Empire Resources Announces First Quarter Operating Results
15 May 2008 - 10:15PM
PR Newswire (US)
FORT LEE, N.J., May 15 /PRNewswire-FirstCall/ -- Empire Resources,
Inc. (AMEX:ERS), a distributor of value added, semi-finished
aluminum products, today announced net income for the three months
ended March 31, 2008 of $1,112,000 as compared to $2,411,000 for
the same period in 2007. Net income for the three months ended
March 31, 2008 decreased to $.11 per share on a fully diluted basis
as compared to $.24 per share on a fully diluted basis for the same
period in 2007. Net sales for the three months of 2008 were
$119,029,000 as compared to $139,841,000 for the same period in
2007. Net sales decreased 15% for the three month period in 2008 as
compared to the same period in the prior year. 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. (Table Follows) Consolidated
Statements of Income In thousands, except per share amounts Three
Months Ended March 31, 2008 2007 Net sales $ 119,029 $ 139,841 Cost
of goods sold 112,819 131,423 Gross profit 6,210 8,418 Selling,
general and administrative expenses 2,776 2,516 Operating income
3,434 5,902 Interest expense 1,659 2,026 Income before income taxes
1,775 3,876 Income taxes 663 1,465 Net income $ 1,112 $ 2,411
Weighted average shares outstanding: Basic 9,826 9,790 Diluted
9,972 10,052 Earnings per share: Basic $0.11 $0.25 Diluted $0.11
$0.24 DATASOURCE: Empire Resources, Inc. CONTACT: David Kronfeld of
Empire Resources, Inc., +1-917-408-1940, Web site:
http://www.empireresources.com/
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