Industrial Services of America Inc. (IDSA, Financial) filed Quarterly Report for the period ended 2009-06-30.
INDUSTRIAL SVCS is a management services company specializing in solid waste management as well as ferrous non-ferrous and fiber recycling. The management division is engaged in the business of commercial retail and industrial waste management and waste handling. They also have an operating division engaged inequipment sales and leasing activities. The ferrous division\'s products include recycling of steel and iron products whereas the non-ferrous division recycles copper aluminum and brass. Industrial Services of America Inc. has a market cap of $28.8 million; its shares were traded at around $7.61 with a P/E ratio of 11.3 and P/S ratio of 0.3. Industrial Services of America Inc. had an annual average earning growth of 22.6% over the past 5 years.
Total cost of goods sold increased $4,522,197 or 8.9% to $55,238,361 in 2009 compared to $50,716,164 in 2008. Recycling cost of goods sold increased $9,407,392 or 22.4% to $51,431,327 in 2009 compared to $42,023,935 in 2008. This is primarily due to our acquisition of the Venture Metals stainless steel recycling business, partially offset by a 33% decrease in shipments of ferrous and 41% decrease in shipments of other nonferrous materials, and to 55% lower commodity purchase prices. Management services cost of goods sold decreased $4,851,441 or 58.7% to $3,415,987 in 2009 compared to $8,267,428 in 2008 primarily due to the loss of major customers Circuit City and Mervyn\'s due to bankruptcy. Equipment sales, service and leasing cost of goods sold decreased $33,754 or 7.9% to $391,047 in 2009 compared to $424,801 in 2008. This decrease is due to a decrease of $37,651 in cost of equipment sales.
Selling, general and administrative expenses decreased $29,715 or 0.6% to $5,149,544 in 2009 compared to $5,179,259 in 2008. As a percentage of revenue, selling, general and administrative expenses were 8.1% in 2009 compared to 8.5% in 2008. The primary drivers of the decrease in total expenses are decreases in fuel expense of $258,000 and stock bonus of $240,000, offset by increases in manager and clerical labor of $365,000 and an increase of $114,000 in licenses and fees, both attributable to our new stainless steel recycling business
Other expense increased $319,785 to other expense of $359,210 in 2009 compared to other expense of $39,425 in 2008. This was primarily due to an increase in interest expense of $123,097 and an increase in other expense of $169,341. The increase in other expense is primarily due to an additional $65,597 paid in the All-American legal settlement in the first quarter of 2009. Also, in 2008, we recorded other income of $117,306 due to an insurance reimbursement.
Total revenue increased $4,613,229 or 13.4 % to $39,124,314 in 2009 compared to $34,511,085 in 2008. Recycling revenue increased $7,229,908 or 24.2% to $37,100,257 in 2009 compared to $29,870,349 in 2008. This is primarily due to our acquisition of the Venture Metals stainless steel recycling business, partially offset by a decrease in shipments of 21% in ferrous and 40% in other nonferrous materials and an average decrease in price of commodities of 49%. Management services revenue decreased $2,489,122 or 62% to $1,522,134 in 2009 compared to $4,011,256 in 2008 primarily due to the loss of major customers Circuit City and Mervyn\'s, both of whom declared bankruptcy and closed. Equipment sales, service and leasing revenue decreased $127,557 or 20% to $501,923 in 2009 compared to $629,480 in 2008. This decrease is due to a decrease in equipment sales and service and repairs revenue.
Total cost of goods sold increased $6,152,554 or 21.3% to $34,973,243 in 2009 compared to $28,820,689 in 2008. Recycling cost of goods sold increased $9,314,335 or 38.3% to $33,627,397 in 2009 compared to $24,313,062 in 2008. This is primarily due to our acquisition of the Venture Metals stainless steel recycling business, partially offset by a 30% decrease in shipments of ferrous and 41% decrease in shipments of other nonferrous materials, and to 54% lower commodity purchase prices. Management services cost of goods sold decreased $3,131,443 or 73% to $1,153,058 in 2009 compared to $4,284,501 in 2008 primarily due to the loss of major customers Circuit City and Mervyn\'s who declared bankruptcy. Equipment sales, service and leasing cost of goods sold decreased $30,338 or 13.6 to $192,788 in 2009 compared to $223,126 in 2008 due to a decrease in the cost of equipment sales.
Read the The complete Report
INDUSTRIAL SVCS is a management services company specializing in solid waste management as well as ferrous non-ferrous and fiber recycling. The management division is engaged in the business of commercial retail and industrial waste management and waste handling. They also have an operating division engaged inequipment sales and leasing activities. The ferrous division\'s products include recycling of steel and iron products whereas the non-ferrous division recycles copper aluminum and brass. Industrial Services of America Inc. has a market cap of $28.8 million; its shares were traded at around $7.61 with a P/E ratio of 11.3 and P/S ratio of 0.3. Industrial Services of America Inc. had an annual average earning growth of 22.6% over the past 5 years.
Highlight of Business Operations:
Total revenue increased $2,779,757 or 4.6% to $63,374,237 in 2009 compared to $60,594,480 in 2008. Recycling revenue increased $7,607,826 or 15% to $58,151,892 in 2009 compared to $50,544,066 in 2008. This is primarily due to our acquisition of the Venture Metals stainless steel recycling business, partially offset by a decrease in shipments of 33% in ferrous and 42% in other nonferrous materials and an average decrease in price of commodities of 50%. Management services revenue decreased $4,716,095 or 53.1% to $4,167,702 in 2009 compared to $8,883,798 in 2008 primarily due to the loss of major customers Circuit City and Mervyn\'s, both of whom declared bankruptcy and closed. Equipment sales, service and leasing revenue decreased $111,973 or 9.6% to $1,054,643 in 2009 compared to $1,166,616 in 2008. This decrease is due to a $46,200 decrease in equipment sales and a $55,154 decrease in service and repairs revenue.Total cost of goods sold increased $4,522,197 or 8.9% to $55,238,361 in 2009 compared to $50,716,164 in 2008. Recycling cost of goods sold increased $9,407,392 or 22.4% to $51,431,327 in 2009 compared to $42,023,935 in 2008. This is primarily due to our acquisition of the Venture Metals stainless steel recycling business, partially offset by a 33% decrease in shipments of ferrous and 41% decrease in shipments of other nonferrous materials, and to 55% lower commodity purchase prices. Management services cost of goods sold decreased $4,851,441 or 58.7% to $3,415,987 in 2009 compared to $8,267,428 in 2008 primarily due to the loss of major customers Circuit City and Mervyn\'s due to bankruptcy. Equipment sales, service and leasing cost of goods sold decreased $33,754 or 7.9% to $391,047 in 2009 compared to $424,801 in 2008. This decrease is due to a decrease of $37,651 in cost of equipment sales.
Selling, general and administrative expenses decreased $29,715 or 0.6% to $5,149,544 in 2009 compared to $5,179,259 in 2008. As a percentage of revenue, selling, general and administrative expenses were 8.1% in 2009 compared to 8.5% in 2008. The primary drivers of the decrease in total expenses are decreases in fuel expense of $258,000 and stock bonus of $240,000, offset by increases in manager and clerical labor of $365,000 and an increase of $114,000 in licenses and fees, both attributable to our new stainless steel recycling business
Other expense increased $319,785 to other expense of $359,210 in 2009 compared to other expense of $39,425 in 2008. This was primarily due to an increase in interest expense of $123,097 and an increase in other expense of $169,341. The increase in other expense is primarily due to an additional $65,597 paid in the All-American legal settlement in the first quarter of 2009. Also, in 2008, we recorded other income of $117,306 due to an insurance reimbursement.
Total revenue increased $4,613,229 or 13.4 % to $39,124,314 in 2009 compared to $34,511,085 in 2008. Recycling revenue increased $7,229,908 or 24.2% to $37,100,257 in 2009 compared to $29,870,349 in 2008. This is primarily due to our acquisition of the Venture Metals stainless steel recycling business, partially offset by a decrease in shipments of 21% in ferrous and 40% in other nonferrous materials and an average decrease in price of commodities of 49%. Management services revenue decreased $2,489,122 or 62% to $1,522,134 in 2009 compared to $4,011,256 in 2008 primarily due to the loss of major customers Circuit City and Mervyn\'s, both of whom declared bankruptcy and closed. Equipment sales, service and leasing revenue decreased $127,557 or 20% to $501,923 in 2009 compared to $629,480 in 2008. This decrease is due to a decrease in equipment sales and service and repairs revenue.
Total cost of goods sold increased $6,152,554 or 21.3% to $34,973,243 in 2009 compared to $28,820,689 in 2008. Recycling cost of goods sold increased $9,314,335 or 38.3% to $33,627,397 in 2009 compared to $24,313,062 in 2008. This is primarily due to our acquisition of the Venture Metals stainless steel recycling business, partially offset by a 30% decrease in shipments of ferrous and 41% decrease in shipments of other nonferrous materials, and to 54% lower commodity purchase prices. Management services cost of goods sold decreased $3,131,443 or 73% to $1,153,058 in 2009 compared to $4,284,501 in 2008 primarily due to the loss of major customers Circuit City and Mervyn\'s who declared bankruptcy. Equipment sales, service and leasing cost of goods sold decreased $30,338 or 13.6 to $192,788 in 2009 compared to $223,126 in 2008 due to a decrease in the cost of equipment sales.
Read the The complete Report
