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 reported financial results for the first quarter ended March 31, 2014. Revenue for the first quarter of 2014 was $25.7 million compared with $34.8 million in the first quarter of 2013. Net loss for the first quarter of 2014 was $(0.6) million, or $(0.09) on a per share basis, compared with a net loss of $(0.1) million, or $(0.02) on a per share basis, for the comparable period in 2013. Key Highlights:
- Extended debt maturity date to July 31, 2015
- Reduced total debt by $2.9 million, or 16.2%, to $15.0 million from $17.9 million
- In compliance with all bank financial covenants
- Current ratio at March 31, 2014 was 2.08 to 1
- Working capital at March 31, 2014 was $9.6 million.
- Generated $2.3 million of cash from operations
- Used $0.1 million of cash for investing activities; and
- Repaid $2.9 million of debt
ISA's SEC filings are available for review at the Securities and Exchange Commission web site at http://www.sec.gov/edgar/searchedgar/companysearch.html.About ISA Headquartered in Louisville, Kentucky, Industrial Services of America, Inc., is a publicly traded company whose core business is buying, processing and marketing scrap metals and recyclable materials for domestic users and export markets. Additionally, ISA offers commercial, industrial and business customers a variety of programs and equipment to manage waste. More information about ISA is available at www.isa-inc.com. This news release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ from predicted results. Specific risks include fluctuations in the price of recycled materials, varying demand for waste managing systems, equipment and services, competitive pressures in waste managing systems and equipment, competitive pressures in the waste managing business, and loss of customers. Further information on factors that could affect ISA's results is detailed in ISA's filings with the Securities and Exchange Commission. ISA undertakes no obligation to publicly release the results of any revisions to the forward-looking statements.