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 $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
