China Gengsheng Minerals, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012
August 14, 2012 at 04:36 pm EDT
Share
China Gengsheng Minerals, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, sales revenue was approximately $19.620 million compared with approximately $20.435 million a year ago. Net loss attributable to company's common stockholders was approximately $3.793 million, or $0.14 per basic and diluted share compared with approximately $0.247 million or $0.01 per share in the same period in 2011. Loss from operations was $1.909 million against net income from operations of $0.798 million for the same period a year ago. Loss before income taxes and non controlling interest was $3.603 million against $0.042 million for the same period a year ago. Net cash flows used in operating activities was $14.7 million against $0.5 million for the same period a year ago. Payments for acquisition of property, plant and equipment was $1.2 million against $3.4 million for the same period a year ago.
For the six months, sales revenue was approximately $33.330 million compared with approximately $36.619 million a year ago. Net loss attributable to company's common stockholders was approximately $6.706 million, or $0.25 per basic and diluted share compared with approximately $0.326 million or $0.01 per basic and diluted share in the same period in 2011. Loss from operations was $3.565 million against net income from operations of $1.469 million for the same period a year ago. Loss before income taxes and non controlling interest was $6.541 million against income before income taxes and non controlling interest of $0.008 million for the same period a year ago. Net cash flows used in operating activities was $13.305 million against $1.545 million for the same period a year ago. Payments for acquisition of property, plant and equipment was $1.677 million against $4.397 million for the same period a year ago.
China GengSheng Minerals, Inc. is a China-based holding company operating in the materials technology industry. The Company develops, manufactures and sells a broad range of mineral-based, heat-resistant products capable of withstanding high temperatures, saving energy and boosting productivity in industries such as steel and oil. The Companyâs products include refractory products, industrial ceramics, fracture proppants and fine precision abrasives. The Company conducts its operations in China through its wholly owned subsidiaries, Henan GengSheng Refractories Co., Ltd. (Refractories), Zhengzhou Duesail Fracture Proppant Co., Ltd. (Duesail), Henan GengSheng Micronized Powder Materials Co., Ltd. (Micronized), Guizhou Southeast Prefecture GengSheng New Materials Co., Ltd. (Prefecture) and Henan Yuxing Proppant Co., Ltd., (Yuxing) , and throughthe Company'smajority owned subsidiary, Henan GengSheng High-Temperature Materials Co., Ltd. (High- Temperature