Armco Metals Holdings Inc. reported unaudited consolidated financial results for the first quarter ended Mar. 31, 2014. For the first quarter of 2014, ended March 31, 2014, net revenue was $10.0 million, a 31% decrease compared to net revenue of $14.3 million recorded in the first quarter of 2013.

The decline in revenue in the first quarter of 2014 was primarily due to a decrease of $7.6 million in the sale of scrap metals and a decrease of $1.2 million in the sales of manganese ore, partially offset by an increase of $1.2 million in sales of billet and an increase of $0.2 million in sales of chrome ore. Operating loss wa $3.5 million in the first quarter of 2014 as compared to an operating loss of $1.1 million in the first quarter of 2013. Results of operations in the first quarter of 2014 resulted in a net loss of $3.6 million or $0.12 per basic and diluted share compared to a net loss of $1.3 million or $0.05 per basic and diluted share in the same period of 2013.

Loss before income taxes provision was $3,620,281 against $1,098,278 for the same period of last year. Net cash provided by operating activities was $5,044,555 against $3,289,975 for the same period of last year.