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ERS Empire Resources,

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Share Name Share Symbol Market Type
Empire Resources, AMEX:ERS AMEX Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

Empire Resources Announces Third Quarter Operating Results

14/11/2008 1:15pm

PR Newswire (US)


Empire Resources (AMEX:ERS)
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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., +1-917-408-1940, Web site: http://www.empireresources.com/

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