China Direct Industries Reports Financial Results for the Nine Month Transition Period Ended September 30, 2009


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(PressMethod) - China Direct Industries, Inc. ("China Direct Industries") (NASDAQ:CDII - News), a U.S. owned holding company operating in China in two core business segments, pure magnesium production and distribution of basic materials, announced today its financial results for the nine month fiscal transition year ended September 30, 2009.

Financial Highlights

For the nine month transition period from January 1, 2009 to September 30, 2009 (the "2009 transition period"), revenue was $68.6 million. Revenue from continuing operations improved to $28.5 million in the three month period ended September 30, 2009 up 44% sequentially from the $19.8 million recorded from continuing operations in the three month period ended June 30, 2009. Additionally, our magnesium segment returned to a positive gross margin in the three month period ended September 30, 2009. The net loss for the 2009 transition period was ($5.8) million (excluding non-cash items related to other than temporary impairment assets, other impairment charges related to loan write-offs, employee share based compensation and reserves for discontinued operations).This resulted in a non-GAAP loss of ($0.23) per diluted and basic share. The net loss on a GAAP basis, including the ($22) million in non cash items stated above was ($27.9) million or a loss of ($1.13) per diluted and basic share. This compares to revenue of $183.7 million for the first nine months of 2008 (unaudited) and $222.6 million for the calendar year of 2008. GAAP net income attributable to common stockholders of $11.7 million for the first nine months of 2008 (unaudited) and $1.6 million for the calendar year 2008 resulting in GAAP net income of $0.47 per diluted share for the first nine months of 2008 (unaudited) and $0.06 per diluted share for the calendar year 2009.

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