China Gerui Advanced Materials Group Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported revenue of $30,927,996 against $56,123,028 a year ago. Operating loss was $2,315,647 against operating income of $5,868,197 a year ago. Loss before income taxes was $4,400,671 against income before income taxes of $4,018,005 a year ago. Net loss was $4,372,359 or $0.00 per basic and diluted share against net income of $2,381,586 or $0.04 per basic and diluted share a year ago. Non-GAAP EBITDA was $724,851 compared to $8,655,018 a year ago.

For nine months, the company reported revenue of $119,617,291 against $201,596,558 a year ago. Operating income was $668,401 against of $41,674,829 a year ago. Loss before income taxes was $5,172,127 against income before income taxes of $38,199,738 a year ago. Net loss was $5,313,205 or $0.00 per basic and diluted share against net income of $26,667,471 or $0.46 per basic and diluted share a year ago. Net cash used in operating activities was $25,497,457 against $29,413,962 a year ago. Cash paid for property, plant and equipment was $9,494,339 against $5,887,409 a year ago. Non-GAAP EBITDA was $9,816,490 compared to $50,255,625 a year ago.

The company reiterated its full year 2013 revenue guidance in the range of $165 million to $170 million given the currently challenging market conditions. These conditions are characterized primarily by the volatility of raw material costs, overcapacity in the steel sector and slower than anticipated price recovery for premium processed steel. However, the company may adjust such guidance as changing macroeconomic conditions and operational and competitive challenges dictate.