Empire Resources Announces 2010 Operating Results

Mar 29, 2011, 08:30 ET from Empire Resources, Inc.

FORT LEE, N.J., March 29, 2011 /PRNewswire/ -- Empire Resources, Inc. (OTCQX: ERSO), a distributor of value added, semi-finished metal products, today announced an 89% increase in revenues from $246,062,000 in 2009 to $465,013,000 in 2010.  Net income for 2010 was $9,145,000 as compared to net loss of ($511,000) in 2009.  Net income in 2010 increased to $0.97 per share on a fully diluted basis as compared to a net loss of $(0.05) per share on a fully diluted basis in 2009.  Operating income after asset recovery/impairment increased 285% from $4,813,000 in 2009 to $18,543,000 in 2010.  Interest expense decreased from $5,622,000 in 2009 to $3,997,000 in 2010.

Empire Resources, Inc., is a distributor of a wide range of semi-finished metal products to customers in the distribution, transportation, automotive, housing, appliance and packaging industries in the United States, Brazil, Canada, Australia, New Zealand and Europe.  It maintains supply contracts with 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

In thousands, except per share amounts



Year Ended December 31,
      2010                    2009

Net sales

$

465,013


$

246,062

Cost of goods sold


434,785



229,513

Gross profit


30,228



16,549

Selling, general and administrative expenses


12,031



8,770

Operating income before asset impairment


18,197



7,779

Asset (recovery)/impairment


(346)



2,966

Operating income


18,543



4,813

Interest expense


3,997



5,622

Income before income taxes


14,546



(809)

Income taxes


5,401



(298)

Net income (loss)

$

9,145


$

(511)

Weighted average shares outstanding:






    Basic


9,260



9,437

    Diluted


9,435



9,437

Earnings (loss) per share:






    Basic

$

0.99


$

(0.05)

    Diluted

$

0.97


$

(0.05)







See notes to consolidated financial statements



SOURCE Empire Resources, Inc.



RELATED LINKS

http://www.empireresources.com