Industrial Services of America, Inc. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2018
August 08, 2018 at 09:19 pm
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Industrial Services of America, Inc. announced earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported a net income of $797,000 compared to a net loss of $377,000 for the three months ended June 30, 2017. Further, the company reported Adjusted EBITDA of $1,139,000 compared to $411,000 a year ago. This improvement in operating performance was primarily due in part to the successful restart of the Company’s shredder in May 2017 as well as improvements in the Company’s ferrous volumes and margins from 2017 to 2018. Revenue was $16,600,000 compared to $13,560,000 a year ago.
For the six months, the company reported a net income of $833,000 compared to a net loss of $648,000 for the same period a year ago. Adjusted EBITDA of $1,955,000 compared to $907,000 for the same period a year ago. This improvement in operating performance was due in part to the successful restart of the Company’s shredder in May 2017 as well as improvements in the Company’s ferrous volumes and margins from 2017 to 2018. Revenue was $31,257,000 compared to $26,571,000 a year ago.
Industrial Services of America, Inc. buys, processes and markets ferrous and non-ferrous metals, and other recyclable commodities. The Company operates through Recycling Segment. The Company's Recycling Segment collects, purchases, processes, and sells ferrous and non-ferrous scrap metal to steel mini-mills, integrated steel makers, foundries and refineries. It buys, dismantles and sells used auto parts. It purchases ferrous and non-ferrous scrap metal from industrial and commercial generators of steel, iron, aluminum, copper, stainless steel and other metals, and from scrap dealers and retail customers who deliver these materials to its facilities. It processes scrap metal through sorting, cutting and baling. Its non-ferrous scrap recycling operations consist of collecting, sorting and processing various grades of copper, aluminum, stainless steel and brass. Its used automobile yard purchases automobiles so that retail customers can locate and remove used parts for purchase.