Fort Lee, New Jersey-based Empire Resources issued its quarterly report for the first half of 2011 yesterday. Empire Resources is a distributor of value-added, semi-finished aluminum and steel products and serves more than 200 customers in the transportation, automotive, housing, appliance, and packaging industries.
Despite net sales increases of more than $5 million compared to the previous year, Empire Resources’ gross profits declined by nearly $5 million, or 31 percent. According to the report (page 6): “This decline is due in part to increased import duties because of the non-renewal of the Generalized System of Preferences.”
This is the first time we’ve seen GSP expiration show up in company financial reports, so if you see this in other financials, make sure to send them our way. As always, we can be reached here.