Industrial Services of America Inc. buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities for domestic users and export markets, and offers programs and equipment to help businesses manage wastes. The company recently posted its fourth quarter and full year results ended Dec. 31, 2009, reporting the strongest revenue and net income in the company’s history.
For the fourth quarter of 2009, Industrial Services reported total revenue at $37.7 million, compared to $10.6 million in 2008. Net income was $1.54 million, or $0.36 per basic and diluted share, compared to $2.50 million, or $0.69 per basic and diluted share, reported for the same quarter of 2008.
The company also noted full year 2009 highlights, reporting total revenue at $181 million in 2009, compared with $100 million in 2008. Net income for full-year 2009 was $5.28 million, or $1.37 basic and diluted per share, in 2009, compared with net income of $1.52 million, or $0.43 basic and diluted per share in 2008.
Industrial Services’ solid results were fueled by several operational achievements, including its expansion into the stainless steel recycling market through the purchase of inventories and equipment from Venture Metals LLC, and hiring two of Venture Metals executives. This acquisition positions Industrial Services as one of the largest stainless steel recyclers and processors in the U.S.
In June 2009, the company completed the multi-million-dollar shredder project; the new shredder began operations July 1, 2009. Industrial Services also expanded its primary metal recycling facility in Louisville, effectively doubling its usable acreage.