Business
Gulf Resources Announces Third Quarter 2021 Unaudited Financial Results
SHOUGUANG, China, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", "we," or the "Company"), a leading manufacturer of
About this update from Gulf Resources, Inc.
[{"type":"text","content":"SHOUGUANG, China, Nov. 15, 2021 (GLOBE NEWSWIRE) -- 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 unaudited financial results for the third quarter 2021. 3rd Quarter Income Revenues in the third quarter increased 69.4% to $17,753,669 versus $10,482,185 in the same period of 2020.Gross margins increased to 53.8% from 35.6%Income from operations was $7.1 million compared to a loss of $2.7 million in the 3rd quarter of 2020.Net profit was $5.4 million compared to a loss of $2.9 million in the previous quarter.Earnings per share were $0.52 compared to a loss of $0.30 in the same quarter of the previous year. Nine Months Revenues in the 9 months increased 108.3% to $34.2 million.Gross margins improved to 43.5% from 22.6%.Income from operations was $1.4 million versus a loss of $10.5 million.Earnings per share were $0.02 versus a loss of $0.91. Balance SheetAt the end of the third quarter, Cash equaled $98.9 millionWorking capital was $104.7 millionShareholders’ equity was $282.2 millionBased on 10,469,477 shares outstanding, Cash per share was $9.44Net net cash per share (cash minus all liabilities) was $7.31 per shareWorking capital per share was $10.00Book value per share was $26.9 Cash Flow During the nine-month period ended September 30, 2021 cash flow provided by operating activities of approximately $11.1 million was mainly due to non-cash adjustments related to depreciation and amortization of property, plant and equipment, and restricted stock expense offset by a net loss of $12.32 million and an increase in accounts receivable of $6.89 million.During the nine-month period ended September 30, 2020 cash flow provided by operating activities of approximately $3.26 million was mainly due to non-cash adjustments related to depreciation and amortization of property, plant and equipment, and restricted stock expense offset by a net loss of $8.7 million and an increase in accounts receivable of $2.28 million. 3rd Quarter Segment Reporting Bromine Bromine sales increased 62.4% to $14.9 million.Production increased only 9%, so most of the increase was due to improved pricing.Gross profit was 55.7% versus 39.3% in the same period of the previous year.Income from operations increased 252% to $6....