Empire Resources, Inc. (ERS)

[10 bagger]

Empire Resources Announces First Quarter Operating Results

PR Newswire - May 17 at 16:00

Company Symbols: OTC-PINK:ERSO


FORT LEE, N.J., May 17 /PRNewswire-FirstCall/ -- Empire Resources, Inc. (OTCQX: ERSO) , a distributor of value added, semi-finished metal products, today announced net income for the three months ended March 31, 2010 of $2,698,000 as compared to $218,000 for the same period in 2009. Net income for the three months ended March 31, 2010 increased to $0.29 per share on a fully diluted basis as compared to $0.02 per share on a fully diluted basis for the same period in 2009.

Net sales for the three months of 2010 were $120,126,000 as compared to $64,446,000 for the same period in 2009. Net sales increased 86% for the three month period in 2010 as compared to the same period in the prior year.

Empire Resources, Inc., is a distributor of a wide range of semi-finished metal 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 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,

2010 2009

Net sales $ 120,126 $ 64,446

Cost of goods sold 111,904 60,517

Gross profit 8,222 3,929

Selling, general and administrative expenses 2,741 2,023

Operating income 5,481 1,906

Interest expense 1,205 1,559

Income before income taxes 4,276 347

Income taxes 1,578 129

Net income $ 2,698 $ 218

Weighted average shares outstanding:

Basic 9,285 9,526

Diluted 9,300 9,526

Earnings per share:

Basic $0.29 $0.02

Diluted $0.29 $0.02



See notes to unaudited condensed consolidated financial statements







SOURCE Empire Resources, Inc.