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EXHIBIT 99.1
Empire Resources Inc.
One Parker Plaza
Fort Lee, NJ 07024
FOR IMMEDIATE RELEASE
EMPIRE RESOURCES ANNOUNCES RESULTS AND DECLARES DIVIDEND
FOR FIRST QUARTER OF 2004
FORT LEE, NJ, March 23, 2004- Empire Resources, Inc. (AMEX:ERS), a
distributor of value added, semi-finished aluminum products, today announced net
income of $3,544,000 for 2003, compared to net income of $2,370,000 for 2002, an
increase of 49.5% over the prior year's results. Net income increased to $0.37
per share on a fully diluted basis, as compared to net income in 2002 of $0.23
per share on a fully diluted basis. The Company reported a 16.2% increase in
revenues from $158,738,000 in 2002 to $184,416,000 in 2003, as well as a 19.7%
increase in gross profit from $11,024,000 million in 2002 to $13,194,000 in
2003.
Empire Resources, Inc. also announced that its Board of Directors has
declared a cash dividend of $0.04 per share. The dividend is payable April 19,
2004 to stockholders of record at the close of business on April 5, 2004. The
Board of Directors intends to review its dividend policy on a quarterly basis
and a determination by the Board of Directors will be made subject to
profitability, free cash flow and other requirements of the business.
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)
Condensed Consolidated Statements of Income
In thousands, except per share amounts
Year Ended December 31,
------------------------------------
2003 2002 2001
--------- --------- --------
Net sales $184,416 $158,738 $143,235
Cost of goods sold 171,222 147,714 133,862
------- ------- --------
Gross profit 13,194 11,024 9,373
Selling, general and administrative expenses 6,419 6,032 5,290
------- ------- --------
Operating income 6,775 4,992 4,083
Interest expense 1,013 1,046 2,032
------- ------- --------
Income before income taxes 5,762 3,946 2,051
Income taxes 2,218 1,576 755
------- ------- --------
Net income $ 3,544 $ 2,370 $ 1,296
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Weighted average shares outstanding:
Basic 9,466 10,049 10,956
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Diluted 9,702 10,189 11,091
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Earnings per share:
Basic $.37 $.24 $.12
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Diluted $.37 $.23 $.12
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