Empire Resources Announces Second Quarter Operating Results
PR Newswire - Aug 16 at 08:30
Company Symbols: OTC-PINK:ERSO
FORT LEE, N.J., Aug. 16 /PRNewswire-FirstCall/ -- Empire Resources, Inc. (OTCQX: ERSO) , a distributor of value added, semi-finished metal products, today announced net income for the three and six months ended June 30, 2010 of $2,238,000 and $4,936,000 as compared to $209,000 and $427,000 for the same periods in 2009. Net income for the three and six months ended June 30, 2010 was $0.24 and $0.53 per share on a fully diluted basis as compared to $0.02 and $0.04 per share on a fully diluted basis for the same periods in 2009.
Net sales for the three and six months of 2010 were $114,822,000 and $234,948,000 as compared to $54,732,000 and $119,178,000 for the same periods in 2009.
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 June 30, Six Months Ended June 30,
2010 2009 2010 2009
Net sales $ 114,822 $ 54,732 $ 234,948 $ 119,178
Cost of goods sold 107,091 51,068 218,995 111,585
Gross profit 7,731 3,664 15,953 7,593
Selling, general and
administrative expenses 2,864 1,875 5,605 3,898
Operating income 4,867 1,789 10,348 3,695
Interest expense 1,331 1,434 2,536 2,993
Income before income
taxes 3,536 355 7,812 702
Income taxes 1,298 146 2,876 275
Net income $ 2,238 $ 209 $ 4,936 $ 427
Weighted average shares
outstanding:
Basic 9,255 9,512 9,268 9,519
Diluted 9,401 9,512 9,349 9,519
Earnings per share:
Basic $ 0.24 $ 0.02 $ 0.53 $ 0.04
Diluted $ 0.24 $ 0.02 $ 0.53 $ 0.04
See notes to unaudited condensed consolidated
financial statements
SOURCE Empire Resources, Inc.
