EXHIBIT 99.1
Empire Resources Inc.
One Parker Plaza
Fort Lee, NJ 07024
FOR IMMEDIATE RELEASE
EMPIRE RESOURCES ANNOUNCES SECOND QUARTER RESULTS
FORT LEE, NJ, August 8, 2003 - Empire Resources, Inc. (AMEX:ERS), a
distributor of value added, semi-finished aluminum products, today announced net
income for the three and six months ended June 30, 2003 of $990,000 and
$1,860,000 as compared to $637,000 and $1,371,000 for the same periods in 2002.
Net sales for the three and six months were $46,873,000 and $91,810,000 as
compared to $37,838,000 and $78,255,000 for the same periods in 2002. Net sales
increased 24% for the three month period and 17% for the six month period as
compared to the prior year.
"Despite the continued weak global economy we were able to achieve increased net
sales which resulted in increased net income," said Nathan Kahn, Chief Executive
Officer.
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, 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 & Exchange Commission
Contact:
William Spier
212 759-3287 (ext. 101)
wspier@empireresources.com
(Table Follows)
In thousands, except per share data Three Months Ended June 30, Six Months Ended June 30,
---------------------------- ----------------------------
2003 2002 2003 2002
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Net sales $ 46,873 $ 37,838 $ 91,810 $ 78,255
Cost of goods sold 43,556 35,160 85,297 72,739
----------- ----------- ----------- -----------
Gross profit 3,317 2,678 6,513 5,516
Selling, general and administrative expenses 1,489 1,389 3,011 2,767
----------- ----------- ----------- -----------
Operating income 1,828 1,289 3,502 2,749
Interest expense 249 260 475 527
----------- ----------- ----------- -----------
Income before income taxes 1,579 1,029 3,027 2,222
Income taxes 589 392 1,167 851
----------- ----------- ----------- -----------
Net income $ 990 $ 637 $ 1,860 $ 1,371
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Weighted average shares outstanding:
Basic 9,432 10,564 9,433 10,564
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Diluted 9,587 10,699 9,564 10,697
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Earnings per share:
Basic $0.10 $0.06 $0.20 $0.13
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Diluted $0.10 $0.06 $0.19 $0.13
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