjusted) for basic and diluted shares in the fourth quarter of 2009.
- Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2010 was $4,027,670 compared with EBITDA of $3,724,852 for the fourth quarter of 2009. (See attached reconciliation.)
- Revenues up 89% year-over-year
- Net Income up 52% year-over-year
- Diluted EPS up 33% year-over-year, despite a 15% increase in diluted shares outstanding
- Revenues up 164% year-over-year
- Net Income up 31% year-over-year
- Diluted EPS up 24% year-over-year, despite a 6% increase in diluted shares outstanding
“In 2011 we will focus on increasing our profit margins. We are in a position for continued growth in 2011 and will be looking forward to the new equipment that we invested in during the year to help us become more profitable and efficient.”In addition to investing in profit-enhancing equipment, management also continues to scrutinize operating costs. Both initiatives should help ISA expand its profit margins in 2011 and beyond. We also increased our credit facility during 2010, enabling us to continue our rapid pace of growth. We anticipate increasing our credit facility commensurate with the growth in our equity base and profits. More availability under the credit facility, combined with our continued focus on efficiently turning our inventory, should allow us to generate incremental sales and profitability. Operational Highlights:
- Increased scrap shipments 56% over 2009 levels
- Upgraded the non-ferrous separation system at our shredding operation
- Moved the Alloys division into a 150,000-square foot building that we own but had previously rented to an independent third party.
FINANCIAL RESULTS AND SUPPLEMENTAL FINANCIAL INFORMATION FOLLOW
|Industrial Services of America, Inc. and Subsidiaries Consolidated Statements of Income|
|YEAR ENDED||THREE MONTHS ENDED|
|Dec. 31, 2010||Dec. 31, 2009||Dec. 31, 2010||Dec. 31, 2009|
|Revenue from services||$6,212,549||$7,094,755||$1,381,310||$1,374,357|
|Revenue from product sales||336,792,766||173,956,925||98,089,777||36,333,612|
|Cost of goods sold for services||5,401,521||5,514,290||927,481||1,125,429|
|Cost of goods sold for product sales||310,318,773||155,244,685||92,664,680||30,939,154|
|Total cost of goods sold||315,720,294||160,758,975||93,592,161||32,064,583|
|Income before other income (expense)||13,548,336||9,805,040||2,791,593||2,911,741|
|Other income (expense)|
|Gain/(loss) on sale of assets||281,241||73,754||25,200||20,645|
|Other income, net||40,133||(29,322||)||(376||)||13,465|
|Income before income taxes||12,425,928||8,785,392||2,370,786||2,556,247|
|Provision for (reduction of) income taxes||4,373,319||3,500,680||351,262||1,009,022|
|Basic earnings per share||$1.22||$.91||0.30||0.24|
|Diluted earnings per share||$1.21||$.91||0.29||0.24|
|Weighted average shares outstanding:|
|INDUSTRIAL SERVICES OF AMERICA, INC. SUPPLEMENTAL FINANCIAL INFORMATION|
|Reconciliation of EBITDA( (1)):|
|Three Months EndingDecember 31,||Twelve Months EndingDecember 31,|