Armco Metals Holdings, Inc. Reports Consolidated Earnings Results for Fourth Quarter and Year Ended December 31, 2013
For the year, the company's net revenues were $128,738,194 against $106,569,474 a year ago. Loss from operations was $2,616,228 against $855,764 a year ago. Loss before income tax provision was $3,709,827 against $1,876,673 a year ago. Net loss was $4,131,412 against $2,609,336 a year ago. Basic and diluted net loss per common share was $0.17 against $0.14 a year ago. Net cash used in operating activities was $9,520,380 against $9,011,592 a year ago. Purchase of property, plant and equipment was $167,962 against $826,350 a year ago. The increase in net loss is primarily due to a decrease in gross profit of $5.2 million as a result of a significant decline in gross margin, partially offset by a decrease in total operating expenses of $1.7 million, a decrease in other expenses of $1.6 million, and a decrease in tax expense of $0.31 million.