ERSO (4.45) posts EPS of $0.31 versus a loss y/y. Another great quarter. Company also declares a special $0.10 dividend in addition to the regular $0.025 quarterly payout.
FORT LEE, N.J., Nov. 15, 2010 /PRNewswire-FirstCall/ -- Empire Resources, Inc. (OTCQX: ERSO), a distributor of value added, semi-finished metal products, today announced net income for the three and nine months ended September 30, 2010 of $2,957,000 and $7,893,000 as compared to $(1,511,000) and $(1,084,000) for the same periods in 2009. Net income for the three and nine months ended September 30, 2010 was $0.31 and $0.84 per share on a fully diluted basis as compared to $(0.16) and $(0.11) on a fully diluted basis for the same periods in 2009.
"I am pleased to report that our company experienced greatly improved performance for the nine month period of 2010, both in terms of sales and earnings. These results were achieved despite a continued challenging economic environment," said Nathan Kahn, Chief Executive Officer.
The Company also announced that its Board of Directors has declared a regular cash dividend of $0.025 per share and a special dividend of $0.10 per share. The regular and special dividends are payable on December 14, 2010 to stockholders of record at the close of business on November 29, 2010. The Board of Directors intends to review its dividend policy on a quarterly basis and a determination by the Board of Directors will be made subject to profitability, free cash flow and the other requirements of the business.
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.
Three Months Ended Nine Months Ended September 30, September 30, 2010 2009 2010 2009 ---- ---- Net sales $124,952 $51,478 $359,900 $170,656 Cost of goods sold 116,540 47,894 335,535 159,479 ------- ------ ------- ------- Gross profit 8,412 3,584 24,365 11,177 Selling, general and administrative expenses 3,120 2,173 8,725 6,071 ----- ----- ----- ----- Operating income before asset impairment 5,292 1,411 15,640 5,106 Impairment recovery/ (asset impairment) 347 (2,966) 347 (2,966) --- ------ --- ------ Operating income 5,639 (1,555) 15,987 2,140 Interest expense 1,011 1,295 3,547 4,288 ----- ----- ----- ----- Income before income taxes 4,628 (2,850) 12,440 (2,148) Income taxes 1,671 (1,339) 4,547 (1,064) ----- ------ ----- ------ Net income $2,957 $(1,511) $7,893 $(1,084) ====== ======= ====== ======= Weighted average shares outstanding: Basic 9,270 9,388 9,262 9,449 ===== ===== ===== ===== Diluted 9,524 9,390 9,401 9,450 ===== ===== ===== ===== Earnings per share: Basic $0.32 $(0.16) $0.85 $(0.11) ===== ====== ===== ====== Diluted $0.31 $(0.16) $0.84 $(0.11) ===== ====== ===== ====== See notes to unaudited condensed consolidated financial statements SOURCE Empire Resources, Inc.
