China Gerui Advanced Materials Group Limited Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Fiscal Year Ended December 31, 2013; Provides Revenue Guidance for 2014
Revenue decreased 37.5% to $165.8 million for the fiscal year ended December 31, 2013, from $265.5 million for fiscal year 2012. The decrease in revenue was primarily due to a 13.9% decrease in the company's average selling price to $690 per ton for fiscal year 2013 as compared to $801 per ton for fiscal year 2012, and a 27.5% decrease in sales volume to 240,300 metric tons for fiscal year 2013 as compared to approximately 331,500 metric tons for fiscal year 2012. Operating loss was $6.3 million for the fiscal year ended December 31, 2013, decreasing from operating income of $42.3 million for fiscal year 2012. Net loss was $11.5 million for fiscal year ended December 31, 2013, as compared to net profit of $26.1 million for fiscal year 2012. Net loss per diluted share for fiscal year 2013 decreased to $0.19, including the impact of stock-based compensation expense of $0.03 million, from net income per fully diluted share of $0.45 for fiscal year 2012. Non-GAAP Adjusted EBITDA was $7.0 million adjusting for non-cash stock compensation expense, was down 87.8% from $57.6 million in the same period of 2012. The net cash provided by operating activities for the twelve months ended December 31, 2013 was $37.5 million compared to net cash used in operating activities of $2.1 million as of fiscal year 2012. Loss before income taxes was $11.3 million against income before income taxes of $38 million of prior year period. Cash paid for property, plant and equipment amounted to $10.1 million against $30.6 million of prior year.
The company provided revenue guidance for 2014. The company provided full year 2014 revenue guidance in the range of $175 million to $180 million.