Empire Resources Inc.
One Parker Plaza
Fort Lee, NJ 07024
FOR IMMEDIATE RELEASE
EMPIRE RESOURCES ANNOUNCES FIRST QUARTER OPERATING RESULTS
FORT LEE, NJ, May 15, 2007- Empire Resources, Inc. (AMEX:ERS), a distributor of value added, semi-finished aluminum products, today announced a 40% increase in revenues from $99,569,000 in the first quarter of 2006 to $139,841,000 for the first quarter of 2007. The Company also reported a 6% increase in gross profit from $7,927,000 in the first quarter of 2006 to $8,418,000 in the first quarter of 2007. The Company announced net income of $2,411,000 for the first quarter of 2007, compared to net income of $2,420,000 for the first quarter of 2006. Earnings per share on a fully diluted basis remained constant at $0.24 per share.
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, New Zealand and Europe. 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, 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:
917-408-1940
dkronfeld@empireresources.com
| Unaudited Condensed Consolidated Statements of Income | |
| In thousands, except per share amounts | |
| | Three Months Ended March 31, |
| | 2007 | | 2006 |
Net sales | $ | 139,841 | $ | 99,569 |
Cost of goods sold | | 131,423 | | 91,642 |
| | | | |
Gross profit | | 8,418 | | 7,927 |
Selling, general and administrative expenses | | 2,516 | | 2,625 |
| | | | |
Operating income | | 5,902 | | 5,302 |
Interest expense | | 2,026 | | 1,422 |
| | | | |
Income before income taxes | | 3,876 | | 3,880 |
Income taxes | | 1,465 | | 1,460 |
| | | | |
Net income | $ | 2,411 | $ | 2,420 |
| | | | |
Weighted average shares outstanding: | | | | |
Basic | | 9,790 | | 9,752 |
| | | | |
Diluted | | 10,052 | | 10,073 |
| | | | |
Earnings per share: | | | | |
Basic | $ | 0.25 | $ | 0.25 |
| | | | |
Diluted | $ | 0.24 | $ | 0.24 |
| | | | |
See Notes to Condensed Consolidated Financial Statements | | | | |
| | | | | | | | |
