This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Global-Tech Advanced Innovations Reports Second Quarter Results For Fiscal 2011

Global-Tech Advanced Innovations Inc. is a holding company, owning subsidiaries that manufacture and market a diversified portfolio of products, such as complementary metal oxide semiconductor (CMOS) camera modules (CCMs) and floor care products. The primary focus of its subsidiaries is to develop and market high-quality products for the communications industry in China and export such products to markets in North America, Europe, and other countries throughout the world.

Except for historical information, certain statements contained herein are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," “should,” "estimates," or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including but not limited to, the impact of competitive products and pricing, demand for new and existing products in our core business, the financial condition of the Company’s customers, product demand and market acceptance especially of our new products, the success of new product development especially in the area of cellular phone components and solutions, compact camera modules and other pending projects, reliance on material customers, suppliers and key strategic alliances, the terms and conditions of customer contracts and purchase orders, availability and cost of raw materials, the timely and proper execution of certain business plans, including the plan to diversify and transform a portion of manufacturing capacity to higher-value, technology-oriented products, currency fluctuations, including the revaluation of the Chinese Renminbi, the imposition by China’s trading partners of economic sanctions and/or protective tariffs on Chinese manufactured goods, uncertainties associated with investments, the regulatory environment, fluctuations in operating results, the impact of changing global, political and economic conditions and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission including its most recent Report on Form 20-F. The Company does not undertake to update its forward-looking information, or any other information contained or referenced in this press release to reflect future events or circumstances.

GLOBAL-TECH ADVANCED INNOVATIONS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts expressed in thousands of United States dollars, except per share data)
Three Months Ended

September 30,
Six Months Ended

September 30,
2010   2009 2010   2009
(unaudited) (unaudited) (unaudited) (unaudited)
Net sales $ 24,962 $ 28,977 $ 50,785 $ 54,640
Cost of goods sold   (21,858)   (24,475)   (44,529)   (45,775)
Gross profit 3,104 4,502 6,256 8,865
Selling, general and administrative expenses (3,899) (3,467) (7,927) (6,681)
Other operating income (expense)   (26)   (42)   1,113   (94)
Operating income (loss) (821) 993 (558) 2,090
Interest expense (70) (7) (97) (13)
Interest income 120 55 233 154
Other income (expense), net   (114)   520   494   504
Income (loss) from operations before income taxes (885) 1,561 72 2,735
Provision for income taxes   (1)   -   (171)   (44)
Net income (loss) $ (886) $ 1,561 $ (99) $ 2,691
Basic earnings (loss) per common share $ (0.29) $ 0.51 $ (0.03) $ 0.89
Diluted earnings (loss) per common share $ (0.29) $ 0.51 $ (0.03) $ 0.89
Basic weighted average number of shares outstanding   3,039   3,038   3,039   3,038
Diluted weighted average number of shares outstanding   3,039   3,038   3,039   3,038


September 30, 2010

March 31, 2010
(unaudited) (audited)
Current assets:
Cash and cash equivalents $ 34,056 $ 24,809
Time deposits - -
Restricted cash 22,170 4,398
Available-for-sale investments 5 15,990
Accounts and bills receivable, net 26,844 23,244
Inventories 7,171 9,410
Prepaid expenses 188 278
Deposits and other assets 2,594 1,915
Legal claims receivable 18 5,090
Amount due from a related party 29 28
Amount due from a jointly-controlled entity   14   22
Total current assets 93,089 85,184
Interests in jointly-controlled entities - -
Property, plant and equipment, net 25,026 22,708
Land use rights, net 3,047 3,033
Deposits paid for purchase of property, plant and equipment 230 58
Deferred tax assets   104   104
Total assets $ 121,496 $ 111,087
Current liabilities:
Short-term bank borrowings 12,407 -
Accounts payable 8,779 5,131
Bills payable 2,249 1,504
Discounted bills - 3,364
Temporary receipts 1,833 965
Accrued salaries, allowances and other employee benefits 4,114 3,777
Accrual for loss contingencies 26 5,967
Other accrued liabilities 7,393 6,896
Income tax payable   5,369   5,709
Total current liabilities 42,170 33,313
Deferred tax liabilities   38   38
Total liabilities   42,208   33,351

Shareholders' equity:




Common stock, par value $0.04 per share; 12,500,000 shares authorized; 3,228,564 shares issued and outstanding as of September 30 and March 31, 2010


Additional paid-in capital 84,754 84,280
Accumulated deficit (7,187) (7,088)
Accumulated other comprehensive income 6,255 5,078
Less: Treasury stock, at cost, 189,587 shares as of September 30 and March 31, 2010   (4,663)   (4,663)
Total shareholders’ equity   79,288   77,736
Total liabilities and shareholders' equity $ 121,496 $ 111,087

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,817.53 +97.61 0.55%
S&P 500 2,091.24 +10.83 0.52%
NASDAQ 5,129.28 +20.6140 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs