China Gengsheng Minerals, Inc. Announces Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2012
May 15, 2012 at 09:00 am EDT
Share
China Gengsheng Minerals, Inc. announced unaudited consolidated financial results for the first quarter ended March 31, 2012. For the first quarter, sales revenue was approximately $13.7 million, a decrease of 15.3%, compared with approximately $16.2 million in the first quarter of 2011. The decrease was mainly attributable to the decreased sales from the fracture proppant segments. Net loss attributable to company's common stockholders was approximately $2.9 million, or $0.11 per share, compared with approximately $80,000, or $0.003 per share in the same period in 2011. Loss from operations was $1.7 million against net income from operations of $0.7 million for the same period a year ago. Loss before income taxes and non controlling interest was $2.9 million against income before income taxes and non controlling interest of $0.05 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.
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