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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. 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.


(Amounts expressed in thousands of United States dollars except per share data)

    Three Months Ended June 30,
2012   2011
(unaudited) (unaudited)
Net sales $ 20,492 $ 13,264
Cost of goods sold   (17,450)   (11,884)
Gross profit 3,042 1,380
Selling, general and administrative expenses (3,452) (2,652)
Other operating profit   -   34
Operating loss (410) (1,238)
Interest income, net 135 52
Other income, net   298   468
Income (Loss) from continuing operations before income taxes 23 (718)
Income tax expenses   -   (31)
Income (Loss) from continuing operations 23 (749)
Income (Loss) from discontinued operations, net of tax   -   (831)
Net income (loss) 23 (1,580)
Net income (loss) attributable to non-controlling interests   26   27
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. $ 49 $ (1,553)
Basic and diluted earnings (loss) per common share $ 0.02 $ (0.51)
Basic and diluted weighted average number of shares of common shares   3,040   3,039


(Amounts expressed in thousands of United States dollars)

June 30, 2012     March 31, 2012
(unaudited) (audited)
Current assets:
Cash and cash equivalents $ 30,259 $ 39,793
Time deposits 6,294 -
Restricted cash 6,152 4,546
Available-for-sale investments 2,006 2,006
Accounts and bills receivable, net 33,599 30,273
Inventories 6,678 5,374
Prepaid expenses 121 150
Deposits and other assets 558 769
Amount due from a related party   18   12
Total current assets 85,685 82,923
Interests in jointly-controlled entities - -
Property, plant and equipment, net 21,235 21,934
Land use rights, net 3,032 3,083
Deposits paid for purchase of property, plant and equipment 329 66
Available for sales investments   1,038   1,034
Total assets $ 111,319 $ 109,040
Current liabilities:
Short-term bank loans 5,083 4,000
Accounts payable 9,333 8,164
Customer deposits 648 861
Accrued salaries, allowances and other employee benefits 3,431 3,102
Other accrued liabilities 7,175 6,638
Income tax payable   5,934   6,158
Total current liabilities 31,604 28,923
Deferred tax liabilities   27   27
Total liabilities   31,631   28,950

Shareholders' equity:





Common stock, par value $0.04 per share; 12,500,000 shares authorized; 3,229,314 shares issuedas of June 30 and March 31, 2012



Additional paid-in capital 84,795 84,786
Accumulated deficit (9,642) (9,691)
Accumulated other comprehensive income 9,263 9,697
Less: Treasury stock, at cost, 189,587 shares as of June 30 and March 31, 2012   (4,663)   (4,663)
Total Global-Tech Advanced Innovations Inc. shareholders’ equity 79,882 80,258
Non-controlling interests   (194)   (168)
Total equity   79,688   80,090
Total liabilities and shareholders’ equity $ 111,319 $ 109,040

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