Empire Resources Announces Third Quarter Operating Results
17 Novembre 2009 - 12:56AM
PR Newswire (US)
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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