Empire Resources, Inc. (ERS) has reported a 762.86 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $0.30 million in the quarter, compared with $0.04 million for the same period last year. On an adjusted basis, net profit for the quarter stood at $0.32 million, or $0.04 a share compared with a net loss of $0.50 million, or $0.06 a share in the last year period.
Revenue during the quarter grew 3.69 percent to $100.63 million from $97.05 million in the previous year period. Gross margin for the quarter expanded 29 basis points over the previous year period to 5.08 percent. Total expenses were 98.71 percent of quarterly revenues, down from 99.21 percent for the same period last year. This has led to an improvement of 50 basis points in operating margin to 1.29 percent.
Operating income for the quarter was $1.30 million, compared with $0.77 million in the previous year period.
Operating cash flow drops significantly
Empire Resources, Inc. has generated cash of $27.21 million from operating activities during the year, down 58.64 percent or $38.58 million, when compared with the last year.
The company has spent $0.16 million cash to meet investing activities during the year as against cash outgo of $0.18 million in the last year.
The company has spent $30.15 million cash to carry out financing activities during the year as against cash outgo of $59.33 million in the last year period.
Cash and cash equivalents stood at $4.06 million as on Dec. 31, 2016, down 44.43 percent or $3.25 million from $7.32 million on Dec. 31, 2015.
Debt comes down
Empire Resources, Inc. has recorded a decline in total debt over the last one year. It stood at $126.42 million as on Dec. 31, 2016, down 18.19 percent or $28.12 million from $154.54 million on Dec. 31, 2015. Total debt was 61.50 percent of total assets as on Dec. 31, 2016, compared with 62.18 percent on Dec. 31, 2015. Debt to equity ratio was at 2.54 as on Dec. 31, 2016, down from 3.21 as on Dec. 31, 2015.
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