Armco Metals Holdings, Inc Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
November 14, 2014 at 08:30 am EST
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Armco Metals Holdings Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net revenue was $32.2 million, a 57% increase compared to net revenue of $20.5 million recorded in the third quarter of 2013. The increase in revenue in the third quarter of 2014 was due to an increase of $20.0 million in revenue from recycling business partially offset by a decrease of $8.5 million in sales from trading business. Income from operations was $7.3 million compared to loss from operations of $3.1 million in the third quarter of 2013. Net income was $4.8 million, or $0.09 per basic and diluted share compared to a net loss of $3.5 million or $0.14 per basic and diluted share in the same period of 2013. Income before income taxes provision was $6,590,558 compared to loss before income taxes provision of $3,558,047 for the same period a year ago. Income from continuing operations was $4,800,654 compared to loss from continuing operations of $3,545,429 for the same period a year ago.
For the nine months, the company reported revenues reached $75 million, an increase of 20% compared to revenues of $62.5 million recorded in the first nine months of 2013. The increase was primarily due to a significant increase in sales from recycling business partially offset by a decline in revenue from trading business. Net income was $0.4 million or $0.01 per basic and diluted share compares to a net loss of $3.7 million or $0.15 per basic and diluted share recorded in the first nine months of 2013. Income from operations was $5,608,631 compared to operating loss of $3,037,112 for the same period a year ago. Income before income taxes provision was $2,208,352 compared to loss before income taxes provision of $3,638,073 for the same period a year ago. Income from continuing operations was $418,448 compared to loss from continuing operations of $3,687,143 for the same period a year ago. Net cash provided by operating activities was $5,016,092 compared to net cash used in operating activities of $5,254,681 for the same period a year ago. Purchase of property, plant and equipment was nil compared to $169,369 for the same period a year ago.