Global-Tech Advanced Innovations Reports Fiscal 2010 Financial Results With A Return To Profitability
Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) today announced its financial results for fiscal year 2010 and the fourth quarter ended March 31, 2010.
Net sales for the fiscal year ended March 31, 2010 were $101.9 million, an increase of 16.6%, when compared to $87.4 million in fiscal 2009. Net profit for fiscal 2010 was $3.5 million, or $1.14 per share, compared to a loss of $5.8 million, or $1.91 per share, in fiscal 2009.
Net sales for the fourth quarter of fiscal 2010 increased approximately 29.3% to $21.6 million, compared to $16.7 million in the fourth quarter of fiscal 2009. Net income for the fourth quarter of fiscal 2010 was $0.05 million, or $0.01 per share, compared to a net loss of $4.2 million, or $1.36 per share, in the fourth quarter of fiscal 2009.
John C.K. Sham, the Company’s President and Chief Executive Officer, said: “We are pleased to report that we have achieved improved financial results in fiscal 2010. However, we remain cautious about future operating results, given the potential decline in volume and profit margins in the home appliances segment. We anticipate that the electronic components segment will remain relatively stable in fiscal 2011 and expect continued growth in the electronic manufacturing services segment.”Mr. Sham continued, “While many of our customers resumed more normalized purchasing patterns in late 2009 and early 2010, this purchasing pattern could be indicative of improved consumer confidence based on the assumption that the worldwide economic recovery would continue. However, given the inherent unpredictability of the current economic climate, customers are likely to remain cautious, which makes it difficult for us to gauge our business prospects for the coming months.” Mr. Sham concluded, “For fiscal 2011, we intend to utilize additional capital for expansion of our business in the Chinese and Asian markets. In fiscal 2010, revenues from Asia were 47.5% of our net sales and we expect sales in Asia to exceed 60% of net sales in fiscal 2011. A major factor in increasing revenues in Asia has been the progress of our electronic manufacturing service business, which was started less than two years ago. Production capacity is expected to double by the end of fiscal 2011 with additional investment in equipment and infrastructure.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV