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

Stocks in this article: GAI


(Amounts expressed in thousands of United States dollars)

September 30, 2012   March 31, 2012
(unaudited) (audited)


Current assets:
Cash and cash equivalents $ 33,229 $ 39,793
Restricted cash 13,348 4,546
Available-for-sale investments 2,007 2,006
Accounts and bills receivable, net 35,430 30,273
Inventories 3,952 5,374
Prepaid expenses 182 150
Deposits and other assets 236 769
Amount due from a related party   19   12
Total current assets 88,403 82,923
Interests in jointly-controlled entities - -
Property, plant and equipment, net 21,237 21,934
Land use rights, net 3,034 3,083
Deposits paid for purchase of property, plant and equipment 125 66
Available for sales investments   1,043   1,034
Total assets $ 113,842 $ 109,040
Current liabilities:
Short-term bank loans 4,530 4,000
Accounts payable 12,652 8,164
Customer deposits 2,738 861
Accrued salaries, allowances and other employee benefits 3,539 3,102
Other accrued liabilities 6,860 6,638
Income tax payable   5,928   6,158
Total current liabilities 36,247 28,923
Deferred tax liabilities   27   27
Total liabilities   36,274   28,950

Shareholders' equity:





Common stock, par value $0.04 per share; 12,500,000 shares authorized; 3,230,064 shares issued as of September 30 and March 31, 2012



Additional paid-in capital 85,030 84,786
Accumulated deficit (12,479) (9,691)
Accumulated other comprehensive income 9,771 9,697
Less: Treasury stock, at cost, 189,587 shares as of September 30 and March 31, 2012   (4,663)   (4,663)
Total Global-Tech Advanced Innovations Inc. shareholders’ equity 77,788 80,258
Non-controlling interests   (220)   (168)
Total equity   77,568   80,090
Total liabilities and shareholders’ equity $ 113,842 $ 109,040

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