Empire Resources Announces Third Quarter Operating Results

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Empire Resources Announces Third Quarter Operating Results

16/11/2009 11:56pm

PR Newswire (US)

Empire Resources (AMEX:ERS)
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FORT LEE, N.J., Nov. 16 /PRNewswire-FirstCall/ -- Empire Resources, Inc. (OTCQX: ERSO) , a distributor of value added, semi-finished aluminum products, today announced a net loss for the three and nine months ended September 30, 2009 of $1,511,000 and $1,084,000 as compared to net income of $1,127,000 and $3,307,000 for the same periods in 2008. Net income for the three and nine months ended September 30, 2009 was ($0.16) and ($0.11) per share on a fully diluted basis as compared to $0.11 and $0.33 per share on a fully diluted basis for the same periods in 2008. The three and nine month loss is primarily attributable to the onetime charge for the shuttering of the Company's extrusion facility in Baltimore, Maryland. Net sales for the three and nine months of 2009 were $51,478,000 and $170,656,000 as compared to $124,510,000 and $347,803,000 for the same periods in 2008. 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 publicly available statements and periodic reports. (Table Follows) Consolidated Statements of Income (unaudited) In thousands, except per share amounts Three Months Ended Nine Months Ended September 30, September 30, ---------------- ----------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $51,478 $124,510 $170,656 $347,803 Cost of goods sold 47,894 118,236 159,479 329,036 ------ ------- ------- ------- Gross profit 3,584 6,274 11,177 18,767 Selling, general and administrative expenses 2,173 2,605 6,071 8,137 ----- ----- ----- ----- Operating income before asset impairment 1,411 3,669 5,106 10,630 Asset impairment 2,966 - 2,966 - ----- --- ----- --- Operating income (1,555) 3,669 2,140 10,630 Interest expense 1,295 1,897 4,288 5,354 ----- ----- ----- ----- Income before income taxes (2,850) 1,772 (2,148) 5,276 Income taxes (1,339) 645 (1,064) 1,969 ------ --- ------ ----- Net income $(1,511) $1,127 $(1,084) $3,307 ======= ====== ======= ====== Weighted average shares outstanding: Basic 9,388 9,818 9,449 9,823 ===== ===== ===== ===== Diluted 9,390 9,935 9,450 9,961 ===== ===== ===== ===== Earnings per share: Basic ($0.16) $0.11 ($0.11) $0.34 ====== ===== ====== ===== Diluted ($0.16) $0.11 ($0.11) $0.33 ====== ===== ====== ===== See notes to unaudited condensed consolidated financial statements DATASOURCE: Empire Resources, Inc. CONTACT: David Kronfeld, +1-917-408-1940, Web Site: http://www.empireresources.com/

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