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Global-Tech Advanced Innovations Reports First Quarter Results For Fiscal 2013

Stocks in this article: GAI

Global-Tech Advanced Innovations Inc. (NASDAQ: GAI) today announced its net sales and earnings for the quarter ended June 30, 2012 (the Company’s first quarter of fiscal 2013).

Net sales for the quarter ended June 30, 2012 were $20.5 million, up approximately 54% when compared to $13.3 million for the corresponding quarter in fiscal 2012. As a result of the discontinued operation of our home appliance segment in January 2012, proper accounting treatment requires that net sales for the first quarter of fiscal 2012 exclude $11.8 million in sales of home appliances.

Net income for the first quarter of fiscal 2013 was $0.05 million, or $0.02 per share, compared to a net loss of $1.6 million, or $0.51 per share, for the first quarter of fiscal 2012.

John C.K. Sham, President and Chief Executive Officer, said, “Our electronic components business increased 78% in the first quarter of fiscal 2013 over the corresponding period in fiscal 2012, which nearly offset the absence of sales from our discontinued home appliances segment (based on home appliances sales in the corresponding quarter of fiscal 2012). Gross margins for the quarter were adversely impacted by depreciation charges of approximately $320,000 for the facilities which were formerly utilized for the home appliances business. Additionally, in the first quarter of fiscal 2012, the home appliances business absorbed approximately $0.9 million of G&A expenses, which were reflected in the loss from discontinued operations, whereas those expenses in the first quarter of fiscal 2013 were reflected mostly in selling, general and administrative expenses.”

Mr. Sham continued, “We are pleased with the continued strength of our CCM business, specifically in domestic markets, and expect further improvements in fiscal 2013. We expect to begin incorporating several new products into our existing product lines in fiscal 2013.”

Mr. Sham concluded, “We continue our efforts to develop products for use in certain medical applications which, while not currently generating significant revenues, we remain optimistic will ultimately have a positive impact on our overall business. We are pleased with our successful exit from the home appliance business, which caused no major disruption to our financial position. We are hopeful that we will be able to secure a lessee for the facilities that were previously occupied by our home appliances operations which we anticipate would serve to offset a portion of the Company’s fixed costs.”

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