Armco Metals Holdings Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter ended September 30, 2013, the company's net revenue increased by 33% to $20.5 million, of which the metal recycling sales decreased by 12% to $12.0 million from $13.4 million and the metal ores trading sales increased by 323% to $8.5 million from $2.0 million, respectively, compared to the same period of 2012. Operating loss for the third quarter of 2013 was a $3.1 million compared to an income of $0.54 million in the third quarter of 2012. Net loss for the third quarter of 2013 was $3.5 million, or $0.14 per diluted share, compared to an income of $0.13 million, or $0.01 per diluted share, in the same period last year. Loss before income tax provision was $3,558,047 against income before income tax provision of $126,790 a year ago. Loss from continuing operations was $3,545,429 against income from continuing operations of $134,655 a year ago.

For the nine months period ended September 30, 2013, the company's net revenue decreased in the first nine months of 2013, from $68.9 million a year ago to $62.5 million. Sales in the metal recycling business were $39.8 million, an increase of $14.8 million from the same period last year. Metal ores trading generated $22.7 million of sales compared to $43.9 million in the comparable period a year ago. The decline in trading sales was primarily a result of a decrease in the sales of iron ore $35 million, partially offset by the increase in the sales of chrome ore of $7.9 million, manganese ore of $2.5 million, and titanium ore of $0.7 million. Net loss and net loss per share were $3.7 million and $0.15, respectively, in the first nine months of 2013. The company had $5.25 million net cash outflow from operations the first nine months of 2013 and spent $0.2 million on capital expenditures. Loss before income tax provision was $3,638,073 against $3,087,764 a year ago. Loss from continuing operations was $3,687,143 against $3,230,941,000 a year ago. Purchase of property, plant equipment was $169,369 against $810,090 a year ago. Loss from operations was $3,037,112 against $892,073 a year ago.