China Gerui Advanced Materials Group Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported revenue of $26,439,733 compared to $45,610,707 a year ago. Operating loss was $3,799,213 compared to operating income of $2,069,144 a year ago. Loss before income taxes was $4,184,371 compared to income before income tax of $44,750 a year ago. Net loss was $4,184,371 or $0.07 basic and diluted per share compared to $95,074 or $0.00 per basic and diluted share a year ago. Net cash provided by operating activities was $2,216,005 compared to $3,940,477 a year ago. Cash paid for property, plant and equipment was $7,597,740 compared to $4,895,806 a year ago. The decrease in revenue was primarily due to a 13% decrease in the company's average selling price to $638 per ton for the first quarter of 2014 as compared to an average selling price of $733 per ton for the first quarter of 2013 as well as a 33% decrease in sales volume to approximately 41,445 tons for the first quarter of 2014 as compared to approximately 62,240 tons for the same quarter of 2013. Non-GAAP adjusted LBITDA was $0.2 million compared to non-GAAP adjusted EBITDA $5.1 million in the first quarter of 2013.

The company is reiterating full year 2014 revenue guidance in the range of $175 million to $180 million predicated on the launch of its laminated steel products as scheduled and slightly improved pricing power with an expanded portfolio of specialty products.