China Gerui Advanced Materials Group Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Revises Revenue Guidance for the Full Year 2014
For the nine months, the company reported revenue of $62,246,547 compared to $119,617,291 a year ago. Operating loss was $36,339,391 compared to operating profit of $668,401 a year ago. Loss before income taxes was $38,590,548 compared to $5,172,127 a year ago. Net loss was $38,590,548 or $0.65 per diluted share compared to $5,313,205 or $0.09 per diluted share a year ago. Net cash used in operating activities was $236,551,280 compared to $25,497,457 a year ago. Cash paid for property, plant and equipment was $7,031,589 compared to $9,494,339 a year ago. Non-GAAP LBITDA was $25,509,329 compared to Non-GAAP EBITDA of $9,783,599 a year ago. Adjusted non-GAAP EBITDA was $842,785 compared to $10,796,882 a year ago.
The company is revising its full year 2014 revenue guidance to approximately $68 million.