China Gerui Advanced Materials Group Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Reiterates Revenue Guidance for the Full Year 2013
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.