Industrial Services of America, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
March 27, 2018 at 06:51 pm
Share
Industrial Services of America, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported a net loss of $306,000, slightly down from the net loss of $240,000 for the three months ended 31 December 2016. The company's revenue was $13.5 million, increased from the revenue of $10.5 million in the same quarter of 2016. Adjusted EBITDA was $471,000 compared to the adjusted EBITDA of $411,000 during the same three months of 2016.
The company reported a net loss of $1.1 million for the year ended December 31, 2017 compared to a net loss of $3.2 million for the year ended December 31, 2016. Further, the company reported positive Adjusted EBITDA of $2.0 million during the year ended December 31, 2017, which marks a substantial improvement compared to the Adjusted EBITDA loss of $402,000 during the year ended December 31, 2016. This improvement in operating performance was due in part to the successful start-up of the company’s shredder as well as improvements in pricing and volumes in the scrap metal commodity markets from 2016 to 2017. Revenue was $54.935 million against $36.505 million 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.