Date: November 1, 2006
Source: Industrial Services of America, Inc.
Nine months net income of $1,458,851
-- Nine months EPS of $0.41 per diluted share
-- Third quarter net income of $439,568
-- Third quarter EPS of $0.12 per diluted share
Industrial Services of America, Inc. (NASDAQ: IDSA), a leading provider of logistics management services, equipment and processes for waste, recyclable commodities and other materials, announced preliminary unaudited financial results for the third quarter ending September 30, 2006.
Financial Highlights:
Total revenues for the first nine months of 2006 were $47.5 million compared with total revenues for the first nine months of 2005 of $97.7 million.
Income before income taxes for the first nine months of 2006 was $2,194,819 compared to $1,143,437 for the first nine months of 2005.
Net income for the first nine months of 2006 was $1,458,851 (basic and diluted earnings of 41 cents per share) compared with net income of $686,061 (basic and diluted earnings of 19 cents per share) for the first nine months of 2005.
EBITDA for the first nine months of 2006 was $3,634,247 compared with EBITDA of $2,487,623 for the first nine months of 2005.
Total revenues for the third quarter of 2006 were $15.3 million compared with total revenues for the third quarter of 2005 of $34.6 million.
Income before income taxes for the third quarter of 2006 was $496,014 compared to $542,195 for the third quarter of 2005.
Net income for the third quarter of 2006 was $439,568 (basic and diluted earnings of 12 cents per share) compared with net income of $325,294 (basic and diluted earnings of 9 cents per share) for the third quarter of 2005.
EBITDA for the third quarter of 2006 was $975,640 compared with EBITDA of $983,220 for the third quarter of 2005.
Industrial Services of America, Inc. Management's Comments
With the release of our earnings for the third quarter of 2006, we are pleased to announce that we have now recorded fourteen consecutive profitable quarters. Our earnings continue to be strong. Compared with the prior year's third quarter, our current quarter net income increased 35% due to the reduction in the overall effective tax rate for the year. For the first nine months of 2006, our earnings have increased 113% over the nine months of 2005. Our outlook for the fourth quarter remains positive.
Our ISA Recycling segment continues to flourish as segment revenues increased 41% for the current quarter compared to the quarter of 2005. Operating levels and shipments were approximately the same for the current quarter compared to the quarter last year in our ferrous and nonferrous processing facilities. Recycling segment revenues increased 53% for the first nine months of this year compared to the same period last year as operating levels and shipments were up significantly during the first six months of 2006.
This sustained profitability continues to place us in a stronger financial position, allowing for greater flexibility to adjust to changing economic market conditions. Our goal is to remain dedicated to the recycling, management services, and equipment industry while sustaining steady growth at an acceptable profit, adding to the net worth of the Company, and providing positive returns for our stockholders.
Industrial Services of America, Inc., is a Louisville, Ky.-based logistics management services company servicing commercial, industrial and logistics customers nationwide. Industrial Services of America, Inc. provides scrap processing, waste and recycling management services, and equipment sales and service. Industrial Services of America, Inc. also actively participates in international markets, exporting non-ferrous metals and other recyclable materials.
Additional information is available at www.isa-inc.com.
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