FORT LEE, N.J., March 31 /PRNewswire-FirstCall/ -- Empire Resources, Inc. , a distributor of value added, semi-finished aluminum products, today announced a 12% increase in revenues from $425,980,000 in 2006 to $475,473,000 in 2007. Net income for 2007 was $4,544,000 as compared to net income of $8,739,000 in 2006, a decrease of 48% over the prior year's results. Net income decreased to $0.45 per share on a fully diluted basis, as compared to net income in 2006 of $0.87 per share on a fully diluted basis. Operating income decreased 26% from $20,157,000 in 2006 to $14,987,000 in 2007. Interest expense increased from $6,197,000 in 2006 to $7,873,000 in 2007.
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, 2007 2006 Net sales $ 475,473 $ 425,980 Cost of goods sold 449,730 394,806 Gross profit 25,743 31,174 Selling, general and administrative expenses 10,756 11,017 Operating income 14,987 20,157 Interest expense 7,873 6,197 Income before income taxes 7,114 13,960 Income taxes 2,570 5,221 Net income $ 4,544 $ 8,739 Weighted average shares outstanding: Basic 9,796 9,775 Diluted 10,035 10,061 Earnings per share: Basic $0.46 $0.89 Diluted $0.45 $0.87
