Gulf Resources, Inc

[realfast95]

GURE - earnings
•Revenue was $22.5 million, a year-over-year decrease of 5%
•Gross profit was $4.5 million, a year-over-year decrease of 33%
•Gross margin decreased to 20 % as compared to 28% in the first quarter of 2012
•Income from operations was $2.6 million as compared to $4.6 million in the first quarter of 2012
•Operating margin was 12% compared to 19% for the first quarter of 2012
•Net income was $1.9 million or $0.05 per basic and diluted share, versus $3.3 million, or $0.10 per basic and diluted share a year ago, respectively.
•Cash totaled $78.5 million as of March 31, 2013
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Subsequent Events
On April 18, 2013 the Company announced that its board of directors has approved a new share repurchase program under which the Company is authorized, but not obligated, to purchase up to $2 million of its issued and outstanding shares of common stock from time to time over the next 12 months. Please refer to the link http://finance.yahoo.com/news/gulf-resources-announces-2-million-123000718.html for further details
On April 30, 2013, the class action parties of the class action litigation executed a stipulation and agreement of settlement. The proposed settlement is subject to review and approval of the Court. The Company currently cannot estimate the amount or range of the overall costs in connection with this litigation. The Company believes that such costs will be reimbursed by the insurance company to the extent covered by the insurance policies.
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Outlook
... we should also see that the selling price of bromine has increased to $3,053 per tonne during this quarter, as compared to $2,954 per tonne in the fourth quarter in 2012. We believe that this indicates an increasing demand of bromine from the downstream industrial customers. Therefore, we are confidence that we can achieve the earning targets set forth in the financial guidance announced in January this year," said Mr. Xiaobin Liu, CEO of the Company