SHOUGUANG, China, May 9, 2013 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced its financial results for the first quarter ended March 31, 2013. First Quarter 2013 Highlights
- 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