ERSO $1.02...Empire Resources Announces 2008 Operating Results
On Tuesday March 31, 2009, 7:24 pm EDT
FORT LEE, N.J., March 31 /PRNewswire-FirstCall/ -- Empire Resources, Inc. (OTCQX: ERSO), a distributor of value added, semi-finished aluminum products, today announced a 9.8% decrease in revenues from $475,473,000 in 2007 to $428,997,000 in 2008. Net income for 2008 was $3,851,000 as compared to net income of $4,544,000 in 2007, a decrease of 15.3% over the prior year's results. Net income decreased to $0.39 per share on a fully diluted basis, as compared to net income in 2007 of $0.45 per share on a fully diluted basis. Operating income decreased 10.4% from $14,987,000 in 2007 to $13,424,000 in 2008. Interest expense decreased from $7,873,000 in 2007 to $7,176,000 in 2008.
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, New Zealand and Europe. 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 publicly available statements and periodic reports.
Consolidated Statements of Income
In thousands, except per share amounts
Year Ended December 31,
2008 2007
Net sales $428,997 $475,473
Cost of goods sold 404,864 449,730
Gross profit 24,133 25,743
Selling, general and administrative expenses 10,709 10,756
Operating income 13,424 14,987
Interest expense 7,176 7,873
Income before income taxes 6,248 7,114
Income taxes 2,397 2,570
Net income $3,851 $4,544
Weighted average shares outstanding:
Basic 9,759 9,796
Diluted 9,874 10,035
Earnings per share:
Basic $0.39 $0.46
Diluted $0.39 $0.45
See notes to consolidated financial statements
