GFRE preannounces strong earnings!
$43-46m rev vs. consensus $37.5m
$0.44-$0.47 EPS vs. consensus $0.34
NEW YORK and SHANDONG, China, Aug. 9 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (Nasdaq: GFRE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced preliminary second quarter 2010 financial results. The reason for delaying the earnings call is that the Company's Board of Directors requires more time than originally planned to review the 10-Q. However, the Company intends to release full financial results on Form 10-Q on or before August 16, 2010.
For the three months ended June 30, 2010, the Company expects to report total unaudited net revenue to range between $43 and $46 million, compared to $29.6 million in the second quarter 2009, and unaudited net income to range between $15 and $16 million, or between $0.44 and $0.47 per diluted share, compared to $9.0 million, or $0.29 per diluted share for the same period last year.
"During the second quarter, demand continued to be robust and the pricing environment for bromine and crude salt was favorable, which enabled us to report strong financial results with solid double-digit growth," said Xiaobin Liu, the Chief Executive Officer of Gulf Resources. "We are confident in our business strategy and continue to seek acquisition targets opportunistically. We are well positioned to expand our core business into downstream bromine-based product segments when market conditions are optimal. Overall, we are pleased with the preliminary second quarter results and look forward to reporting our full financial results on or before August 16, 2010."
