Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) today announced its net sales and earnings for the quarter ended June 30, 2011 (the Company’s first quarter of fiscal 2012).
Net sales for the quarter ended June 30, 2011 were $25.1 million, compared to $25.8 million for the corresponding quarter in fiscal 2011. Net sales of home appliances (primarily floor care products) declined approximately 11%, while net sales in electronics components and electronic manufacturing services (EMS) increased by 5% and 9%, respectively. Sales in Asia constituted over 50% of the net sales in the first quarter of fiscal 2012.
Net loss for the first quarter of fiscal 2012 was $1.6 million, or $0.51 per share, compared to a net income of $0.8 million, or $0.26 per share, for the first quarter of fiscal 2011.
John C.K. Sham, President and Chief Executive Officer, said, “The full impact of increases in wages and the cost of raw materials, resulting primarily from inflation in China and the strengthening of the Chinese currency, adversely impacted our financial results for the first quarter of fiscal 2012. Our gross profit margin in home appliances continued to decline and margins in our electronic components and EMS businesses were also significantly lower than in the prior corresponding fiscal quarter.”Mr. Sham concluded, “We believe that we need to make some significant changes in our operations to return to profitability and are prepared to do what is necessary to improve our business prospects and financial results.” Global-Tech Advanced Innovations Inc. is a holding company, owning subsidiaries that manufacture and market a diversified portfolio of products and services, such as complementary metal oxide semiconductor (CMOS) camera modules (CCMs), floor care products, and electronic manufacturing services (EMS). The primary focus of its subsidiaries is to develop and market high-quality products and services for the communications industries within the China market, as well as markets in North America, Europe, and other countries throughout the world.
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 + 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