Gulf Resources Announces Sales and Earnings Guidance for 2016
May 18 2016 - 8:00AM
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 Sales and
Earnings Guidance for 2016.
For the year 2016, Gulf Resources projects
annual revenue from $160-$170 million compared to revenues of $162
million in 2015. Net Income is projected to be between $35-36
million, compared to $34.1 million in 2015. Fully diluted EPS
should equal or somewhat exceed the $0.74 reported in 2015.
For the second quarter, revenues should be
between $49-$50 million, compared to $49.35 million the second
quarter of 2015. Net income should be between $10-$11 million, as
compared to $10.8 million in the second quarter of 2015. EPS should
be between $0.21-$0.24, compared to $0.23 in the second quarter of
2015.
These projections represent management’s best
estimates at the current time. They assume no improvement in the
current weakened state of the Chinese economy or in some of the
economically sensitive industries that are customers of Gulf
Resources. While management does believe that the economy will
improve at some point, it wants to maintain its conservative
approach.
These projections also assume that there will be
costs but no revenues associated with the natural gas drilling
project in Sichuan. Once drilling has begun, Gulf Resources will
update these projections.
In addition, to further keep investors informed,
Gulf Resources has posted a new investor presentation to its
website. The presentation can be found in the “About Gulf” tab,
under Corporate PPT.
About Gulf Resources, Inc.Gulf
Resources, Inc. operates through four wholly-owned subsidiaries,
Shouguang City Haoyuan Chemical Company Limited ("SCHC"), Shouguang
Yuxin Chemical Industry Co., Limited ("SYCI"), Shouguang City
Rongyuan Chemical Co, Limited (“ SCRC”) and Daying County Haoyuan
Chemical Company Limited (“DCHC”). The company believes that it is
one of the largest producers of bromine in China. Elemental Bromine
is used to manufacture a wide variety of compounds utilized in
industry and agriculture. Through SYCI, the company manufactures
chemical products utilized in a variety of applications, including
oil and gas field explorations and papermaking chemical agents.
SCRC is a leading manufacturer of materials for human and animal
antibiotics in China and other parts of Asia. DCHC was established
to further explore and develop natural gas and brine resources
(including bromine and crude salt) in China. For more information,
visit www.gulfresourcesinc.com.
Forward-Looking
StatementsCertain statements in this news release contain
forward-looking information about Gulf Resources and its
subsidiaries business and products within the meaning of Rule 175
under the Securities Act of 1933 and Rule 3b-6 under the Securities
Exchange Act of 1934, and are subject to the safe harbor created by
those rules. The actual results may differ materially depending on
a number of risk factors including, but not limited to, the general
economic and business conditions in the PRC, future product
development and production capabilities, shipments to end
customers, market acceptance of new and existing products,
additional competition from existing and new competitors for
bromine and other oilfield and power production chemicals, changes
in technology, the ability to make future bromine asset purchases,
and various other factors beyond its control. All forward-looking
statements are expressly qualified in their entirety by this
Cautionary Statement and the risks factors detailed in the
company's reports filed with the Securities and Exchange
Commission. Gulf Resources undertakes no duty to revise or update
any forward-looking statements to reflect events or circumstances
after the date of this release.
CONTACT:
Gulf Resources, Inc.
Web: http://www.gulfresourcesinc.com
Director of Investor Relations
Helen Xu (Haiyan Xu)
beishengrong@vip.163.com
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