China Gerui Advanced Materials Group Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Provides Revenue Guidance for Full Year of 2013
For the six months, revenue was $88,689,295 against $145,473,530 a year ago. Operating income was $3,185,716 against $35,806,632 a year ago. Loss before income taxes was $569,788 against income before income taxes of $34,181,733 a year ago. Net income was $739,178 or nil per diluted share against net loss of $24,285,885 or $0.42 per diluted share a year ago. Net cash used in operating activities was $22,457,752 against net cash provided by operating activities of $24,974,641 a year ago. Cash paid for property, plant and equipment was $7,855,584 against $1,646,177 a year ago.
Given current market conditions, volatility of raw material costs and the slower than anticipated price recovery for premium processed steel, the company revised its full year 2013 revenue guidance to the range of $165 million to $170 million.