Empire Resources Inc.
One Parker Plaza
Fort Lee, NJ 07024
FOR IMMEDIATE RELEASE
EMPIRE RESOURCES ANNOUNCES THIRD QUARTER OPERATING RESULTS
FORT LEE, NJ, November 10, 2005- Empire Resources, Inc. (AMEX:ERS), a distributor of value added, semi-finished aluminum products, today announced net income for the three and nine months ended September 30, 2005 of $2,388,000 and $7,134,000 as compared to $1,415,000 and $3,614,000 for the same periods in 2004. Net income for the three and nine months ended September 30, 2005 increased to $0.24 and $0.72 per share on a fully diluted basis, as compared to $0.14 and $0.36 per share on a fully diluted basis for the same period in 2004.
Net sales for the three and nine months were $90,777,000 and $260,237,000 as compared to $53,809,000 and $159,599,000 for the same periods in 2004. Net sales increased 69% for the three month period and 63% for the nine month period as compared to the prior year.
Empire Resources, Inc., is a distributor of a wide range of semi-finished aluminum products to customers in the transportation, automotive, housing, appliance and packaging industries in the U.S., Canada, Australia and New Zealand. It maintains supply contracts with aluminum mills in various parts of the world.
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks include, but are not limited to, changes in general, national or regional economic conditions, failure to successfully integrate new operations into the Company, the ability of the Company to grow internally or by acquisition and to integrate acquired businesses, not being able to improve operating margins and efficiencies, changing industry and competitive conditions, and other risks referred to in the Company’s registration statements and periodic reports filed with the Securities and Exchange Commission.
Contact:
David Kronfeld
917-408-1940
kronfeld@bellatlantic.net | |
| (Table Follows) |
| | |
Condensed Consolidated Statements of Income
In thousands, except per share amounts |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2005 | | 2004 | | 2005 | | 2004 |
| | | | | | | | |
Net sales | $ | 90,777 | $ | 53,809 | $ | 260,237 | $ | 159,599 |
Cost of goods sold | | 83,494 | | 49,496 | | 239,492 | | 147,627 |
| | | | | | | | |
Gross profit | | 7,283 | | 4,313 | | 20,745 | | 11,972 |
Selling, general and administrative expenses | | 2,247 | | 1,745 | | 6,692 | | 5,265 |
| | | | | | | | |
Operating income | | 5,036 | | 2,568 | | 14,053 | | 6,707 |
Interest expense | | 1,202 | | 255 | | 2,638 | | 828 |
| | | | | | | | |
Income before income taxes | | 3,834 | | 2,313 | | 11,415 | | 5,879 |
Income taxes | | 1,446 | | 898 | | 4,281 | | 2,265 |
| | | | | | | | |
Net income | $ | 2,388 | $ | 1,415 | $ | 7,134 | $ | 3,614 |
| | | | | | | | |
Weighted average shares outstanding: | | | | | | | | |
Basic | | 9,743 | | 9,553 | | 9,654 | | 9,566 |
| | | | | | | | |
Diluted | | 10,045 | | 9,864 | | 9,932 | | 9,904 |
| | | | | | | | |
Earnings per share: | | | | | | | | |
Basic | | $0.25 | | $0.15 | | $0.74 | | $0.38 |
| | | | | | | | |
Diluted | | $0.24 | | $0.14 | | $0.72 | | $0.36 |
| | | | | | | | |
