ISA Reports Record Second Quarter

Industrial Services of America Inc. (ISA), a Louisville, Ky.-based company that buys, processes and markets recyclable commodities, has reported record second quarter results in 2008. The company’s second quarter net income has doubled to $1.7 million (46 cents per share), while their non-ferrous shipment volume is up 67 percent and ferrous is up 32 percent.

For the second quarter of fiscal 2008, ISA reported that total revenues increased 77 percent to $34.5 million, compared with only $19.5 million during the 2007 period.

“ISA is benefitting not only from the higher price of commodities, but we are also successfully maximizing the utilization of current assets while we invest in expanding our processing and shipping capacities,” says Brian Donaghy, ISA President and Chief Operating Officer. “This is evident from our second quarter performance, as shipments were up 67 percent and 32 percent for non-ferrous and ferrous materials from the same period a year ago.”

ISA has also experienced substantial increases for the first six months of fiscal 2008 compared to the same period in 2007. Total revenues increased 62 percent to $60.6 million, compared with $37.4 million during the first six months of 2007. Net income has also increased 70 percent over the same period and the financial success does not appear to be slowing down soon.

“The company’s performance during the first month of the third quarter has continued at roughly the same pace as the second quarter,” says Donaghy.  “We see positive trends for commodities over the long-term, but demand and pricing can remain volatile, as we’ve witnessed.”