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 2004 OPERATING RESULTS FORT LEE, NJ, April 1, 2005- Empire Resources, Inc. (AMEX:ERS), a distributor of value added, semi-finished aluminum products, today announced net income of $4,810,000 for 2004 compared to net income of $3,544,000 for 2003, an increase of 36% over the prior year's results. Net income increased to $0.49 per share on a fully diluted basis, as compared to net income in 2003 of $0.37 per share on a fully diluted basis. The Company reported a 15% increase in revenues from $184,416,000 in 2003 to $212,550,000 in 2004, as well as a 23% increase in gross profit from $13,194,000 million in 2003 to $16,284,000 in 2004. The Company also announced that it has purchased a new warehouse and manufacturing facility in Baltimore, Maryland. This building is being upgraded and is expected to be available for occupancy in the third quarter of 2005. The Company also announced that it has purchased an aluminum extrusion press which it intends to install in its new facility. The Company expects to begin manufacturing extrusions during the latter half of 2005. 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)
Year Ended December 31, ---------------------------------------- 2004 2003 2002 ---------------------------------------- Net sales $ 212,550 $ 184,416 $ 158,738 Cost of goods sold 196,266 171,222 147,714 ---------- ---------- ---------- Gross profit 16,284 13,194 11,024 Selling, general and administrative expenses 7,457 6,419 6,032 ---------- ---------- ---------- Operating income 8,827 6,775 4,992 Interest expense 1,140 1,013 1,046 ---------- ---------- ---------- Income before income taxes 7,687 5,762 3,946 Income taxes 2,877 2,218 1,576 ---------- ---------- ---------- Net income $ 4,810 $ 3,544 $ 2,370 ========== ========== ========== Weighted average shares outstanding: Basic 9,574 9,466 10,049 ----- ----- ------ Diluted 9,913 9,702 10,189 ----- ----- ------ Earnings per share: Basic $.50 $.37 $.24 ----- ----- ------ Diluted $.49 $.37 $.23 ----- ----- ------