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Global-Tech Advanced Innovations Announces Return To Profitability For Second Quarter Of Fiscal 2012

Stocks in this article: GAI

Global-Tech Advanced Innovations Inc. (NASDAQ: GAI) today announced its financial results for the quarter ended September 30, 2011 (the Company's second quarter of fiscal 2012).

Net sales for the second quarter of fiscal 2012 were $33.8 million, an increase of 35% when compared to $25.0 million for the corresponding quarter in fiscal 2011. Net sales of home appliances (primarily floor care products) and electronic components increased approximately 58% and 31%, respectively, while revenue in electronic manufacturing services (EMS) declined approximately 13% for the second quarter of 2012, compared to the corresponding quarter in fiscal 2011. Net income was $1.2 million, or $0.39 per share, compared to a net loss of $0.9 million, or $0.29 per share, for the second quarter of fiscal 2011.

Net sales for the six months ended September 30, 2011 were $58.9 million, up 16% when compared to $50.8 million in the corresponding six-month period in fiscal 2011. In the first six months of fiscal 2012, net sales of home appliances (primarily floor care products) and electronic components increased approximately 18% and 19%, respectively, while revenues in EMS declined approximately 3%, compared to the corresponding period in fiscal 2011. Net loss for the first six months of fiscal 2012 was $0.4 million, or $0.13 per share, compared to a net loss of $0.1 million, or $0.03 per share, for the first half of fiscal 2011.

John C.K. Sham, the Company's President and Chief Executive Officer, said: "While net sales improved in the second quarter and first half of fiscal 2012, our year to date gross profit margins were less than margins in fiscal 2011 as costs of labor, materials and utilities continued to increase. Although commodity prices have recently eased, energy and labor costs continue to rise, which must be addressed as part of our plans to improve profitability."

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