Exhibit 99.1
Empire Resources Inc.
One Parker Plaza
Fort Lee, NJ 07024
FOR IMMEDIATE RELEASE
EMPIRE RESOURCES ANNOUNCES SECOND QUARTER OPERATING RESULTS
FORT LEE, NJ, August 09, 2005- 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, 2005 of $2,522,000 and
$4,746,000 as compared to $1,064,000 and $2,199,000 for the same periods in
2004. Net income for the three and six months ended June 30, 2005 increased to
$0.25 and $.48 per share on a fully diluted basis, as compared to $0.11 and $.22
per share on a fully diluted basis for the same period in 2004.
Net sales for the three and six months were $89,446,000 and
$169,460,000 as compared to $51,605,000 and $105,790,000 for the same periods in
2004. Net sales increased 73% for the three month period and 60% for the six
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, 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
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- --------------------
2005 2004 2005 2004
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Net sales $ 89,446 $ 51,605 169,460 105,790
Cost of goods sold 82,658 47,782 155,998 98,131
--------- --------- -------- --------
Gross profit 6,788 3,823 13,462 7,659
Selling, general and administrative expenses 1,889 1,829 4,445 3,520
--------- --------- -------- --------
Operating income 4,899 1,994 9,017 4,139
Interest expense 872 274 1,436 573
--------- --------- -------- --------
Income before income taxes 4,027 1,720 7,581 3,566
Income taxes 1,505 656 2,835 1,367
--------- --------- -------- --------
Net income $ 2,522 $ 1,064 4,746 2,199
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Weighted average shares outstanding:
Basic 9,618 9,553 9,609 9,549
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Diluted 9,903 9,903 9,876 9,902
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Earnings per share:
Basic $0.26 $0.11 $0.49 $0.23
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Diluted $0.25 $0.11 $0.48 $0.22
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