Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) today announced its financial results for the fiscal quarter ended December 31, 2010 (the Company's third quarter of fiscal 2011).
Net sales for the third quarter of fiscal 2011 were $24.4 million, compared to $25.7 million for the corresponding quarter in fiscal 2010. Net loss for the third quarter of fiscal 2011 was $1.5 million, or $0.48 per share, compared to a net income of $0.7 million, or $0.24 per share, for the third quarter of fiscal 2010.
Net sales for the nine months ended December 31, 2010 were $75.2 million, compared to $80.4 million in the corresponding nine-month period in fiscal 2010. Net loss for the first nine months of fiscal 2011 was $1.5 million, or $0.51 per share, compared to a net income of $3.4 million, or $1.13 per share, for the first nine months of fiscal 2010.
John C.K. Sham, the Company's President and Chief Executive Officer, said: "Despite increased revenues from our electronic component and electronic manufacturing service businesses when compared to the prior fiscal period, net results remain affected by the continued weakness in our floor care business and margin pressures, resulting from continuing inflation in China and significant increases in the cost of labor."Mr. Sham continued, "The demand for our electronic components remains relatively strong, but growth of our electronic component and manufacturing service businesses has been adversely affected by a temporary shortage in supply of sensors for mobile phones and digital cameras." Mr. Sham concluded, "We remain optimistic that our continuing efforts to further develop and expand our product offerings in China, together with improved productivity, will ultimately lead to more favorable financial results." 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.