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 FIRST QUARTER OPERATING RESULTS; POSTS INCREASED NET INCOME FORT LEE, NJ, May 16, 2005- Empire Resources, Inc. (AMEX:ERS), a distributor of value added, semi-finished aluminum products, today announced net income of $2,224,000 for the first quarter of 2005, compared to net income of $1,135,000 for the first quarter of 2004, or an increase of 96% over the prior year's results. Net income for the quarter increased to $0.23 per share on a fully diluted basis, as compared to net income for the same period in 2004 of $0.11 per share on a fully diluted basis. Compared with the same period last year the Company reported a 48% increase in revenues from $54,185,000 in 2004 to $80,014,000 in 2005 as well as a 53% increase in gross profit from $3,836,000 in 2004 to $5,874,000 in 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) In thousands, except per share amounts
Three Months Ended March 31, ----------------------- 2005 2004 -------- --------- Net sales $ 80,014 $ 54,185 Cost of goods sold 74,140 50,349 -------- --------- Gross profit 5,874 3,836 Selling, general and administrative expenses 1,756 1,691 -------- --------- Operating income 4,118 2,145 Interest expense 564 299 -------- --------- Income before income taxes 3,554 1,846 Income taxes 1,330 711 -------- --------- Net income $ 2,224 $ 1,135 ===== ===== Weighted average shares outstanding: Basic 9,599 9,530 ===== ===== Diluted 9,848 9,885 ===== ===== Earnings per share: Basic $0.23 $0.12 ===== ===== Diluted $0.23 $0.11 ===== =====