China Gerui Advanced Materials Group Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Revenue Guidance for the Full Year 2014
For the six months period, the company reported revenue of $59,149,322 compared to $88,689,295 a year ago. Operating loss was $4,424,467 compared to operating income of $2,984,048 a year ago. Loss before income taxes was $5,551,839 compared to $771,456 a year ago. Net loss was $5,551,839 or $0.09 per basic and diluted share compared to $940,846 or $0.02 per basic and diluted share a year ago. Net cash used in operating activities was $226,582,198 compared to $22,457,752 a year ago. Cash paid for property, plant and equipment was $6,981,618 compared to $7,855,584 a year ago. Non-GAAP adjusted EBITDA was $2,662,495 compared to $9,091,639 a year ago.
The company is revising its full year 2014 revenue guidance to the range of $100 million to $110 million reflecting the company's view of continued weakened demand for its products, volatile pricing pressure in the sector and an unexpected one-time production interruption in the third quarter due to a public works project in Xinzheng City.