Industrial Services of America, Inc. Announces 2016 Operating Results, Conclusion of Strategic Review Process & Amended Credi...
31 Marzo 2017 - 3:19PM
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-K for the year ended December 31,
2016.
In addition to announcing an improved net loss from continuing
operations, the Company also announced the conclusion of the
Company’s special committee and related strategic review, as well
as an amendment to the Company’s existing line of credit.
Our core business is now focused on the metal recycling
industry. During 2016, we announced that the Company formed a
special committee of independent board members to
evaluate various growth and strategic options. During the first
quarter of 2017, the special committee concluded its work and
reported to the Board. The Board accepted the special committee’s
recommendation to focus on returning our core recycling business to
profitability. We intend to do this by increasing efficiencies and
productivity while evaluating various options which may include
operating the Company’s auto shredder. We will also remain alert
for possible strategic partnerships, joint ventures and
mergers/acquisitions. Also, on March 31, 2017, the Company entered
into an amended credit facility 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.
Despite challenges in the metal recycling industry that
continued during 2016, ISA reduced its net loss from continuing
operations by 64% for the year ended December 31, 2016 when
compared to the year ended December 31, 2015.
For the year ended
12/31/2016 12/31/2015 (in thousands)
Revenue $ 36,505 $ 46,180 Net loss from continuing
operations (3,230 ) (9,085 )
This improvement in operating performance was largely due to
improvements in the metal commodity markets from 2015 to 2016.
Todd Phillips, President and Chief Financial Officer of ISA
commented, “I’m very excited about the conclusion of the Company’s
strategic review process and the Board’s decision to focus on our
core business. The entire ISA team is highly motivated to return
the Company to profitability. We are also pleased with MidCap’s
continued confidence in the team and look forward to continuing the
partnership.”
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.
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, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170331005819/en/
Industrial Services of America, Inc.Todd Phillips,
502-366-3452President and Chief Financial Officer
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