Shares of Empire Resources Inc. (OTC: ERSO) climbed more than 90% in today�s trading. The OTC stock reached a high of $3.32 in trading closing 86.34% higher at $3, with volume up from daily average of 11,000 to 274,132. New Jersey-based Empire Resources is involved in the purchase, sale and distribution of principally semi-finished aluminum products. The company distributes its products to customers in the transportation, automotive, housing appliance and packaging industries. Its customers are spread out all across the globe.
The spike in the OTC stock came after the company announced its first-quarter results. The company reported first-quarter net income of $2,698,000, up from $218,000 reported for the same period last year. Diluted EPS increased from $0.02 reported last year to $0.29 in the first quarter of this year. Sales climbed 86% to $120,126,000 in the quarter.
Earlier in March, the company�s board of directors declared a cash dividend of $0.025 per share. The company�s board plans to review its dividend policy on a quarterly basis. Future dividend payments will be determined by the board after taking into account profitability, cash flow and other requirements of the company�s business.
The OTC stock has a 52-week range of $0.90-$3.32, with the high of $3.32 reached in today�s trading. It has a beta of 0.91. Currently, the OTC stock is trading above its 50-day and 200-day moving averages.
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