According to the report, total revenue for the Company in 2009 was $181 million, compared with $100 million in 2008.
"We are pleased to announce record sales and earnings for 2009," said Harry Kletter, Chairman and Chief Executive Officer. "The growth initiatives that were initiated in 2008 were implemented during 2009 and are now in full production. Our purchase of the stainless steel recycling operation in the beginning of 2009 has been a tremendous success. The new shredder is in full operation and is contributing to higher operating efficiencies and increased profits. We also expanded and upgraded our primary recycling facility in Louisville. Brian Donaghy, the President of ISA, has been very instrumental in the growth and success of the company. After my nearly 60 years in the industry, I am very confident in his abilities to lead the company forward."
In terms of Q4, revenue was $37.7 million in 2009, compared with $10.6 million in 2008. Based on actual results and projected trends, the Company said first quarter revenues for 2010 are expected to be in the range of $65 million to $75 million.