Exhibit 99.1
Empire Resources Inc.
One Parker Plaza
Fort Lee, NJ 07024
FOR IMMEDIATE RELEASE
EMPIRE RESOURCES ANNOUNCES THIRD QUARTER OPERATING RESULTS
FORT LEE, NJ, November 09, 2004- 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, 2004 of $1,415,000 and
$3,614,000 as compared to $887,000 and $2,747,000 for the same periods in 2003.
Net income for the three and nine months ended September 30, 2004 increased to
$0.14 and $.36 per share on a fully diluted basis, as compared to $0.09 and $.29
per share on a fully diluted basis for the same period in 2003.
Net sales for the three and nine months were $53,809,000 and
$159,599,000 as compared to $46,645,000 and $138,455,000 for the same periods in
2003. Net sales increased 15% for the three and 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, 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)
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Condensed Consolidated Statements of Income
In thousands, except per share amounts
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------------- ------------------------------------
2004 2003 2004 2003
--------------------------------- ------------------------------------
Net sales $ 53,809 46,645 $ 159,599 $ 138,455
Cost of goods sold 49,496 43,373 147,627 128,670
------------- -------------- -------------- ---------------
Gross profit 4,313 3,272 11,972 9,785
Selling, general and administrative expenses 1,745 1,514 5,265 4,525
------------- -------------- -------------- ---------------
Operating income 2,568 1,758 6,707 5,260
Interest expense 255 251 828 726
------------- --------------- -------------- ---------------
Income before income taxes 2,313 1,507 5,879 4,534
Income taxes 898 620 2,265 1,787
------------- -------------- -------------- ---------------
Net income $ 1,415 887 $ 3,614 $ 2,747
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Weighted average shares outstanding:
Basic 9,553 9,469 9,566 9,445
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Diluted 9,864 9,784 9,904 9,638
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Earnings per share:
Basic $0.15 $0.09 $0.38 $0.29
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Diluted $0.14 $0.09 $0.36 $0.29
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