ISA Announces Fourth-Quarter, Year-End Financials

Industrial Services of America (ISA), Louisville, Ky., a leading provider of logistic management services, equipment and processes for waste, recyclable commodities and other materials, has announced preliminary unaudited financial results for the fourth quarter and year ending Dec. 31, 2004.

ISA's management says it has recorded seven consecutive profitable quarters, allowing the company to reduce its r long-term debt this year by $2,762,908 to $1,000,000 as of Dec. 31, 2004.

Earnings for the fourth quarter were affected by a 25 percent decrease in shipments of ferrous and nonferrous material during the fourth quarter of 2004 in light of traditional mill shutdowns during December. However, during December of 2003, these mills did not shutdown, accepting shipments in light of the demand from overseas markets. ISA says that severe weather in the Midwest was also decreased its shipments.

A tax deduction related to stock options that was taken in the second quarter of 2004 was reclassified to equity in the fourth quarter of 2004, increasing fourth quarter income tax expenses by approximately $120,000 (basic and diluted effect of 3 cents per share), according to ISA's management.

The company's financial highlights include:

• Total revenues for the fiscal year of 2004 were $139.6 million compared with total revenues for the fiscal year of 2003 of $118.5 million.
• Net income for the fiscal year of 2004 was $1,497,194 (basic earnings of 43 cents per share and diluted earnings of 42 cents per share) compared with net income of $668,406 (basic and diluted earnings of 21 cents per share) for fiscal year of 2003.
• Year-to-date EBITDA for the fiscal year of 2004 was $4.2 million compared with EBITDA of $3.1 million for the fiscal year of 2003.
• Total revenues for the fourth quarter of 2004 were $32.5 million compared with total revenues for the fourth quarter of 2003 of $31.1 million.
• Net income for the fourth quarter of 2004 was $127,331 (basic and diluted earnings of 4 cents per share) compared with net income of $280,717 (basic and diluted earnings of 9 cents per share) for the fourth quarter of 2003.
• EBITDA for the fourth quarter of 2004 was $865,461 compared with EBITDA of $914,467 in the fourth quarter of 2003.