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Share Name | Share Symbol | Market | Type |
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(MM) | NASDAQ:GAI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 8.80 | 0 | 01:00:00 |
Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) today announced its net sales and earnings for the quarter ended June 30, 2015 (the Company’s first quarter of fiscal 2016).
Net sales for the first quarter of fiscal 2016 ended June 30, 2015 were $15.3 million, compared to net sales of $24.6 million for the corresponding quarter in fiscal 2015. Net loss for the first quarter of fiscal 2016 was $1.0 million, or $0.34 per share, compared to a net loss of $0.3 million, or $0.10 per share, for the first quarter of fiscal 2015.
John C.K. Sham, the Company's President and Chief Executive Officer, said: “As anticipated, net sales decreased significantly when compared to the prior corresponding period, due almost entirely to declining sales in commodity CCMs, a lower price-point category where increases in labor and overhead costs have eliminated any advantage previously held over competitors.”
Mr. Sham continued, “Despite a decrease in overall sales, average unit pricing improved as a result of a more favorable product mix and our efforts to control production costs, leading to increases in profit margins.”
Mr. Sham concluded, “The outlook on our overall business is tempered by growing sentiment of a slowing Chinese economy together with the potential impacts of the recent devaluation of the Chinese currency, as much of our business is U.S. dollar related. We do not expect our business to improve in the near future as our customers are likely to take a conservative position to reduce excess inventory and are prepared to make further cost reductions if necessary in an effort to protect our continued viability.”
Recent Developments
Announced Receipt of “Going Private” Offer
The Special Committee cautions the Company’s shareholders and others considering trading its securities that the Special Committee is continuing its evaluation of the Offer or other alternatives and that, at this time, no decisions have been made by the Special Committee with respect to the Company’s response to the Offer. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed or that the Offer or any other transaction will be approved or consummated.
Global-Tech Advanced Innovations Inc. is a holding company, owning subsidiaries that manufacture and market electronic components and other related products, such as complementary metal oxide semiconductor (CMOS) 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 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 SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts expressed in thousands of United States dollars, except per share data)
Three Months Ended June 30, 2015 2014 (unaudited) (unaudited) Net sales $ 15,307 $ 24,607 Cost of goods sold (14,229) (22,865) Gross profit 1,078 1,742 Selling, general and administrative expenses (3,501) (2,955) Other operating income (expense) - - Operating income (loss) (2,423) (1,213) Interest income, net 175 104 Other income (expense), net 1,206 917 Income (loss) from continuing operations before income taxes (1,042) (192) Income tax expenses - (124) Income (loss) from continuing operations (1,042) (316) Income (loss) from discontinued operations, net of tax - - Net income (loss) (1,042) (316) Net income (loss) attributable to non-controlling interests 13 15 Net income (loss) attributable to shareholders $ (1,029) $ (301) Basic earnings (loss) per common share $ (0.34) $ (0.10) Diluted earnings (loss) per common share $ (0.34) $ (0.10) Basic and diluted weighted average number of shares outstanding 3,044 3,042 GLOBAL-TECH ADVANCED INNOVATIONS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS(Amounts expressed in thousands of United States dollars)
June 30, 2015 March 31, 2015 (unaudited) (audited) ASSETS Current assets: Cash and cash equivalents $ 9,436 $ 14,502 Time deposits 18,717 12,649 Restricted cash 4,594 9,851 Accounts and bills receivable, net 25,681 20,494 Inventories 7,862 6,419 Prepaid expenses 96 95 Deposits and other assets 3,080 3,754 Amount due from a related party 15 15 Total current assets 69,481 67,779 Interests in jointly-controlled entities - - Property, plant and equipment, net 23,402 24,175 Land use rights, net 2,800 2,827 Deposits paid for purchase of property, plant and equipment 176 200 Deferred tax assets 3 3 Total assets $ 95,862 $ 94,984 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term bank loans 4,301 6,780 Accounts payable 18,939 14,248 Customer deposits 1,430 1,252 Accrued salaries, allowances and other employee benefits 3,147 3,078 Other accrued liabilities 5,756 6,284 Income tax payable 4,029 4,029 Total current liabilities 37,602 35,671 Deferred tax liabilities - - Total liabilities 37,602 35,671Shareholders' equity:
Common stock, par value $0.04 per share; 12,500,000 shares authorized; 3,233,814 shares issued as of June 30 and March 31, 2015
129
129
Additional paid-in capital 85,108 85,108 Statutory reserves 1,328 1,328 Accumulated deficit (34,028) (32,999) Accumulated other comprehensive income 10,839 10,850 Less: Treasury stock, at cost, 189,587 shares as of June 30 and March 31, 2015 (4,663) (4,663) Total Global-Tech Advanced Innovations Inc. shareholders’ equity 58,713 59,753 Non-controlling interests (453) (440) Total equity 58,260 59,313 Total liabilities and shareholders’ equity $ 95,862 $ 94,984
View source version on businesswire.com: http://www.businesswire.com/news/home/20150928005493/en/
Global-Tech Advanced Innovations Inc.Cecilia Au-Yeung, (852) 2814-0601investorrelations@global-webpage.comhttp://global-webpage.newshq.businesswire.com
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