Global-Tech Advanced Innovations Inc. (NASDAQ: GAI) today announced its financial results for the quarter ended September 30, 2012 (the Company’s second quarter of fiscal 2013).
Net sales for the second quarter of fiscal 2013 were $26.0 million, an increase of approximately 40% when compared to $18.5 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 second quarter of fiscal 2012 exclude $15.2 million in sales of home appliances. Net income for the second quarter of fiscal 2013 was $0.2 million, or $0.07 per share, compared to a net income of $1.2 million, or $0.39 per share, for the second quarter of fiscal 2012.
Net sales for the six months ended September 30, 2012 were $46.5 million, up approximately 46% when compared to $31.8 million in the corresponding six-month period in fiscal 2012. Net income for the first six months of fiscal 2013 was $0.3 million, or $0.08 per share, compared to a net loss of $0.4 million, or $0.13 per share, for the first half of fiscal 2012.
John C.K. Sham, the Company's President and Chief Executive Officer, said: “Our electronic components business increased approximately 49% in the second quarter of fiscal 2013, compared to the same corresponding period in fiscal 2012. The growth of this business in the first half of fiscal 2013 has more than offset the loss in net sales resulting from our exit from the home appliance business during this period.”Mr. Sham continued, “In the first half of fiscal 2013, we incurred costs in excess of $700,000 related to the facilities that formerly housed our home appliance business. We continue to consider and evaluate options to best use these facilities, including the possibility of leasing a portion of the space on a short-term basis."