ERSO..$1.25
Empire Resources Announces Second Quarter Operating Results
FORT LEE, N.J., Aug. 14 /PRNewswire-FirstCall/ -- Empire Resources, Inc. (OTCQX: ERSO) , a distributor of value added, semi-finished aluminum products, today announced net income for the three and six months ended June 30, 2009 of $209,000 and $427,000 as compared to $1,068,000 and $2,180,000 for the same periods in 2008. Net income for the three and six months ended June 30, 2009 was $0.02 and $0.04 per share on a fully diluted basis as compared to $0.11 and $0.22 per share on a fully diluted basis for the same periods in 2008.
Net sales for the three and six months of 2009 were $54,732,000 and $119,178,000 as compared to $104,264,000 and $223,293,000 for the same periods 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.
(Table Follows)
Consolidated Statements of Income (unaudited)
In thousands, except per share amounts
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ----------------
2009 2008 2009 2008
------ ------ ------ ------
Net sales $54,732 $104,264 $119,178 $223,293
Cost of goods sold 51,068 97,981 111,585 210,800
Gross profit 3,664 6,283 7,593 12,493
Selling, general and
administrative expenses 1,875 2,756 3,898 5,532
Operating income 1,789 3,527 3,695 6,961
Interest expense 1,434 1,798 2,993 3,457
Income before income taxes 355 1,729 702 3,504
Income taxes 146 661 275 1,324
Net income $209 $1,068 $427 $2,180
Weighted average shares
outstanding:
Basic 9,512 9,826 9,519 9,826
Diluted 9,512 9,977 9,519 9,974
Earnings per share:
Basic $0.02 $0.11 $0.04 $0.22
Diluted $0.02 $0.11 $0.04 $0.22
See notes to unaudited condensed consolidated financial statements
SOURCE Empire Resources, Inc.
