Empire Resources Announces Second Quarter Operating Results

FORT LEE, N.J., Aug. 14  /PRNewswire-FirstCall/ -- 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.

          Unaudited Condensed Consolidated Statements of Income
                  In thousands, except per share amounts



                                     Three Months Ended   Six Months Ended
                                          June 30,            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


DATASOURCE: Empire Resources, Inc.



CONTACT:  David Kronfeld, Empire Resources, Inc., [phone],

 



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

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