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10.05.2010 12:00:00
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Industrial Services of America, Inc. Reports First Quarter 2010 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 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.
ISA’s 2009 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 efficiently 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 the 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.
Key words: recycling, scrap, ferrous, non-ferrous materials, waste management, international markets, global markets.
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FINANCIAL RESULTS AND |
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SUPPLEMENTAL FINANCIAL INFORMATION |
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FOLLOW |
| INDUSTRIAL SERVICES OF AMERICA, INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| THREE MONTHS ENDED MARCH 2010 AND 2009 | ||||||||
| (UNAUDITED) | ||||||||
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2010 |
2009 |
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| Revenue from service | $ | 1,535,133 | $ | 2,645,568 | ||||
| Revenue from product sales | 72,633,833 | 21,604,355 | ||||||
| Total Revenue | 74,168,966 | 24,249,923 | ||||||
| Cost of goods sold for services | 1,350,403 | 2,262,928 | ||||||
| Cost of goods sold for product sales | 66,535,105 | 18,002,190 | ||||||
| Total Cost of goods sold | 67,885,508 | 20,265,118 | ||||||
| Selling, general and administrative expense | 3,201,022 | 2,709,661 | ||||||
| Income before other income (expense) | 3,082,436 | 1,275,144 | ||||||
| Other income (expense) | ||||||||
| Interest expense | (328,969 | ) | (138,505 | ) | ||||
| Interest income | 7,829 | 15,243 | ||||||
| Gain on sale of assets | 184,648 | 3,750 | ||||||
| Other expense | (7,169 | ) | (65,527 | ) | ||||
| (143,661 | ) | (185,039 | ) | |||||
| Income before income taxes | 2,938,775 | 1,090,105 | ||||||
| Income tax provision | 1,175,511 | 436,042 | ||||||
| Net income | $ | 1,763,264 | $ | 654,063 | ||||
| Basic earnings per share | $ | 0.41 | $ | 0.18 | ||||
| Diluted earnings per share | $ | 0.41 | $ | 0.18 | ||||
| Weighted shares outstanding: | ||||||||
| Basic | 4,299,681 | 3,575,292 | ||||||
| Diluted | 4,325,100 | 3,575,292 | ||||||
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Industrial Services of America, Inc. |
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Supplemental Financial Information |
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Reconciliation of EBITDA (1): |
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| Three months ending March 31, | ||||
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2010 |
2009 |
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| Net Income | 1,763,264 | 654,063 | ||
| Interest expense | 328,969 | 138,505 | ||
| Income taxes | 1,175,511 | 436,042 | ||
| Depreciation | 864,257 | 613,626 | ||
| Amortization | - | - | ||
| EBITDA (1) | 4,132,001 | 1,842,236 | ||
| (1) | EBITDA is calculated by the Company as net income before interest expense, income tax expense, depreciation and amortization. The Company uses EBITDA as a key performance measure of results of operations for purposes of evaluating performance internally. This non-GAAP measurement is not intended to replace the presentation of our financial results in accordance with GAAP. Rather, we believe the EBITDA calculation provides additional information to investors and debt holders due to the fact that tax credits, tax rates and other tax related items vary by company. Additionally, years of service for fixed assets and amortizable assets are based on company judgment. Finally, companies have several ways of raising capital which can affect interest expense. We believe the presentation of EBITDA provides a meaningful measure of performance exclusive of these unique items. |
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