Armco Metals Holdings Inc. Reports Consolidated Earnings Results for Fourth Quarter and Year Ended December 31, 2014
For the year, the company's net revenues were $124.2 million, a 3.5% decrease from $128.7 million in 2013. Net income was $1.9 million, compared to net loss of $4.1 million in 2013. The significant improvement in profit is primarily due to the substantial increase in gross profit to $14.5 million with gross margin of 12% in 2014 from $3.3 million with a gross margin of 3% in 2013, partially offset by a $0.1 million increase in total operating expenses, and a $2.9 million increase in total other expenses. Income from operations was $8,498,665 against loss from operations of $2,616,228 a year ago. Profit before income tax provision was $4,552,425 against loss $3,709,827 a year ago. Net income was $1,866,661 against net loss of $4,131,412 a year ago. Basic and diluted net earnings per common share was $0.39 against basic and diluted loss per share of $1.66 a year ago. Net cash provided by operating activities was $549,785 against net cash used in operating activities of $9,520,380 a year ago. Purchase of property, plant and equipment was $341 against $167,962 a year ago.