PITTSBURGH Industrial Services of America Inc. (ISA) posted a first-quarter net loss of $115,000 on a 43.6-percent drop in revenue to $34.8 million.
This is in contrast to net income of $9,000 in the same quarter last year on $61.7 million in revenue, the Louisville, Ky.-based scrap metal processor said.
Revenue was impacted by an 11.5-million-pound decrease in shipments of stainless scrap compared with the year-ago quarter, the company said. Nearly all of ISAs stainless scrap sales are to one consumer, which has reduced its buys since the second quarter of 2011.
ISAs ferrous shipments fell by 11,300 gross tons, or 26.3 percent, while nonferrous shipments fell by 2 million pounds, or 23 percent, the company said.
The company said it is currently negotiating with Jonathan S. Blue on the terms and conditions for his roles as director and chief executive officer. Blue would replace Harry Kletter, who retired (amm.com, May 9). Brian Donaghy remains chief operating officer.