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Correcting and Replacing - Gulf Resources Announces Fourth Quarter and Full Year 2020 Financial Results
SHOUGUANG, China, April 09, 2021 (GLOBE NEWSWIRE) -- In a table titled Income (Loss) from Operations contained in the press release published at 16:45PM ET on
About this update from Gulf Resources, Inc.
[{"type":"text","content":"SHOUGUANG, China, April 09, 2021 (GLOBE NEWSWIRE) -- In a table titled Income (Loss) from Operations contained in the press release published at 16:45PM ET on April 8, 2021, titled “Gulf Resources Announces Fourth Quarter and Full Year 2020 Financial Results, ” the Income (loss) from Operations for the bromine segment and the crude salt segment for the fourth quarter was changed to $3,999,802 and $(980,162), respectively. The changes did not affect the Company’s income (loss) from operations before corporate costs for the quarter ended December 31, 2020 or for the year ended December 31, 2020. Set out below is the corrected press release in its entirety. Gulf Resources, Inc. (Nasdaq: GURE) (\"Gulf Resources\", “we,” or the \"Company\"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced financial results for the fourth quarter and full fiscal year 2020 ended December 31, 2020. Highlights: First profitable quarter in three yearsPositive cash flow from operationsStrong balance sheet. Large cash reservesRising price of bromine and expected completion of the new Yuxin Chemical Factory in 2021 supports increasingly optimistic view of the future. Fourth Quarter 2020 Financial Results Despite the facts that our new chemical factory is still under construction, our trial production at our natural gas well in Sichuan has to be temporarily halted, only 4 of our 7 bromine and crude salt factories are open, the government forced the seasonal closing of all factories from December 25, 2020 to February 19, 2021, and winter is normally the slowest production season of the year because of the temperature, Gulf Resources was still able to record the first profitable quarter in the past three years since the initiation of the original shutdown for rectification and environmental improvement. Full Year and 4THQuarter Results(Expressed in U.S. dollars) 2020(A)9 Months(B)Q4-2020(C) NET REVENUE 28,207,024 16,399,338 11,807,686 OPERATING EXPENSE Cost of net revenue 19,415,034 12,694,271 6,720,763 Sales, marketing and other operating expenses 42,663 28,866 13,797 Direct labor and factory overheads incurred during plant shutdown 8,170,390 6,886,215 1,284,175 General and administrative expenses 10,239,943 7,297,010 2,942,933 Other operating expense 22,386 15,775 6,611 Total Expenses 37,890,416 26,922,1...