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Gulf Resources (Nasdaq: GFRE) $3.03. A Chinese company announced Monday after market close its financial results for the three months ended March 31, 2011. Gulf Resources' revenue was $45.4 million for the first quarter of 2011, an increase of 52.8% from $29.7 million for the first quarter of 2010. The increase in net revenue was primarily attributable to the strong performance of the Company's bromine and crude salt segments.
Net income was $14.4 million for the first quarter of 2011, an increase of 79.7% from $8.0 million for the first quarter of 2010. Basic and diluted earnings per share in the first quarter of 2011 were $0.41 and $0.40, respectively, compared to $0.23 per fully diluted share in the first quarter of 2010. Weighted average number of diluted shares for the three months ended March 31, 2011 was 35,590,982 compared with 34,762,991 for the three months ended March 31, 2010.
What They Do: Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one of the largest producers of bromine in China.
Sino Clean Energy (Nasdaq: SCEI) $2.40. A Chinese company today announced the Company's unaudited financial results for first quarter of 2011. Revenue -- For the first quarter 2011 increased 38% to $33.8 million from $24.5 million in the same period of the prior year, primarily due to the increased production from the 300,000 metric ton production line added in January 2011 in Guangdong which led to an increase in sales to customers.
GAAP net income for the first quarter of 2011 was $12.1 million and diluted earnings per share was $0.48 based on 25.4 million shares. Adjusting for non-cash charges during each respective period, adjusted earnings were $8.1 million and $6.8 million for the first quarters ending March 31, 2011 and 2010, yielding $0.30 and $0.45 in diluted earnings per share, respectively.
What They Do: Sino Clean Energy is a China-based producer and distributor of coal-water slurry fuel.
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