This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Global-Tech Advanced Innovations Announces Fiscal 2013 Results

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 United States dollars, except per share data)


Year Ended

March 31,

2013       2012       2011
(audited) (audited) (audited)
Net sales $ 81,083,384 $ 69,652,705 $ 57,468,866

Cost of goods sold

  (70,817,320 )   (59,008,973 )   (50,403,138 )
Gross profit 10,266,064 10,643,732 7,065,728
Selling, general and administrative expenses (16,254,968 ) (10,612,458 ) (11,317,767 )
Other operating income , net   -     28,589     1,137,580  
Operating profit (loss) (5,988,904 ) 59,863 (3,114,459 )
Interest income, net 1,504,166 95,477 536,187
Other income (expenses), net   845,806     1,116,279     370,274  
Income (Loss) from continuing operations before income taxes (3,638,932 ) 1,271,619 (2,207,998 )
Income tax benefit (expense)   841,900     (1,228,625 )   (204,122 )
Income (Loss) from continuing operations (2,797,032 ) 42,994 (2,412,120 )
Income (Loss) from discontinuing operations, net of tax   725,773     1,374,342     (1,775,879 )
Net income (loss) (2,071,259 ) 1,417,336 (4,187,999 )
Net income (loss) attributable to non-controlling interests   107,958     (6,659 )   175,028  

Net income (loss) attributable to shareholders of Global-Tech

  Advanced Innovations Inc










Basic and diluted earnings (loss) from continuing operations per share of common stock $ (0.88 ) $ 0.01   $ (0.74 )
Basic and diluted earnings (loss) per share of common stock $ (0.65 ) $ 0.46   $ (1.32 )

Basic and diluted weighted average number of shares

  of common stock

  3,040,310     3,039,727     3,039,454  



(Amounts expressed of United States dollars)

          March 31,


      March 31,


(audited) (audited)
Current assets:
Cash and cash equivalents $ 32,385,376 $ 39,792,733
Restricted cash 14,592,289 4,546,062
Available-for-sale investments 17,153 2,006,066
Accounts and bills receivable 19,713,608 30,273,062
Inventories 5,392,332 5,374,192
Prepaid expenses 181,224 149,558
Deposits and other assets 5,044,456 769,206
Amount due from a related party   18,841     11,798  
Total current assets 77,345,279 82,922,677
Interests in jointly-controlled entities - -
Property, plant and equipment, net 26,528,681 21,933,787
Land use rights, net 3,026,537 3,083,128
Deposits paid for purchase of property, plant and equipment 280,146 66,617
Available-for-sale investments   1,045,200     1,033,800  
Total assets $ 108,225,843   $ 109,040,009  
Current liabilities:
Short-term bank loans 4,826,241 4,000,000
Accounts payable 7,134,526 8,163,510
Customer deposits 1,331,100 860,779
Accrued salaries, allowances and other employee benefits 4,367,642 3,102,335
Other accrued liabilities 9,643,638 6,637,851
Income tax payable   4,659,313     6,157,885  
Total current liabilities 31,962,460 28,922,360
Deferred tax liabilities   5,180     27,017  
Total liabilities   31,967,640     28,949,377  

Shareholders' equity:





Common stock, par value $0.04 per share; 12,500,000 shares authorized;

3,230,814 and 3,229,314 shares issued as of March 31, 2013 and 2012



Additional paid-in capital 85,053,402 84,786,226
Statutory reserves 1,238,361 -
Accumulated deficit (15,932,941 ) (9,690,526 )
Accumulated other comprehensive income 10,709,740 9,697,445
Less: Treasury stock, at cost, 189,587 shares as of March 31, 2013 and 2012   (4,663,321 )   (4,663,321 )
Total Global-Tech Advanced Innovations Inc. shareholders’ equity 76,534,474 80,258,997
Non-controlling interests   (276,271 )   (168,365 )
Total shareholders’ equity   76,258,203     80,090,632  
Total liabilities and shareholders' equity $ 108,225,843   $ 109,040,009  



(Amounts expressed of United States dollars)

Reconciliation of Net Cash Position (Non-GAAP) to GAAP


Net Cash Position – Net cash position, a non-GAAP measure, is defined as cash and cash equivalents plus restricted cash less short-term debt.

          March 31,


      March 31,


(unadited) (unaudited)
Net cash position $ 42,151,424 $ 40,338,795
Short-term bank loans 4,826,241 4,000,000
Restricted cash   (14,592,289 )   (4,546,062 )
Cash and cash equivalents   32,385,376     39,792,733  

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs