Industrial Services of America, Inc. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Reports Write Down of Stainless Steel Inventory for the Third Quarter of 2013
January 11, 2014 at 02:31 am IST
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Industrial Services of America, Inc. reported consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total revenue of $33,311,000 against $45,729,000 for the same period in the last year. Loss before other income (expense) was $2,966,000 against $553,000 for the same period in the last year. Loss before income taxes was $3,537,000 against $1,100,000 for the same period in the last year. Net loss was $2,191,000 or $0.31 per basic and diluted share against $886,000 or $0.13 per basic and diluted share for the same period in the last year. LBITDA was $1,981,000 against EBITDA of $544,000 for the same period in the last year.
For the nine months, the company reported total revenue of $108,192,000 against $157,259,000 for the same period in the last year. Loss before other income (expense) was $4,724,000 against $1,361,000 for the same period in the last year. Loss before income taxes was $5,689,000 against $2,921,000 for the same period in the last year. Net loss was $3,544,000 or $0.50 per basic and diluted share against $2,117,000 or $0.30 per basic and diluted share for the same period in the last year. LBITDA was $1,012,000 against EBITDA of $2,012,000 for the same period in the last year.
Included in the net loss for the third quarter ended September 30, 2013 is a charge of approximately $1.9 million to write down the value of the company's stainless steel inventory at September 30, 2013, in accordance with lower of cost or market accounting guidance.
Industrial Services of America, Inc. buys, processes and markets ferrous and non-ferrous metals, and other recyclable commodities. The Company operates through Recycling Segment. The Company's Recycling Segment collects, purchases, processes, and sells ferrous and non-ferrous scrap metal to steel mini-mills, integrated steel makers, foundries and refineries. It buys, dismantles and sells used auto parts. It purchases ferrous and non-ferrous scrap metal from industrial and commercial generators of steel, iron, aluminum, copper, stainless steel and other metals, and from scrap dealers and retail customers who deliver these materials to its facilities. It processes scrap metal through sorting, cutting and baling. Its non-ferrous scrap recycling operations consist of collecting, sorting and processing various grades of copper, aluminum, stainless steel and brass. Its used automobile yard purchases automobiles so that retail customers can locate and remove used parts for purchase.
Industrial Services of America, Inc. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Reports Write Down of Stainless Steel Inventory for the Third Quarter of 2013