Armco Metals Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
For the first nine months of 2015, revenues were $128.4 million, an increase of 71% compared to revenues of $75.0 million recorded in the first nine months of 2014. The increase was primarily due to a significant increase in sales from trading business partially offset by a decline in revenue from recycling business. Loss from operations was $14.0 million against income from operations of $5.6 million last year. Loss before income tax provision was $10.3 million against income before income tax provision of $2.2 million last year. Net loss was $8.2 million or $1.23 per basic and diluted share against net income of $0.4 million or $0.09 per basic and diluted share last year. Net cash provided by operating activities was $0.2 million against net cash used in operating activities of $1.6 million last year.