EX-99 2 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Empire Resources Inc. One Parker Plaza Fort Lee, NJ 07024 FOR IMMEDIATE RELEASE EMPIRE RESOURCES ANNOUNCES SECOND QUARTER OPERATING RESULTS FORT LEE, NJ, August 09, 2004- Empire Resources, Inc. (AMEX:ERS), a distributor of value added, semi-finished aluminum products, today announced net income for the three and six months ended June 30, 2004 of $1,064,000 and $2,199,000 as compared to $990,000 and $1,860,000 for the same periods in 2003. Net income for the three and six months ended June 30, 2004 increased to $0.11 and $.22 per share on a fully diluted basis, as compared to $0.10 and $.19 per share on a fully diluted basis for the same period in 2003. Net sales for the three and six months were $51,605,000 and $105,790,000 as compared to $46,873,000 and $91,810,000 for the same periods in 2003. Net sales increased 10% for the three month period and 15% for the six month period as compared to 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 and New Zealand. 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 registration statements and periodic reports filed with the Securities & Exchange Commission Contact: William Spier 212 759-3287 (ext. 101) wspier@empireresources.com (Table Follows) Condensed Consolidated Statements of Income In thousands, except per share amounts
Three Months Ended Six Months Ended June 30, June 30, ------------------ ------------------ 2004 2003 2004 2003 ---- ---- ---- ---- Net sales $51,605 46,873 $105,790 91,810 Cost of goods sold 47,782 43,556 98,131 85,297 ------- ------ -------- ------ Gross profit 3,823 3,317 7,659 6,513 Selling, general and administrative expenses 1,829 1,489 3,520 3,011 ------- ------ -------- ------ Operating income 1,994 1,828 4,139 3,502 Interest expense 274 249 573 475 ------- ------ -------- ------ Income before income taxes 1,720 1,579 3,566 3,027 Income taxes 656 589 1,367 1,167 ------- ------ -------- ------ Net income $1,064 990 $2,199 1,860 ======= ====== ======== ====== Weighted average shares outstanding: Basic 9,553 9,432 9,549 9,433 ======= ====== ======== ====== Diluted 9,903 9,587 9,902 9,564 ======= ====== ======== ====== Earnings per share: Basic $0.11 $0.10 $0.23 $0.20 ======= ====== ======== ====== Diluted $0.11 $0.10 $0.22 $0.19 ======= ====== ======== ======