Gross profit up 113 percent
LOUISVILLE, Ky. (Aug. 14, 2014) — Industrial Services of America, a company that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities, and offers waste management programs and equipment to commercial customers, today reported financial results for the three and six months ended June 30.
Highlights for the second quarter as compared to same period in 2013
- Ferrous revenue increased 25 percent, on 23percent higher unit volume
- Non-Ferrous revenue increased 10 percent on 12percent higher unit volume
- Gross Profit improved 113 percent to $1.5 million
- Gross Margin improved from 1.8 percent to 5.3 percent
- EBITDA improved to $415,000 vs. EBITDA of ($336,000)
- Total revenue declined 29 percent, from $40 million to $29 million, marking the completion of ISA’s exit from stainless steel recycling
- ISA raised $3 million of equity from Recycling Capital Partners, LLC
- The Company refinanced its credit facility with a $17.8 million loan from Wells Fargo Bank, National Association
Highlights for the six months ending June 30, as compared to same period in 2013
- Year-to-date, Ferrous and Non-Ferrous revenue collectively increased 9 percent on 15 percent higher Ferrous unit volume and 5 percent higher Non-Ferrous unit volume
- Selling, general and administrative expenses decreased $798,000, a 20 percent reduction from operating expense levels in the first half of 2013
- Interest expense declined by 52percent as a result of more favorable financing terms and the elimination of factoring fees
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