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Global-Tech Advanced Innovations Reports First Quarter Results For Fiscal 2012

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.



(Amounts expressed in thousands of United States dollars except per share data)
Three Months Ended June 30,
2011   2010
(unaudited) (unaudited)
Net sales $ 25,135 $ 25,823
Cost of goods sold   (23,424 )   (22,671 )
Gross profit 1,711 3,152
Selling, general and administrative expenses (3,810 ) (4,028 )
Other operating income (loss), net   34     1,139  
Operating income (2,065 ) 263
Interest expense (116 ) (27 )
Interest income 163 113
Other income (expenses), net   469     608  
Income (loss) before income taxes (1,549 ) 957
Provision for income taxes   (31 )   (170 )
Net income (loss) (1,580 ) 787
Net loss attributable to non-controlling interests   27     -  
Net income (loss) $ (1,553 ) $ 787  
Basic earnings (loss) per common share $ (0.51 ) $ 0.26  
Basic weighted average number of shares outstanding   3,039     3,039  

Diluted earnings (loss) per common share






Diluted weighted average number of shares outstanding





(Amounts expressed in thousands of United States dollars)
June 30, 2011   March 31, 2011
(unaudited) (audited)
Current assets:
Cash and cash equivalents $ 27,211 $ 19,205
Time deposits - 1,534
Restricted cash 16,453 19,461
Available-for-sale investments 7 7
Accounts and bills receivable, net 29,290 35,632
Inventories 11,540 10,849
Prepaid expenses 112 282
Deposits and other assets 1,623 1,712
Legal claims receivable 19 16
Amount due from a related party 29 29
Amount due from a jointly-controlled entity   14     14  
Total current assets 86,298 88,741
Interests in jointly-controlled entities - -
Property, plant and equipment, net 24,840 25,013
Land use rights, net 3,081 3,061
Deposits paid for purchase of property, plant and equipment 61 112
Available for sales investments   3,006     3,009  
Total assets $ 117,286   $ 119,936  
Current liabilities:
Short-term bank borrowings 9,052 12,585
Accounts payable 11,059 10,353
Bills payable 2,685 1,279
Temporary receipts 896 821
Accrued salaries, allowances and other employee benefits 5,609 5,608
Accrual for loss contingencies 1 31
Other accrued liabilities 7,360 7,576
Income tax payable   5,101     5,318  
Total current liabilities 41,763 43,571
Deferred tax liabilities   28     28  
Total liabilities   41,791     43,599  

Shareholders' equity:




Common stock, par value $0.04 per share; 12,500,000 shares authorized; 3,229,314 shares issued as of June 30 and March 31, 2011


Additional paid-in capital 84,761 84,752
Accumulated deficit (12,654 ) (11,101 )
Accumulated other comprehensive income 8,124 7,395
Non-controlling interests (202 ) (175 )
Less: Treasury stock, at cost, 189,587 shares as of June 30 and March 31, 2011   (4,663 )   (4,663 )
Total shareholders’ equity   75,495     76,337  
Total liabilities and shareholders' equity $ 116,286   $ 119,936  

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