• processing
  • recycling
  • ferrousnonferrous
  • logistics

Press Releases

Industrial Services of America, Inc. Announces 2015 Operating Results

LOUISVILLE, KY (March 25, 2016) -- 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, dismantles and sells used auto parts, today announced the filing of its Form 10-K for the Fiscal Year Ended December 31, 2015.    

The Company took significant steps during 2015 to reduce debt and improve liquidity, primarily as a result of intensely challenging metal commodity markets.  

Key Achievements for the calendar year ended December 31, 2015:

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Industrial Services of America, Inc. Announces Key Strategic Steps

LOUISVILLE, KY (March 2, 2016) -- 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, dismantles and sells used auto parts, today announced the closing of a new two-year revolving line of credit of up to $6 million.  This is the most recent step in a series of actions focused on improving the Company’s balance sheet in preparation of exploring various initiatives.  Additionally, the Company has formed a special committee of independent board members to participate in the evaluation of growth and strategic options.

On February 29, 2016, the Company entered into a Loan and Security Agreement with MidCap Business Credit, LLC (“MidCap”).  The loan is secured by substantially all of the assets of the Company.  Proceeds from this loan were used to pay transaction expenses and to pay off and close the remaining balance on the Company’s existing revolving line of credit with Wells Fargo Bank, which was set to expire on March 15, 2016.   Todd Phillips, ISA’s Chief Financial Officer commented, “We are excited to have MidCap as our new financial partner.  This revolving facility will provide the Company with working capital.  At closing of this transaction, ISA had less than $0.5 million of debt outstanding.”  

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Industrial Services of America, Inc. Announces Second of Two Non-Essential Property Sales

LOUISVILLE, KY (May 22, 2015) -- Industrial Services of America, Inc. (NASDAQ: IDSA), a company that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities, offers waste management programs and equipment to commercial customers and sells used auto parts today announced the sale of the second of two non-essential properties.

On May 18, 2015, ISA sold a 1-acre parcel of non-essential real estate for an aggregate purchase price equal to independent third-party appraisal amount of $350,000.  This is the second of two sales of non-essential property that the Company has announced recently.  On April 30, 2015, the Company sold a non-essential parcel of real estate for a purchase price of $1.0 million.  The Company expects to use the proceeds from both sales for debt reduction and working capital.

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Industrial Services of America, Inc. Announces Sale of Company’s Waste Services Segment

LOUISVILLE, KY (December 11, 2015) -- 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, offers waste management programs and equipment to commercial customers and sells used auto parts, today announced the sale of its Waste Services segment. 

On December 4, 2015, Industrial Services of America, Inc. ("ISA") and WESSCO, LLC, a wholly owned subsidiary of ISA ("WESSCO," and together with ISA, the "Company"), entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") pursuant to which the Company sold its “Waste Services Segment,” consisting of substantially all of the assets used in (i) the Company’s commercial, retail and industrial waste and recycling management services business which the Company operated under the name “Computerized Waste Systems” or “CWS,” and (ii) the Company’s equipment sales, rental and maintenance business for the commercial and industrial waste and recycling industry which the Company operated under the name “Waste Equipment Sales and Service Company.”

The Company received cash consideration at closing of $7.5 million, less $150,000 retained by Purchaser which will be released to the Company or retained by the Purchaser in connection with any working capital adjustment.  Purchaser assumed certain liabilities relating to the Waste Services Segment, including but not limited to, current liabilities, warranty liabilities, and post-closing liabilities incurred in connection with transferred contracts.

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Industrial Services of America, Inc. Announces Warm Idle of Company’s Auto Shredder

LOUISVILLE, KY (May 13, 2015) -- Industrial Services of America, Inc. (NASDAQ: IDSA), a company that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities, and offers waste management programs and equipment to commercial customers, today announced the warm idle of the Company’s auto shredder.  ISA’s shredder is located in Louisville, KY and will be warm idled effective immediately.

This action is in response to current market conditions, primarily related to ferrous price volatility and lower ferrous volumes.  Management will continue to monitor and analyze market conditions and to review the Company’s long-term options for its shredder and related downstream processing operation.

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