China Gerui Advanced Materials Group Limited reported unaudited consolidated earnings results for first quarter ended March 31, 2013. For the quarter, the company reported revenue decreased 33.6% to $45.6 million from $68.7 million in the first quarter of 2012. The decrease in revenue was primarily due to a 18.4% decrease in the company's average selling price to $733 per ton for the first quarter of 2013 as compared to an average selling price of $898 for the first quarter of 2012 as well as an 18.6% decrease in sales volume to approximately 62,240 tons for the first quarter of 2013 as compared to approximately 76,500 tons for the same quarter of 2012. Operating income decreased 89.1% to $2.1 million from operating income of $19.0 million for the first quarter of 2012. The decrease in operating income in the first quarter of 2013 was primarily due to a 75.8% decrease in gross profit and higher operating expenses as compared to the first quarter of 2012. Net loss was $0.10 million or nil per fully diluted share compared to a net profit of $14.0 million or $0.24 per basic and diluted share in the first quarter of 2012. Non-GAAP adjusted EBITDA was $5.1 million compared to $22.0 million in the first quarter of 2012. Income before income taxes was $44,750 against $18,770,446 a year ago. Net cash provided by operating was activities was $3,940,477 against $6,539,020 a year ago. Cash paid for property, plant and equipment was $4,895,806 against $271,799 a year ago. Payment of purchases intangible asset was $16,435 a year ago. Non-GAAP adjusted operating income was $2,102,035 against $19,016,375 a year ago.

For the year 2013, the company reiterates revenue guidance in the range of $280 million to $290 million.