Armco Metals Holdings Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the second quarter of 2015 ended June 30, 2015, net revenue was $36.9 million, a 12% increase compared to net revenue of $32.9 million recorded in the second quarter of 2014. The increase in revenue in the second quarter of 2015 is mainly due to a $9.2 million increase in sales of raw wood, partially offset by a $2.7 million decrease in sales of chrome ore, a $1.3 million decrease in sales of scrap metals and a $1.0 million decrease in sales of billet. The company recorded operating loss of $9.2 million in the second quarter of 2015, compared to operating income of $1.8 million in the second quarter of 2014. The company results of operations in the second quarter of 2015 resulted in a net loss of $7.6 million or $1.18 per basic and diluted share on 6.5 million weighted average shares outstanding. This compared to net loss of $0.8 million or $0.15 per basic and diluted share on 5.1 million weighted average shares outstanding in the same period of 2014. Loss before income tax provision was $9.769 million compared to $0.761 million a year ago.

For six months, revenues increased substantially to $80.0 million compared to revenues for the same period of 2014 of $42.8 million, primarily due to a $18.0 million increase in sales of raw wood, a $15.9 million increase in sales of barley, a $12.1 million increase in sales of scrap metals, and a $1.2 million increase in sales of billet, partially offset by a $7.4 million decrease in sales of chromium ore, and a $2.2 million decrease in sales of manganese ore. Net loss and per share loss were $8.65 million and $1.41, respectively, in the first half of 2015. Net loss and per share loss were $4.4 million and $1.09, respectively, in the first half of 2014. Loss before income tax provision was $10.912 million compared to $4.382 million a year ago. Net cash used in operating activities was $0.609 million compared to $2.934 million a year ago.