Louisville, Kentucky-based Industrial Services of America Inc. (ISA) has reported a 13 percent revenue increase and a $300,000 improvement in net income for the quarter ending March 31, 2018, compared with the same period in 2017.
ISA’s filing with the U.S. Securities and Exchange Commission of its Form 10-Q for the first quarter of 2018 indicates net income of $36,000 compared with a net loss of about $300,000 in the first quarter of 2017.
The company also is reporting what it calls “positive adjusted EBITDA (earnings before interest, tax, depreciation and amortization) of $800,000 during the quarter, which it calls “a substantial improvement” compared with the positive adjusted EBITDA of $500,000 during the first quarter of 2017.
ISA says the improvement in operating performance “was due in part to the successful restart of the company’s shredder, as well as improvements in the company’s ferrous operations margins from 2017 to 2018.” The company says the restarts of its shredder in Louisville “led to [a] favorable sales mix and improved margins.”
“We are excited to report the company generated positive net income this quarter,” comments Todd L. Phillips, CEO, president and chief financial officer of ISA. “Our turnaround and growth strategy has continued to show great progress.”
ISA describes itself as a company that buys, processes and markets ferrous and nonferrous metals and other recyclable commodities, and buys used autos in order to sell used auto parts. According to its website, the company operates its main facility (shredder yard), one smaller scrap facility and its auto parts business in Louisville, along with two small scrap facilities in southern Indiana.