Global-Tech Advanced Innovations Inc. (NASDAQ: GAI) today announced that the Company’s Board of Directors has approved a special cash dividend of $1.00 per share payable on September 5, 2012 to shareholders of record at the close of business on August 22, 2012.
“As previously reported, our business has recognized steady improvements, with a return to profitability in fiscal 2012. We have successfully completed our exit from the home appliance business, which has provided significant relief to the Company’s working capital requirements and presented us with the opportunity to return capital to our shareholders while still maintaining ample resources to support foreseeable growth. We believe that this special dividend is an appropriate way to reward shareholders for their continued support,” said John C.K. Sham, the Company’s President and Chief Executive Officer.
Mr. Sham continued, “We are excited about the future growth potential of our CCM and EMS business segments and expect significant increases in sales in both segments in fiscal 2013. Our exit from the home appliance business was a major stride forward in our transition to a high-technology focused company.”
Mr. Sham concluded, “As we continually assess our current capital structure and how to best deploy our capital, the Company’s board of directors may consider the declaration of additional cash dividends and/or the establishment of a regular dividend. However, the declaration of future dividends will depend upon the Company’s financial position, strategic plans and general business conditions at that time.”We encourage shareholders to contact their brokers and tax advisors in order to understand the Nasdaq Rules and Regulations as well as relevant tax implications regarding the effect of selling shares of our common stock following the record date on their eligibility to receive the dividend. 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.