China Gerui Advanced Materials Group Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2013. For the quarter, revenue was $43,078,588 against $76,783,963 a year ago. Operating income was $1,116,572 against $16,790,257 a year ago. Loss before income taxes was $614,538 against income before income taxes of $15,411,287 a year ago. Net income was $644,104 or nil per diluted share against net loss of $10,275,277 or $0.18 per diluted share a year ago. Non-GAAP EBITDA was $4,023,087 against $19,621,544 a year ago.

For the six months, revenue was $88,689,295 against $145,473,530 a year ago. Operating income was $3,185,716 against $35,806,632 a year ago. Loss before income taxes was $569,788 against income before income taxes of $34,181,733 a year ago. Net income was $739,178 or nil per diluted share against net loss of $24,285,885 or $0.42 per diluted share a year ago. Net cash used in operating activities was $22,457,752 against net cash provided by operating activities of $24,974,641 a year ago. Cash paid for property, plant and equipment was $7,855,584 against $1,646,177 a year ago.

Given current market conditions, volatility of raw material costs and the slower than anticipated price recovery for premium processed steel, the company revised its full year 2013 revenue guidance to the range of $165 million to $170 million.