This Day On The Street
Continue to site
ADVERTISEMENT
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 Announces Fiscal 2012 Results

Mr. Sham concluded, “We are excited about the future prospects of our electronic components and EMS businesses and are in the process of exploring new business opportunities, including disposable medical instruments, which we believe will enhance shareholder value in the long term.”

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) and camera modules (CCMs). 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 United States dollars, except per share data)
 
Year Ended
March 31,
2012   2011   2010
(audited) (audited) (audited)
 
Net sales $ 69,652,705   $ 57,468,866   $ 48,039,625  

Cost of goods sold

  (59,008,973 )   (50,403,138 )   (39,722,076 )
Gross profit 10,643,732 7,065,728 8,317,549
Selling, general and administrative expenses (10,612,458 ) (11,317,767 ) (8,352,835 )
Other operating income , net   28,589     1,137,580     179,565  
Operating profit (loss) 59,863 (3,114,459 ) 144,279
Interest income, net 95,477 536,187 276,782
Other income, net   1,116,279     370,274     309,716  
Income (Loss) from continuing operations before income taxes 1,271,619 (2,207,998 ) 730,777
Income tax expense   (1,228,625 )   (204,122 )   (389,135 )
Income (Loss) from continuing operations 42,994 (2,412,120 ) 341,642
Income (Loss) from discontinuing operations, net of tax   1,374,342     (1,775,879 )   3,124,689  
Net income (loss) 1,417,336 (4,187,999 ) 3,466,331
Net income (loss) attributable to non-controlling interests   (6,659 )   175,028     -  

Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc.

$

1,410,677

 

$

(4,012,971

)

 

$

3,466,331

 
 
 
 
Basic and diluted earnings (loss) of common share $ 0.46   $ (1.32 ) $ 1.14  
 

Basic and diluted weighted average number of shares of common stock

  3,039,727     3,039,454     3,037,969  
GLOBAL-TECH ADVANCED INNOVATIONS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts expressed of United States dollars)
   
March 31,  

March 31,

2012

2011

(audited) (audited)

ASSETS

Current assets:
Cash and cash equivalents $ 39,792,733 $ 19,205,184
Time deposits - 1,534,204
Restricted cash 4,546,062 19,460,845
Available-for-sale investments 2,006,066 6,692
Accounts and bills receivable, net 30,273,062 35,632,294
Inventories 5,374,192 10,849,371
Prepaid expenses 149,558 282,391
Deposits and other assets 769,206 1,711,820
Legal claims receivable - 15,681
Amount due from a related party 11,798 28,737
Amount due from a jointly-controlled entity - 13,694
Total current assets   82,922,677     88,740,913  
Interests in jointly-controlled entities - -
Property, plant and equipment, net 21,933,787 25,013,340
Land use rights, net 3,083,128 3,060,555
Deposits paid for purchase of property, plant and equipment 66,617 112,126
Available for sales investments   1,033,800     3,009,200  
Total assets $ 109,040,009   $ 119,936,134  
 

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Short-term bank loans 4,000,000 12,585,054
Accounts payable 8,163,510 10,352,938
Bills payable - 1,278,754
Customer receipts 860,779 821,288
Accrued salaries, allowances and other employee benefits 3,102,335 5,607,570
Accrual for loss contingencies - 31,458
Other accrued liabilities 6,637,851 7,576,062
Income tax payable   6,157,885     5,318,002  
Total current liabilities 28,922,360 43,571,126
Deferred tax liabilities   27,017     27,549  
Total liabilities   28,949,377     43,598,675  

Shareholders' equity:

 

 

 

Common stock, par value $0.04 per share; 12,500,000 shares authorized; 3,229,314 shares issued as of March 31, 2012 and 2011

129,173

129,173

Additional paid-in capital 84,786,226 84,752,105
Accumulated deficit (9,690,526 ) (11,101,203 )
Accumulated other comprehensive income 9,697,445 7,395,275
Less: Treasury stock, at cost, 189,587 shares as of March 31, 2012 and 2011   (4,663,321 )   (4,663,321 )
Total Global-Tech Advanced Innovations Inc. shareholders’ equity 80,258,997 76,512,029
Non-controlling interests   (168,365 )   (174,570 )
Total equity   80,090,632     76,337,459  
Total liabilities and shareholders' equity $ 109,040,009   $ 119,936,134  

Reconciliation of Net Liquid Assets (Non-GAAP) to GAAP

2 of 4

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs