ERS Empire Resources,

Empire Resources Announces 2003 Operating Results and Declares Dividend for First Quarter of 2004 FORT LEE, N.J., March 23 /PRNewswire-FirstCall/ -- Empire Resources, Inc. , 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. 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 Weighted average shares outstanding: Basic 9,466 10,049 10,956 Diluted 9,702 10,189 11,091 Earnings per share: Basic $.37 $.24 $.12 Diluted $.37 $.23 $.12 DATASOURCE: Empire Resources, Inc. CONTACT: William Spier of Empire Resources, Inc., +1-212-759-3287, ext. 101, or Web site: http://www.empireresources.com/

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