Industrial Services of America, Inc. Receives NASDAQ Notification Letter
LOUISVILLE, Ky. -- November 22, 2013
Industrial Services of America, Inc. (“ISA”)(NASDAQ: IDSA), a company that
buys, processes and markets ferrous and non-ferrous metals and other
recyclable commodities for domestic users and export markets and offers
programs and equipment to help businesses manage waste, today announced that,
due to the delay in the filing of its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2013, ISA received a notification letter from the
Nasdaq Listing Qualifications Staff (the “Nasdaq Staff”) on November 18, 2013.
The letter, which was issued in accordance with standard Nasdaq procedure,
states that ISA is no longer in compliance with Nasdaq Listing Rule
5250(c)(1), which requires listed companies to timely file periodic financial
reports with the Securities and Exchange Commission.
As previously disclosed, due to a continued period of low nickel prices in the
stainless steel market and low margins throughout the metal industry,
management, in consultation with ISA’s auditors, determined it should perform
a more thorough inventory valuation for the period ended September 30, 2013.
The Company has completed a physical inventory and is researching realizable
net value for various inventory items to determine if the Company needs to
record a lower of cost or market inventory write-down. ISA was not able to
timely file its Form 10-Q for the quarter ended September 30, 2013 because of
the time involved in completing the physical inventory and conducting the
The Nasdaq Staff’s letter has no immediate effect on the listing of ISA’s
common stock. Pursuant to the letter, ISA has 60 days from the date of the
letter, or until January 17, 2014, to submit a plan to regain compliance with
the Nasdaq Listing Rules. ISA intends to file its Form 10-Q for the quarter
ended September 30, 2013, in advance of the due date for the plan.
This announcement is being made in compliance with Nasdaq Listing Rules
ISA’s SEC filings are available for review at the Securities and Exchange
Commission web site at
Headquartered in Louisville, Kentucky, Industrial Services of America, Inc.,
is a publicly traded company whose core business is buying, processing and
marketing scrap metals and recyclable materials for domestic users and export
markets. Additionally, ISA offers commercial, industrial and business
customers a variety of programs and equipment to manage waste. 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 the price of recycled
materials, varying demand for waste managing systems, equipment and services,
competitive pressures in waste managing systems and equipment, competitive
pressures in the waste managing business, 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. ISA undertakes no
obligation to publicly release the results of any revisions to the
Industrial Services of America, Inc.
Alan Schroering, 502-214-3710
Vice President of Finance and Interim Chief Financial Officer
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