China Gerui Advanced Materials Group Ltd. reported unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2011. For the quarter, the company reported that revenue increased 39.0% to $91.9 million from $66.1 million in the fourth quarter of fiscal year 2010. The increase in revenue was primarily due to both a 10.1% increase in the company's average selling price to $949 per ton as compared to $862 per ton for the same period of fiscal year 2010, and a 26.4% increase in sales volume to approximately 95,400 tons for the fourth quarter of fiscal year 2011 as compared to approximately 75,500 tons for the same period of fiscal year 2010. Operating income increased 42.1% to $24.0 million in the fourth quarter of fiscal year 2011, or 26.0% of revenue, from $16.8 million, or 25.5% of revenue in the same period of fiscal year 2010. Net income increased 60.4% to $18.2 million from $11.3 million in the fourth quarter of fiscal year 2010. Net income per diluted share increased to $0.31 from $0.23 per diluted share in the fourth quarter of fiscal year 2010, which factors in the significant increase of number of shares outstanding from warrant exercises through March 21, 2011 prior to their expiration during that quarter. Non-GAAP adjusted EBITDA increased 54.7% to $27.5 million, or 29.9% of revenue, from $17.8 million, or 26.9% of revenue, in the same period of 2010. Non-GAAP adjusted operating income was $23,949,338 compared to $16,848,162 in the fourth quarter of fiscal year 2010. Non-GAAP net income was $18,191,597 or $0.31 per adjusted diluted share compared to $11,341,449 or $0.23 per adjusted diluted share for fourth quarter of fiscal year 2010. For full year, the company reported that revenues increased 34.6% to $341.8 million from $253.9 million for fiscal year 2010. The increase in revenue was primarily due to both a 16.5% increase in the company's average selling price to $987 per ton as compared to $847 per ton for fiscal year 2010, and a 15.5% increase in sales volume to approximately 346,200 metric tons as compared to approximately 299,800 metric tons for fiscal year 2010. Operating income increased 24.8% to $83.6 million from $66.9 million in fiscal year 2010. Non-GAAP operating income, which excludes the aforementioned one-time warrant exercise expense, increased 33.3% to $89.2 million, or 26.1% of revenue, as compared to $66.9 million, or 26.4% of revenue. Net income increased 22.4% to $57.6 million from $47.1 million for fiscal year 2010. Net income per diluted share increased to $1.02 from $1.01 per diluted share for fiscal year 2010, taking into account the 20.7% increase in the number of fully diluted shares outstanding in fiscal year 2011 from fiscal year 2010 resulting primarily from warrant exercises through the end of the fiscal quarter ended March 31, 2011 prior to their expiration during that quarter. Non-GAAP adjusted EBITDA increased 39.0% to $98.2 million for 2011, or 28.7% of revenue, from $70.6 million, or 27.8% of revenue, in fiscal year 2010. The net cash provided by operating activities for 2011 was $56,248,127 compared to $36,477,650 for 2010. Cash paid for property, plant and equipment was $29,816,858 compared to $65,063,864 for 2010. Payment of purchases of land use right was $9,073,284 compared to $1,903,656 for 2010. Payment of acquisition of future land use right was $10,213,261 compared to $2,093,071 for 2010. Non-GAAP adjusted operating income was $89,236,967 compared to $66,949,876 for fiscal year 2010. Non-GAAP net income was $63,320,552 or $1.12 per adjusted diluted share compared to $47,083,424 or $1.01 per adjusted diluted share for fiscal year 2010. For fiscal year 2012, the company expects revenue of between $395 million and $410 million, and diluted earnings per share of between $1.32 and $1.37.