Empire Resources, Inc. (ERS)

[10 bagger]

ERSO..$1.02.. Gross profit margins increase..!!!

Empire Resources Inc.
FORT LEE, N.J., May 15 /PRNewswire-FirstCall/ -- Empire Resources, Inc. (OTCQX: ERSO) , a distributor of value added, semi-finished aluminum products, today announced net income for the three months ended March 31, 2009 of $218,000 as compared to $1,112,000 for the same period in 2008. Net income for the three months ended March 31, 2009 decreased to $0.02 per share on a fully diluted basis as compared to $0.11 per share on a fully diluted basis for the same period in 2008.

Net sales for the three months of 2009 were $64,446 as compared to $119,029 for the same period in 2008. Net sales decreased 46% for the three month period in 2009 as compared to the same period in 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, 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 (unaudited)
In thousands, except per share amounts


Three Months Ended March 31,
2009 2008
Net sales $64,446 $119,029
Cost of goods sold 60,517 112,819
Gross profit 3,929 6,210
Selling, general and administrative expenses 2,023 2,776
Operating income 1,906 3,434
Interest expense 1,559 1,659
Income before income taxes 347 1,775
Income taxes 129 663
Net income $218 $1,112
Weighted average shares outstanding:
Basic 9,526 9,826
Diluted 9,526 9,972
Earnings per share:
Basic $0.02 $0.11
Diluted $0.02 $0.11