Business
Gulf Resources Reports 2022 Results and Provides Business and Strategic Plan Outlook
SHOUGUANG, China, March 31, 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, March 31, 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 reports results for fiscal year 2022 and provides updates on its business segments and corporate strategies. During 2022, revenues increased 20% to $66,094,486. Gross profits increased 34% to $37,425,334. Profits from operations increased 216% to $16,481,696. Net income per share was $1.00 versus a loss of ($0.09) per share. Despite negative foreign currency translation adjustment of $24,886,118, which impacted all balance sheet items, ending cash was $108,226,214 ($10.37* per share), working capital was $107,649,606. Net net cash (cash minus all liabilities) per share was $8.38*. The following are the financial highlights from 2022: Revenues and Income Revenue for 2022 increased 20% to $66,094,486 from $55,030,586Cost of net revenues increased 6% to $28,669,152 from $27,132,372Gross Profit increased 34% to $37,425,334 from $27,898,214.Direct labor and factory overhead incurred during plant shutdown increased 12% to $12,002,629.G&A expenses declined 37% to $6,028,079, largely because of share grants to management in 2021.Profits from operations increased 216% to $16,481,696 from $5,210,870.Income before taxes increased 210% to $16,646,435 from $5,373,500.After Tax income was $10,059,450 compared to a loss of ($924,718).Net income per share was $1.00 compared to a loss of ($0.09) in the previous year.Shares outstanding were 10,431,924 in 2022 versus 10,471,924 in 2021. Cash Flow Cash flow provided by operating Activities was $51,149,065 compared to $23,311,169 in in the previous year. This was primarily due to depreciation & amortization of approximately $26.78 million, net income of approximately $10.06 million, a decrease in accounts receivable of approximately $8.2 million and a decrease in deferred taxes of $6.59 million.Net cash used in investing activities was $37,560,932 compared to $30,093,140 in the previous year.For the fiscal year 2022, the Company had a negative foreign currency translation adjustment of $24,886,118 versus a positive adjustment of $7,405,582 in the previous year. This adjustment impacts all balance sheet translations into U.S. dollars. Balance Sheet Despite the large impac...