Exhibit 99.1
Empire Resources Inc.
One Parker Plaza
Fort Lee, NJ 07024
FOR IMMEDIATE RELEASE
EMPIRE RESOURCES ANNOUNCES 2004 OPERATING RESULTS
FORT LEE, NJ, April 1, 2005- Empire Resources, Inc. (AMEX:ERS), a
distributor of value added, semi-finished aluminum products, today announced net
income of $4,810,000 for 2004 compared to net income of $3,544,000 for 2003, an
increase of 36% over the prior year's results. Net income increased to $0.49 per
share on a fully diluted basis, as compared to net income in 2003 of $0.37 per
share on a fully diluted basis. The Company reported a 15% increase in revenues
from $184,416,000 in 2003 to $212,550,000 in 2004, as well as a 23% increase in
gross profit from $13,194,000 million in 2003 to $16,284,000 in 2004.
The Company also announced that it has purchased a new warehouse and
manufacturing facility in Baltimore, Maryland. This building is being upgraded
and is expected to be available for occupancy in the third quarter of 2005. The
Company also announced that it has purchased an aluminum extrusion press which
it intends to install in its new facility. The Company expects to begin
manufacturing extrusions during the latter half of 2005.
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)
Year Ended December 31,
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2004 2003 2002
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Net sales $ 212,550 $ 184,416 $ 158,738
Cost of goods sold 196,266 171,222 147,714
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Gross profit 16,284 13,194 11,024
Selling, general and administrative expenses 7,457 6,419 6,032
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Operating income 8,827 6,775 4,992
Interest expense 1,140 1,013 1,046
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Income before income taxes 7,687 5,762 3,946
Income taxes 2,877 2,218 1,576
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Net income $ 4,810 $ 3,544 $ 2,370
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Weighted average shares outstanding:
Basic 9,574 9,466 10,049
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Diluted 9,913 9,702 10,189
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Earnings per share:
Basic $.50 $.37 $.24
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Diluted $.49 $.37 $.23
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