China Gengsheng Minerals, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013
August 14, 2013 at 12:21 pm EDT
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China Gengsheng Minerals, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2013. For the quarter, sales revenue was $19,620,215 against $20,435,922 a year ago. Loss from operations was $1,909,668 against income from operations of $798,967 a year ago. Loss before income taxes and non-controlling was $3,603,791 against $42,163 a year ago. Net loss attributable to company's common shareholders was $3,793,770 or $0.14 per basic and diluted share against $247,038 or $0.01 per basic and diluted share a year ago. The decrease was mainly attributable to the decreased sales of fracture proppant products.
For the six months, sales revenue was $33,330,878 against $36,619,751 a year ago. Loss from operations was $3,565,512 against income from operations of $1,469,122 a year ago. Loss before income taxes and non-controlling was $6,541,724 against income before income taxes and non-controlling of $8,223 a year ago. Net loss attributable to company's common shareholders was $6,706,602 or $0.25 per basic and diluted share against $326,972 or $0.01 per basic and diluted share a year ago. Net cash flows used in operating activities was $13,305,190 against $1,545,685 a year ago. Payments for acquisition of property, plant and equipment was $1,677,628 against $4,397,877 a year ago.
China GengSheng Minerals, Inc. is a China-based holding company operating in the materials technology industry. The Company develops, manufactures and sells a broad range of mineral-based, heat-resistant products capable of withstanding high temperatures, saving energy and boosting productivity in industries such as steel and oil. The Companyâs products include refractory products, industrial ceramics, fracture proppants and fine precision abrasives. The Company conducts its operations in China through its wholly owned subsidiaries, Henan GengSheng Refractories Co., Ltd. (Refractories), Zhengzhou Duesail Fracture Proppant Co., Ltd. (Duesail), Henan GengSheng Micronized Powder Materials Co., Ltd. (Micronized), Guizhou Southeast Prefecture GengSheng New Materials Co., Ltd. (Prefecture) and Henan Yuxing Proppant Co., Ltd., (Yuxing) , and throughthe Company'smajority owned subsidiary, Henan GengSheng High-Temperature Materials Co., Ltd. (High- Temperature