EX-99.1 2 r12522_ex99-1.htm PRESS RELEASE OF THE COMPANY DATED MARCH 30, 2006

Empire Resources Inc.

One Parker Plaza

Fort Lee, NJ 07024

 

FOR IMMEDIATE RELEASE

 

EMPIRE RESOURCES ANNOUNCES 2005 OPERATING RESULTS

 

FORT LEE, NJ, March 30, 2006- Empire Resources, Inc. (AMEX:ERS), a distributor of value added, semi-finished aluminum products, today announced net income of $9,544,000 for 2005 compared to net income of $4,810,000 for 2004, an increase of 98% over the prior year’s results. Net income increased to $0.96 per share on a fully diluted basis, as compared to net income in 2004 of $0.49 per share on a fully diluted basis. The Company reported a 69% increase in revenues from $212,550,000 in 2004 to $358,476,000 in 2005, as well as a 71% increase in gross profit from $16,284,000 million in 2004 to $27,874,000 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, New Zealand and Europe. 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 and Exchange Commission.

 

Contact:

David Kronfeld

917-408-1940

kronfeld@bellatlantic.net

 

 

 

(Table Follows)

 


 

 

 

 

Year Ended December 31,

 

 

2005

 

2004

 

2003

Net sales

$

358,476

 

212,550

$

184,416

Cost of goods sold

 

330,602

 

196,266

 

171,222

 

 

 

 

 

 

 

Gross profit

 

27,874

 

16,284

 

13,194

Selling, general and administrative expenses

 

8,623

 

7,457

 

6,419

 

 

 

 

 

 

 

Operating income

 

19,251

 

8,827

 

6,775

Interest expense

 

3,945

 

1,140

 

1,013

 

 

 

 

 

 

 

Income before income taxes

 

15,306

 

7,687

 

5,762

Income taxes

 

5,762

 

2,877

 

2,218

 

 

 

 

 

 

 

Net income

$

9,544

$

4,810

$

3,544

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

Basic

 

9,677

 

9,574

 

9,466

 

 

 

 

 

 

 

Diluted

 

9,958

 

9,913

 

9,702

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

Basic

 

$.99

 

$.50

 

$.37

 

 

 

 

 

 

 

Diluted

 

$.96

 

$.49

 

$.37