Empire Resources Announces 2006 Operating Results
30 Marzo 2007 - 4:19PM
PR Newswire (US)
FORT LEE, N.J., March 30 /PRNewswire-FirstCall/ -- Empire
Resources, Inc. (AMEX:ERS), a distributor of value added,
semi-finished aluminum products, today announced net income of
$8,739,000 for 2006 compared to net income of $9,544,000 for 2005,
a decrease of 8% over the prior year's results. Net income
decreased to $0.87 per share on a fully diluted basis, as compared
to net income in 2005 of $0.96 per share on a fully diluted basis.
The Company reported a 19% increase in revenues from $358,476,000
in 2005 to $425,980,000 in 2006, as well as a 5% increase in
operating income from $19,251,000 million in 2005 to $20,157,000 in
2006. Interest expense increased from $3,945,000 in 2005 to
$6,197,000 in 2006. 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 registration statements and periodic reports filed with
the Securities and Exchange Commission. Consolidated Statements of
Income In thousands, except per share amounts Year Ended December
31, 2006 2005 2004 Net sales $425,980 $358,476 $212,550 Cost of
goods sold 394,806 330,602 196,266 Gross profit 31,174 27,874
16,284 Selling, general and administrative expenses 11,017 8,623
7,457 Operating income 20,157 19,251 8,827 Interest expense 6,197
3,945 1,140 Income before income taxes 13,960 15,306 7,687 Income
taxes 5,221 5,762 2,877 Net income $8,739 $9,544 $4,810 Weighted
average shares outstanding: Basic 9,775 9,677 9,574 Diluted 10,061
9,958 9,913 Earnings per share: Basic $.89 $.99 $.50 Diluted $.87
$.96 $.49 DATASOURCE: Empire Resources, Inc. CONTACT: David
Kronfeld of Empire Resources, Inc., +1-917-408-1940, Web site:
http://www.empireresources.com/
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