China Gerui Advanced Materials Group Limited Announces Preliminary Financial
Results and Schedule of Fourth Quarter and Year-End 2012 Conference Call
ZHENGZHOU, China, March 19, 2013
ZHENGZHOU, China, March 19, 2013 /PRNewswire-FirstCall/ --China Gerui
Advanced Materials Group Limited (NASDAQ: CHOP) ("China Gerui," or the
"Company"), a leading high precision, cold-rolled strip steel producer in
China, today announced preliminary financial results for the year ended
December 31, 2012. Based on the Company's current expectations for the full
year 2012 revenue is anticipated to be $265.5 million with earnings per
diluted share of $0.45.
Mr. Mingwang Lu, Chairman and Chief Executive Officer of the Company
commented, "China Gerui's full year 2012 revenues are in-line with the
company's previously announced guidance range while full year earnings fell
below our expectations. The Company achieved another profitable year of
operation while the entire steel industry in China incurred heavy losses.
However, profitability in the fourth quarter was lower than anticipated, as it
was largely impacted by higher raw material prices which we could not entirely
pass on due to pricing pressures, further augmented by year-end and one-time
adjustments that will be detailed in the year-end financials. Steel volumes
were relatively stable during the fourth quarter. We believe our segment of
the steel industry is restructuring and we are evolving China Gerui's business
into new higher-margin steel sectors through additional product offerings,
including our recently announced introduction of a new laminated steel
processing line. This enhanced capability is consistent with our strategy to
improve our competitive profile in order to reach a wider range of customers
with an expanded portfolio of end-use products and materials. With a new
central government taking power and new economic policies to be implemented,
we believe we are taking the right strategic steps in this environment to
facilitate long-term growth."
The Company plans to issue its complete financial results for the fourth
quarter and full year ended December 31, 2012 on Tuesday, March 26, 2013 and
thereafter host a conference call to discuss its results at 9:00 A.M. EDT on
the same day.
Listeners may access the call by dialing +1 (877) 399-7810 five to ten minutes
prior to the scheduled conference call time. International callers should dial
+1 (631) 865-1695. The conference call participant pass code is 24853130.
A replay of the conference call will be available for 14 days starting from
12:00 P.M. EDT on Tuesday, March 26, 2013. To access the replay, dial +1
(855) 859-2056. International callers should dial +1 (404) 537-3406. The
pass code is 24853130.
A live and archived webcast of the call will be available on the Company's
website at www.geruigroup.com/Webcasts.html. To listen to the live webcast,
please go to the Company's website at least fifteen minutes prior to the start
of the call to register, download and install any necessary audio software.
About China Gerui Advanced Materials Group Limited
China Gerui Advanced Materials Group Limited is a leading niche and high
value-added steel processing company in China. The Company produces high-end,
high-precision, ultra-thin, high- strength, cold-rolled steel products that
are characterized by stringent performance and specification requirements that
mandate a high degree of manufacturing and engineering expertise. China
Gerui's products are not standardized commodity products. Instead, they are
tailored to customers' requirements and subsequently incorporated into
products manufactured for various applications. The Company sells its products
to domestic Chinese customers in a diverse range of industries, including the
food packaging, telecommunication, electrical appliance, and construction
materials industries. For more information, please visit
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking
statements" within the meaning and protections of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the Securities Exchange
Act of 1934, as amended, or the Exchange Act. Forward-looking statements
include statements with respect to our beliefs, plans, objectives, goals,
expectations, anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and other
factors, which may be beyond our control, and which may cause the actual
results, performance, capital, ownership or achievements of the Company to be
materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. All statements other
than statements of historical fact are statements that could be
forward-looking statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate," "assume,"
"should," "indicate," "would," "believe," "contemplate," "expect," "estimate,"
"continue," "plan," "point to," "project," "could," "intend," "target" and
other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are
expressly qualified in their entirety by this cautionary notice, including,
without limitation, those risks and uncertainties described in our annual
report on Form 20-F for the year ended December 31, 2011 and otherwise in our
SEC reports and filings. Such reports are available upon request from the
Company, or from the SEC, including through the SEC's Internet website at
http://www.sec.gov. We have no obligation and do not undertake to update,
revise or correct any of the forward-looking statements after the date hereof,
or after the respective dates on which any such statements otherwise are made.
Company Contact: Investor Relations
Email: Vivian Chen Kevin Theiss
Website: Managing Director Account Director
Phone: 646-284-9427 Phone: 646-284-9409
SOURCE China Gerui Advanced Materials Group Limited
Press spacebar to pause and continue. Press esc to stop.