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Monday, August 4, 2008

IDSA - Nice Report

Nice Report - Key will be how guidance is perceived. New investment is a very positive move.

Industrial Services of America, Inc. Reports Record Second Quarter 2008 Results
Monday August 4, 3:26 pm ET
-- Second quarter net income doubles to $1.7 million ($0.46 per share)
-- Non-ferrous shipment volumes up 67%; Ferrous up 32%
-- Company reports 21st consecutive profitable quarter

LOUISVILLE, Ky.--(BUSINESS WIRE)--Industrial Services of America, Inc. (NASDAQ: IDSA), a company that buys, processes and markets recyclable commodities and offers programs and equipment to help businesses manage wastes, today reported higher revenues and earnings for the second quarter and six months ending June 30, 2008.

For the second quarter of fiscal 2008

* Total revenues increased 77% to $34.5 million, compared with $19.5 million in the similar 2007 period.
* Earnings before interest, taxes, depreciation and amortization (EBITDA) were $3.5 million, compared with EBITDA of $1.9 million for the 2007 quarter. (See attached reconciliation.)
* Net income grew 102 percent to $1,662,632 (basic and diluted earnings of $0.46 per share), a second quarter record. That compares with net income of $821,299 (basic and diluted earnings of $0.22 per share) in the second quarter of 2007. Basic and diluted shares outstanding were 3,596,368 in the second quarter of 2008 and 3,640,899 in 2007.

Source: Industrial Services of America, Inc.

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“ISA is benefiting not only from the higher price of commodities, but we are also successfully maximizing the utilization of current assets while we invest in expanding our processing and shipping capacities,” said Brian Donaghy, ISA President and Chief Operating Officer. “This is evident from our second quarter performance, as shipments were up 67% and 32% for non-ferrous and ferrous materials from the same period a year ago.”

Chairman and CEO Harry Kletter added, “Demand for commodities remains strong and these trends continue to benefit ISA and the recycling industry.”

Revenues from product sales increased 92 percent in the second quarter, while management services revenue increased 10 percent to $4.0 million. Higher second quarter 2008 selling, general and administrative expenses reflected the inclusion of operating costs associated with Industrial Logistics Services, which was acquired in August 2007, as well as higher fuel costs.

The Company took advantage of pricing and demand trends near the end of the quarter to ship additional product, allowing it to exceed its June 23 earnings projection of $0.42 to $0.44 per share for the quarter.

For the first six months of fiscal 2008

* Total revenues increased 62% to $60.6 million, compared with $37.4 million in the first half of 2007.
* Earnings before interest, taxes, depreciation and amortization (EBITDA) were $5.9 million, compared with EBITDA of $3.7 million for the 2007 period. (See attached reconciliation.)
* Net income increased 70 percent to $2,749,183 (basic and diluted earnings of $0.76 per share), compared with net income of $1,614,379 (basic and diluted earnings of $0.44 per share) in the first six months of 2007. Basic and diluted shares outstanding were 3,607,120 in 2008 and 3,640,899 in 2007.

For the first six months of 2008, product revenues rose 73% to $51.7 million, while service revenues increased 19% to $8.9 million. Ferrous shipments were 17 percent higher while non-ferrous shipments expanded by 58 percent.


“The Company’s performance during the first month of the third quarter has continued at roughly the same pace as the second quarter,” said Donaghy. “We see positive trends for commodities over the long-term, but demand and pricing can remain volatile, as we’ve witnessed.”

For the longer term, ISA is investing in a project that is expected to substantially increase its throughput capacity and expand its processing capabilities, Donaghy said.

“We are committed to improving our production methods and efficiencies as is evident in our recent ground breaking for a $10 million investment in a state-of-the-art shredding and non- ferrous recovery system,” he said. “This investment will allow us to increase production, provide lower production costs and open the door to many new markets. It is important to recognize the continuous commitment by our management and ISA employees toward achieving our goals.”

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