Business
Gulf Resources Reports 1st Quarter 2023 Financial Results
SHOUGUANG, China, May 15, 2023 (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, May 15, 2023 (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 financial results for the three months ended March 31, 2023. Revenues: $9,302,007, representing an increase of 4% over the same period of 2022.The Net Loss was ($557,747) compared to a net loss of ($119,946) for the same period last year. Earnings per share were a loss of $0.05 versus a loss of $0.01 for the same period last year.Cash flow was $4,831,553.Ending cash was $115,771,833.Cash per share $11.10* (based on 10,431,924 shares issued and outstanding.)Net Net Cash $94,872,257, or$9.09 per share.Shareholders’ equity was $274,839,960 or $26.35* per share. Financials Revenues for the 1st quarter of 2023 were $9,302,007, representing an increase of 4% over the same period of 2022. Cost of revenues increased to 72.8% from 50.9% primarily due to the sharp drop in the price of bromine. Gross profit was $2,532,933 compared to $4,380,769 for the same period last year. Direct labor and factory overheads incurred during plant shutdown were $2,408,736 compared to $2,184,591 for the same period last year. General and administrative expenses were $910,051 compared to $2,242,501 for the same period last year. The Net Loss was ($557,747) compared to a net loss of ($119,946) for the same period last year. Earnings per share were a loss of $0.05 versus a loss of $0.01 for the same period last year. Cash flow was $4,831,553 vs. $8,445,682 year-over-year. Cash increased by $7,545,619. Ending cash was $115,771,833. Cash per share was $11.10*. Net net cash (cash minus all liabilities) was $94,872,257, or $9.09* per share. Shareholders’ equity was $274,839,960 or $26.35* per share. By Segment Bromine and crude salt For the three-month period ended March 31, 2023, the net revenue for the bromine segment was $8,470,372 compared to $8,126,015 for the same period in the previous year. This increase was due to the 101% increase in tonnes sold and a 48% decrease in average selling price. The gross profit margin of 27% compared to 52% for the same period last year. The decrease in gross profit margin was primarily attributable to the lower average selling price of bromine of $4,193 compared to $8,082 per ton for the sa...