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

Mr. Sham concluded, “Following the discontinuation of our home appliance business, our overall business is now mostly focused on the Chinese market. We continue to assess other end uses and applications for our existing technology and operating capabilities to expand our business within the various markets in China, such as the expansion of our EMS business.”

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 APPLIANCES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

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

  Three Months Ended

September 30,

  Six Months Ended

September 30,

  2012     2011   2012     2011
(unaudited) (unaudited) (unaudited) (unaudited)
 
Net sales $ 26,040 $ 18,541 $ 46,532 $ 31,805
Cost of goods sold   (22,066)   (15,800)   (39,516)   (27,684)
Gross profit 3,974 2,741 7,016 4,121
Selling, general and administrative expenses (4,000) (2,373) (7,452) (5,025)
Other operating income (expense)   -   (5)   -   29
Operating income (loss) (26) 363 (436) (875)
Interest income, net 210 85 345 137
Other income (expense), net   96   112   394   580
Income (loss) from continuing operations before income taxes 280 560 303 (158)
Income tax expenses   (102)   (102)   (102)   (133)
Income (loss) from continuing operations 178 458 201 (291)
Income (loss) from discontinued operations, net of tax   -   688   -   (143)
Net income (loss) 178 1,146 201 (434)
Net income (loss) attributable to non-controlling interests   25   25   51   52
Net income (loss) attributable to shareholders $ 203 $ 1,171 $ 252 $ (382)
 
Basic earnings (loss) per common share $ 0.07 $ 0.39 $ 0.08 $ (0.13)
 
Diluted earnings (loss) per common share $ 0.07 $ 0.39 $ 0.08 $ (0.13)
 
Basic weighted average number of shares outstanding   3,039   3,039   3,039   3,039
 
Diluted weighted average number of shares outstanding   3,039   3,039   3,039   3,039




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