Monday, Logistic management company Industrial Services of America Inc. (IDSA) reported net profit for the second quarter of fiscal 2008 that more than doubled from the same period last year, on higher revenue from product sales and increased shipment of ferrous and non-ferrous metals.
The Kentucky-based company reported net income of $1.66 million, or $0.46 per share, for the quarter, 102% higher than $0.82 million, or $0.22 per share, reported for the corresponding quarter last year. The company attributed 67% rise in shipment of non-ferrous materials and 32% rise in shipment of ferrous materials as primary reasons for the doubling of profit in the latest quarter.
The company earlier expected to report earnings in the range of $0.42 to $0.44 per share for the quarter.
Total revenues increased by 77% to $34.51 million from $19.52 million reported in the corresponding period last year.
For the second quarter, Revenues from product sales increased by 92 percent while management services revenue increased 10 percent to $4.0 million.
Selling, general and administrative expenses increased to $3.48 million compared with $1.64 million of corresponding period last year due to higher fuel costs and inclusion of operating costs associated with acquisition of Industrial Logistics Services in August 2007.
For six months ended, net income rose to $27.49 million or $0.76 per share from $16.14 million or $0.44 per share of corresponding last year period. Total revenue increased by 62% to $60.59 million compared with $37.43 million of last year.
The stock closed up 5.60% at $15.62 in the after hours on the Nasdaq.
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