Empire Resources Announces 2007 Operating Results

FORT LEE, N.J., March 31  /PRNewswire-FirstCall/ -- Empire Resources, Inc. (AMEX:ERS), a distributor of value added, semi-finished aluminum products, today announced a 12% increase in revenues from $425,980,000 in 2006 to $475,473,000 in 2007.  Net income for 2007 was $4,544,000 as compared to net income of $8,739,000 in 2006, a decrease of 48% over the prior year's results. Net income decreased to $0.45 per share on a fully diluted basis, as compared to net income in 2006 of $0.87 per share on a fully diluted basis.  Operating income decreased 26% from $20,157,000 in 2006 to $14,987,000 in 2007. Interest expense increased from $6,197,000 in 2006 to $7,873,000 in 2007.

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.

  Consolidated Statements of Income
  In thousands, except per share amounts

                                                    Year Ended December 31,
                                                     2007            2006

  Net sales                                      $ 475,473       $ 425,980
  Cost of goods sold                               449,730         394,806
  Gross profit                                      25,743          31,174
  Selling, general and administrative expenses      10,756          11,017
  Operating income                                  14,987          20,157
  Interest expense                                   7,873           6,197
  Income before income taxes                         7,114          13,960
  Income taxes                                       2,570           5,221
  Net income                                     $   4,544       $   8,739

  Weighted average shares outstanding:
   Basic                                             9,796           9,775
   Diluted                                          10,035          10,061

  Earnings per share:
   Basic                                             $0.46           $0.89
   Diluted                                           $0.45           $0.87


DATASOURCE: Empire Resources, Inc.



CONTACT:  David Kronfeld, [phone], 



Web site:  http://www.empireresources.com/ 

Copyright