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Gulf Resources Reports Fourth Quarter And Fiscal Year 2012 Financial Results

Income from operations for the fourth quarter of 2012 was $2.6 million, as compared to $1.9 million for the corresponding quarter of 2011. The operating margin was 12.0% for the fourth quarter of 2012, as compared to 6.2% for the fourth quarter of 2011.

For the fourth quarter of 2012, the Company incurred other income of $13,302, as compared to $18,707 for the corresponding quarter last year.

Income taxes were $0.8 million for the fourth quarter of 2012, a decrease of 11.1% from $0.9 million for the fourth quarter of 2011. The Company's effective tax rate was 27% during the quarter, as compared to 30% in the same quarter last year.

Net income was $1.9 million for the fourth quarter of 2012, an increase of 90% from $1 million for the fourth quarter of 2011. Basic and diluted earnings per share in the fourth quarter of 2012 were $0.05 per basic and diluted share as compared to $0.03 per basic and diluted share in the fourth quarter of 2011. Weighted average number of basic shares for the three months ended December 31, 2012 was 34,706,356, as compared with 34,560,743 for the three months ended December 31, 2011.

Fiscal Year 2012 Financial Results

Revenue for fiscal year 2012 was $101.7 million, a decrease of 38.4% from $165.0 million for fiscal year 2011. The decrease in revenue was primarily attributable to the decreased demand in both the bromine and crude salt segments which led to lower average selling prices in 2012 on an annual basis. Gross profit was $28.3 million, a decrease of 62.5% from $75.4 million for fiscal year 2011. Gross margin for fiscal 2012 was 27.8%, as compared to 45.7% for fiscal year 2011. Operating income was $20.5 million, a decrease of 53.7% from $44.3 million for fiscal year 2011. Net income was $15.0 million, or $0.43 per basic and diluted share, a decrease of 51.5%  from 31.0 million, or $0.89 per basic and diluted share, for fiscal year 2011.

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