Empire Resources Announces Second Quarter Operating Results
August 14 2008 - 8:30AM
PR Newswire (US)
FORT LEE, N.J., Aug. 14 /PRNewswire-FirstCall/ -- 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, 2008 of $1,068,000 and $2,180,000 as compared
to $1,125,000 and $3,536,000 for the same periods in 2007. Net
income for the three and six months ended June 30, 2008 was $.11
and $.22 per share on a fully diluted basis as compared to $.11 and
$.35 per share on a fully diluted basis for the same periods in
2007. Net sales for the three and six months of 2008 were
$104,264,000 and $223,293,000 as compared to $116,780,000 and
$256,621,000 for the same periods in 2007. Empire Resources, Inc.
is engaged in the purchase, sale and distribution of semi-finished
aluminum products to a diverse customer base located throughout the
United States and Canada, Europe, Australia and New Zealand. The
Company also manufactures prime aluminum extruded products in its
facility located in Baltimore, MD. Empire Resources, Inc.
distributes a wide range of semi-finished aluminum products to
customers in the distribution, transportation, automotive, housing,
appliance and packaging industries in the U.S., Canada, Australia,
New Zealand and Europe and 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 and Exchange Commission.
Unaudited Condensed Consolidated Statements of Income In thousands,
except per share amounts Three Months Ended Six Months Ended June
30, June 30, 2008 2007 2008 2007 Net sales $104,264 $116,780
$223,293 $256,621 Cost of goods sold 97,981 110,259 210,800 241,682
Gross profit 6,283 6,521 12,493 14,939 Selling, general and
administrative expenses 2,756 2,708 5,532 5,224 Operating income
3,527 3,813 6,961 9,715 Interest expense 1,798 2,081 3,457 4,107
Income before income taxes 1,729 1,732 3,504 5,608 Income taxes 661
607 1,324 2,072 Net income $1,068 $1,125 $2,180 $3,536 Weighted
average shares outstanding: Basic 9,826 9,790 9,826 9,790 Diluted
9,977 10,050 9,974 10,051 Earnings per share: Basic $0.11 $0.11
$0.22 $0.36 Diluted $0.11 $0.11 $0.22 $0.35 DATASOURCE: Empire
Resources, Inc. CONTACT: David Kronfeld, Empire Resources, Inc.,
+1-917-408-1940, Web site: http://www.empireresources.com/
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