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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 financial results for the quarter ended September 30, 2015 (the Company’s second quarter of fiscal 2016).
Net sales for the second quarter of fiscal 2016 were $20.1 million, compared to $21.1 million for the corresponding quarter in fiscal 2015. Net loss for the second quarter of fiscal 2016 was $2.2 million, or $0.72 per share, compared to a net loss of $2.2 million, or $0.74 per share, for the second quarter of fiscal 2015.
Net sales for the six months ended September 30, 2015 were $35.4 million, compared to $45.7 million in the corresponding six-month period in fiscal 2015. Net loss for the first six months of fiscal 2016 was $3.2 million, or $1.06 per share, compared to a net loss of $2.5 million, or $0.83 per share, for the first half of fiscal 2015.
John C.K. Sham, the Company's President and Chief Executive Officer, said: “Operating results for the second quarter of fiscal 2016 were similar to the corresponding period in fiscal 2015, with realized cost and operating efficiencies being offset by declining commodity pricing. The nature of the CCM business and eroding margins is unlikely to change in the foreseeable future as capacity in China continues to grow.”
Mr. Sham continued, “Despite the challenges facing our CCM business, we are increasing our efforts to improve the progress of our medical device technology. We continue to focus on marketing and R&D and are hopeful that this business could eventually improve our operating results.”
Mr. Sham concluded, “Given the commoditization of the CCM business, we continue to work on strategic alternatives to enhance shareholder value. We are hopeful that our cost-reduction efforts will begin to have a positive impact on operating results as we expect inflationary pressures to ease as the Chinese economy slows.”
Recent Developments
Announced Receipt of “Going Private” Offer
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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 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 Six Months Ended September 30, September 30, 2015 2014 2015 2014 (unaudited) (unaudited) (unaudited) (unaudited) Net sales $ 20,123 $ 21,062 $ 35,430 $ 45,669 Cost of goods sold (19,424) (20,340) (33,654) (43,205) Gross profit (loss) 699 722 1,776 2,464 Selling, general and administrative expenses (3,745) (3,361) (7,246) (6,315) Other operating income (expense) - - - - Operating income (loss) (3,046) (2,639) (5,470) (3,851) Interest income, net 134 85 309 189 Other income (expense), net 711 406 1,916 1,323 Income (loss) from continuing operations before income taxes (2,201) (2,148) (3,245) (2,339) Income tax expenses 4 (103) 4 (227) Income (loss) from continuing operations (2,197) (2,251) (3,241) (2,566) Net income (loss) attributable to non-controlling interests 13 15 26 30 Net income (loss) attributable to shareholders $ (2,184) $ (2,236) $ (3,215) $ (2,536) Basic earnings (loss) per common share $ (0.72) $ (0.74) $ (1.06) $ (0.83) Diluted earnings (loss) per common share $ (0.72) $ (0.74) $ (1.06) $ (0.83) Basic weighted average number of shares outstanding 3,042 3,042 3,042 3,042 Diluted weighted average number of shares outstanding 3,042 3,042 3,042 3,042 GLOBAL-TECH ADVANCED INNOVATIONS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS(Amounts expressed in thousands of United States dollars)
September 30,March 31,
20152015
(unaudited) (audited) ASSETS Current assets: Cash and cash equivalents $ 17,132 $ 14,502 Time deposits 11,537 12,649 Restricted cash 7,220 9,851 Accounts and bills receivable, net 26,683 20,494 Inventories 6,697 6,419 Prepaid expenses 122 95 Deposits and other assets 2,889 3,754 Amount due from a related party 15 15 Total current assets 72,295 67,779 Interests in jointly-controlled entities - - Property, plant and equipment, net 22,051 24,175 Land use rights, net 2,711 2,827 Deposits paid for purchase of property, plant and equipment 143 200 Deferred tax assets 3 3 Total assets $ 97,203 $ 94,984 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term bank loans 7,720 6,780 Accounts payable 19,630 14,248 Customer deposits 1,499 1,252 Accrued salaries, allowances and other employee benefits 3,198 3,078 Other accrued liabilities 5,750 6,284 Income tax payable 4,250 4,029 Total liabilities 42,047 35,671Shareholders' equity:
Common stock, par value $0.04 per share; 12,500,000 shares authorized;
3,233,814 shares issued as of September 30 and March 31, 2015
129 129 Additional paid-in capital 85,108 85,108 Statutory reserves 1,328 1,328 Accumulated deficit (36,214) (32,999) Accumulated other comprehensive income 9,934 10,850 Less: Treasury stock, at cost, 189,587 shares as of September 30 and March 31, 2015 (4,663) (4,663) Total Global-Tech Advanced Innovations Inc. shareholders’ equity 55,622 59,753 Non-controlling interests (466) (440) Total equity 55,156 59,313 Total liabilities and shareholders’ equity $ 97,203 $ 94,984
View source version on businesswire.com: http://www.businesswire.com/news/home/20151201006597/en/
Global-Tech Advanced Innovations Inc.Cecilia Au-Yeung, (852) 2814-0601investorrelations@global-webpage.comhttp://global-webpage.newshq.businesswire.com
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