Empire Resources Announces Third Quarter Operating Results

FORT LEE, N.J., Nov. 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 nine months ended September 30, 2008 of $1,127,000 and $3,307,000 as compared to $537,000 and $4,073,000 for the same periods in 2007. Net income for the three and nine months ended September 30, 2008 was $.11 and $.33 per share on a fully diluted basis as compared to $.05 and $.41 per share on a fully diluted basis for the same periods in 2007.

Net sales for the three and nine months of 2008 were $124,510,000 and $347,803,000 as compared to $109,907,000 and $366,528,000 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.

                             (Table Follows)



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


                                  Three Months Ended  Nine Months Ended
                                    September 30,       September 30,
                                    2008      2007      2008      2007
  Net sales                       $124,510  $109,907  $347,803  $366,528
  Cost of goods sold               118,236   104,783   329,036   346,465
  Gross profit                       6,274     5,124    18,767    20,063
  Selling, general and
   administrative expenses           2,605     2,313     8,137     7,537
  Operating income                   3,669     2,811    10,630    12,526
  Interest expense                   1,897     1,955     5,354     6,062
  Income before income taxes         1,772       856     5,276     6,464
  Income taxes                         645       319     1,969     2,391
  Net income                        $1,127      $537    $3,307    $4,073
  Weighted average shares
   outstanding:
       Basic                         9,818     9,790     9,823     9,790
       Diluted                       9,935    10,035     9,961    10,046
  Earnings per share:
       Basic                         $0.11     $0.05     $0.34     $0.42
       Diluted                       $0.11     $0.05     $0.33     $0.41

  See Notes to Unaudited Condensed Consolidated Financial Statements


DATASOURCE: Empire Resources, Inc.



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

 



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

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