Industrial Services of America, Inc. Announces First Quarter 2017 Operating Results
12 Maggio 2017 - 10:25PM
Business Wire
Industrial Services of America, Inc. (NASDAQ: IDSA), (the
“Company” or “ISA”), a company that buys, processes and markets
ferrous and non-ferrous metals and other recyclable commodities,
and buys used autos in order to sell used auto parts, today
announced the filing with the U.S. Securities and Exchange
Commission of its Form 10-Q for the quarter ended March 31,
2017.
The Company reported a net loss of $271 thousand for the three
months ended March 31, 2017 compared to a net loss of $1.4 million
for the three months ended March 31, 2016. Further, the Company
reported positive Adjusted EBITDA of $496 thousand during the
quarter ended March 31, 2017, which marks a substantial improvement
compared to the Adjusted EBITDA loss of $690 thousand during the
quarter ended March 31, 2016. This improvement in operating
performance was largely due to improvements in pricing in the scrap
metal commodity markets from 2016 to 2017, as well as related
volume increases.
Three Months Ended March 31, 2017
2016 (in thousands) Revenue $ 13,011 $
5,998 Net loss $ (271 ) $ (1,425 ) Adjusted EBITDA $ 496 $ (690 )
As previously announced, the Company entered into an amended
credit facility on March 31, 2017 with MidCap Business Credit LLC,
which extended the maturity date of the Company's line of credit
until February 28, 2020 and increased the line of credit from $6.0
million to $8.0 million, subject to the satisfaction of certain
borrowing base restrictions. On April 26, 2017, certain borrowing
base restrictions were satisfied with MidCap Business Credit LLC
which resulted in an increase in availability of $1.75 million.
The Company also announces the commercial restart of the
Company’s auto shredder. The Company intends to run the shredder in
the normal course of business subject to market conditions and
operating needs.
Todd Phillips, President and Chief Financial Officer of ISA
commented, “The ISA team is excited about the improvements in our
business. While much work remains, the first quarter operating
results, the increase in our borrowing availability and the restart
of our auto shredder are big steps forward for ISA.”
Non-GAAP Measures
The information provided above in this release includes certain
non-GAAP financial measures as defined under SEC rules. In
accordance with SEC rules, the Company has provided, in the
supplemental information below, a reconciliation of those measures
to the most directly comparable GAAP measures. To provide
additional information regarding the Company's results, the Company
has disclosed in this press release Adjusted EBITDA. Adjusted
EBITDA is not a measure of financial performance under accounting
principles generally accepted in the United States of America. The
Company defines Adjusted EBITDA as net income (loss) excluding
depreciation and amortization, share-based compensation expense,
interest expense, including loan fee amortization, gain on sale of
assets, and other income (expense), net, and income tax provision.
The Company has included Adjusted EBITDA as a supplemental
financial measure in this press release as it is a key measure used
by management and the board of directors to understand and evaluate
the core operating performance of the Company, to prepare budgets
and operating plans, and because management believes such measure
provides useful information in understanding and evaluating the
Company's operating results. Adjusted EBITDA is also used in
certain covenants contained in the Company’s credit agreement.
However, use of Adjusted EBITDA as an analytic tool has its
limitations and you should not consider this measure in isolation
or as a substitute for analysis of the Company's financial results
as reported under GAAP, including net income (loss), operating
income, cash flows from operating, investing or financing
activities, or any other measure calculated in accordance with
GAAP. The following table presents the reconciliation between net
loss and Adjusted EBITDA.
Three Months Ended
March 31, 2017 2016 (in
thousands) Reconciliation from net loss to Adjusted EBITDA
Net loss $ (271 ) $ (1,425 ) Depreciation and
amortization 575 550 Share-based compensation expense 32 136
Interest expense, including loan fee amortization 183 59 Gain on
sale of assets (28 ) - Other (income) expense, net (2 ) (11 )
Income tax provision 7 1 Total net
adjustments 767 735 Adjusted EBITDA $
496 $ (690 )
About ISA
Headquartered in Louisville, Kentucky, Industrial Services of
America, Inc., is a publicly traded company that buys, processes
and markets ferrous and non-ferrous metals and other recyclable
commodities, and buys used autos in order to sell used auto parts.
More information about ISA is available at www.isa-inc.com.
This news release contains forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ from predicted results. Specific risks include fluctuations
in commodity prices, varying demand for metal recycling,
competitive pressures in metal recycling markets, the failure to
operate the shredder successfully, competitive pressures in the
used auto parts market, availability of liquidity and loss of
customers. Further information on factors that could affect ISA’s
results is detailed in ISA’s filings with the Securities and
Exchange Commission. Except as required by law, ISA undertakes no
obligation to publicly release the results of any revisions to the
forward-looking statements.
ISA’s SEC filings are available for review at the Securities and
Exchange Commission web site at
http://www.sec.gov/edgar/searchedgar/companysearch.html.
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version on businesswire.com: http://www.businesswire.com/news/home/20170512005720/en/
Industrial Services of America, Inc.Todd Phillips,
502-366-3452President and Chief Financial Officer
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