EX-99.1 2 exhibit99-1.htm PRESS RELEASE OF THE COMPANY DATED AUGUST 14, 2008 RELATING TO ITS SECOND QUARTER OPERATING RESULTS exhibit99-1.htm

Empire Resources Inc.
One Parker Plaza
Fort Lee, NJ 07024

FOR IMMEDIATE RELEASE

EMPIRE RESOURCES ANNOUNCES SECOND QUARTER OPERATING RESULTS

FORT LEE, NJ, August 14, 2008 - 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, 2008 of $1,068,000 and $2,180,000 as compared to  $1,125,000 and $3,536,000 for the same periods in 2007. Net income for the three and six months ended June 30, 2008 was $.11 and $.22 per share on a fully diluted basis as compared to $.11 and $.35 per share on a fully diluted basis for the same periods in 2007.

Net sales for the three and six months of 2008 were $104,264,000 and $223,293,000 as compared to $116,780,000 and $256,621,000 for the same periods in 2007.

  Empire Resources, Inc is engaged in the purchase, sale and distribution of semi-finished aluminum products to a diverse customer base located throughout the United States and Canada, Europe, Australia and New Zealand.  The Company also manufactures prime aluminum extruded products in its facility located in Baltimore, MD.  Empire Resources, Inc. distributes a wide range of semi-finished aluminum products to customers in the distribution, transportation, automotive, housing, appliance and packaging industries in the U.S., Canada, Australia, New Zealand and Europe and 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
dkronfeld@empireresources.com

 
 
 

Consolidated Statements of Income
In thousands, except per share amounts
 

                         
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2008
    
2007
    
2008
    
2007
  
Net sales
   $ 104,264     $ 116,780     $ 223,293     $ 256,621  
Cost of goods sold
     97,981       110,259       210,800       241,682  
Gross profit
     6,283       6,521       12,493       14,939  
Selling, general and administrative expenses
     2,756       2,708       5,532       5,224  
Operating income
     3,527       3,813       6,961       9,715  
Interest expense
     1,798       2,081       3,457       4,107  
Income before income taxes
     1,729       1,732       3,504       5,608  
Income taxes
     661       607       1,324       2,072  
Net income
   $ 1,068     $ 1,125     $ 2,180     $ 3,536  
Weighted average shares outstanding:
                                
     Basic
     9,826       9,790       9,826       9,790  
     Diluted
     9,977       10,050       9,974       10,051  
Earnings per share:
                                
     Basic
   $ 0.11     $ 0.11     $ 0.22     $ 0.36  
     Diluted
   $ 0.11     $ 0.11     $ 0.22     $ 0.35  
                                 
See Notes to Unaudited Condensed Consolidated Financial Statements