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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.

 

GLOBAL-TECH ADVANCED INNOVATIONS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(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

$

(1,963,301

)

$

1,410,677

 

$

(4,012,971

)

 
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  
 
 

GLOBAL-TECH ADVANCED INNOVATIONS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts expressed of United States dollars)

 
          March 31,

2013

      March 31,

2012

(audited) (audited)
ASSETS
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  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
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

129,233

129,173

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  
 
 

GLOBAL-TECH ADVANCED INNOVATIONS INC. AND SUBSIDIARIES

RECONCILIATION OF NET CASH POSITION (NON-GAAP) TO GAAP

(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,

2013

      March 31,

2012

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




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