For the fourth quarter ended Dec. 31, 2013, the company reported a 195% year-over-year increase in net income to $5.6 million, or 15 cents per basic share and 14 cents per diluted share, from $1.9 million, or 5 cents per basic and diluted share. Revenue increased 36.5% year over year to $30.1 million, while gross profit increased 117% year over year to $9.1 million.
Gross margin widened year over year to 30.4% from 19.1%. Income from operations rose 186% year over year to $7.6 million from $2.6 million, while operating margin increased year over year to 25.1% from 12%.
For the full year, net income rose 40% year over year to $21 million, or 55 cents per basic share and 54 cents per diluted share, from $15 million, or 43 cents per basic and diluted share. Revenue increased 16% year over year to $118.4 million. Gross profit increased 21% to $34.2 million, while gross margin widened slightly to 29% from 28%. Cash totaled $107.8 million as of Dec. 31, 2013.
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TheStreet Ratings team rates GULF RESOURCES INC as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation: