FORT LEE, N.J., March 30 /PRNewswire-FirstCall/ -- Empire Resources, Inc. , a distributor of value added, semi-finished aluminum products, today announced net income of $9,544,000 for 2005 compared to net income of $4,810,000 for 2004, an increase of 98% over the prior year's results. Net income increased to $0.96 per share on a fully diluted basis, as compared to net income in 2004 of $0.49 per share on a fully diluted basis. The Company reported a 69% increase in revenues from $212,550,000 in 2004 to $358,476,000 in 2005, as well as a 71% increase in gross profit from $16,284,000 million in 2004 to $27,874,000 in 2005.
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.
Year Ended December 31,
2005 2004 2003
Net sales $358,476 212,550 $184,416
Cost of goods sold 330,602 196,266 171,222
Gross profit 27,874 16,284 13,194
Selling, general and administrative
expenses 8,623 7,457 6,419
Operating income 19,251 8,827 6,775
Interest expense 3,945 1,140 1,013
Income before income taxes 15,306 7,687 5,762
Income taxes 5,762 2,877 2,218
Net income $9,544 $4,810 $3,544
Weighted average shares outstanding:
Basic 9,677 9,574 9,466
Diluted 9,958 9,913 9,702
Earnings per share:
Basic $.99 $.50 $.37
Diluted $.96 $.49 $.37
