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, 2005- 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, 2005 of $2,522,000 and $4,746,000 as compared to $1,064,000 and $2,199,000 for the same periods in 2004. Net income for the three and six months ended June 30, 2005 increased to $0.25 and $.48 per share on a fully diluted basis, as compared to $0.11 and $.22 per share on a fully diluted basis for the same period in 2004. Net sales for the three and six months were $89,446,000 and $169,460,000 as compared to $51,605,000 and $105,790,000 for the same periods in 2004. Net sales increased 73% for the three month period and 60% 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, ---------------------- -------------------- 2005 2004 2005 2004 ---------------------- -------------------- Net sales $ 89,446 $ 51,605 169,460 105,790 Cost of goods sold 82,658 47,782 155,998 98,131 --------- --------- -------- -------- Gross profit 6,788 3,823 13,462 7,659 Selling, general and administrative expenses 1,889 1,829 4,445 3,520 --------- --------- -------- -------- Operating income 4,899 1,994 9,017 4,139 Interest expense 872 274 1,436 573 --------- --------- -------- -------- Income before income taxes 4,027 1,720 7,581 3,566 Income taxes 1,505 656 2,835 1,367 --------- --------- -------- -------- Net income $ 2,522 $ 1,064 4,746 2,199 ========= ========= ======== ======== Weighted average shares outstanding: Basic 9,618 9,553 9,609 9,549 ===== ===== ===== ===== Diluted 9,903 9,903 9,876 9,902 ===== ===== ===== ===== Earnings per share: Basic $0.26 $0.11 $0.49 $0.23 ===== ===== ===== ===== Diluted $0.25 $0.11 $0.48 $0.22 ===== ===== ===== =====