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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 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2014
Commission File Number: 001-14812
GLOBAL-TECH ADVANCED
INNOVATIONS INC.
(Translation of Registrants Name into English)
12/F., Kin Teck Industrial Building, 26 Wong Chuk Hang Road, Aberdeen, Hong Kong
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ¨ No x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .
On Monday, December 15, 2014, Global-Tech Advanced Innovations Inc. issued a press release regarding its financial results for the fiscal quarter ended September 30, 2014 (the Companys second quarter of fiscal 2015). Pursuant to Nasdaq Listing Rule 5250(c)(2), a copy of the press release is attached hereto as Exhibit 1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: December 18, 2014
GLOBAL-TECH ADVANCED INNOVATIONS INC. | ||
By: | /s/ Brian Yuen | |
Brian Yuen Assistant Secretary |
Exhibit |
Description | |
1 | Press release dated December 15, 2014 |
Release: | IMMEDIATE RELEASE | |||||
Contact: |
Cecilia Au-Yeung | |||||
Global-Tech Advanced Innovations Inc. | ||||||
Telephone: Hong Kong (852) 2814-0601 | ||||||
investorrelations@global-webpage.com | ||||||
Web Page: |
http://global-webpage.newshq.businesswire.com | |||||
GLOBAL-TECH ADVANCED INNOVATIONS REPORTS SECOND QUARTER RESULTS FOR FISCAL 2015
Hong Kong, December 15, 2014 Global-Tech Advanced Innovations Inc. (NASDAQ: GAI) today announced its financial results for the quarter ended September 30, 2014 (the Companys second quarter of fiscal 2015).
Net sales for the second quarter of fiscal 2015 were $21.1 million, an increase of approximately 76% when compared to $12.0 million for the corresponding quarter in fiscal 2014. Net loss for the second quarter of fiscal 2015 was $2.2 million, or $0.74 per share, compared to a net loss of $5.2 million, or $1.70 per share, for the second quarter of fiscal 2014.
Net sales for the six months ended September 30, 2014 were $45.7 million, an increase of approximately 87% when compared to $24.5 million in the corresponding six-month period in fiscal 2014. Net loss for the first six months of fiscal 2015 was $2.5 million, or $0.83 per share, compared to a net income of $6.7 million, or $2.21 per share, for the first half of fiscal 2014.
John C.K. Sham, the Companys President and Chief Executive Officer, said: Sales in our electronic components business experienced growth in the first half of fiscal 2015, with unit sales increasing nearly 120% compared to the previous year; however, concurrent declines in pricing of approximately 30% offset any potential gains in operating results. This is despite an improved product mix of higher-pixel units for our CCMs.
Mr. Sham continued, Competition in the electronic business remains high, with new entrants entering the market almost daily. This coupled with the current instability in the industry will require us to reconsider any further investment in additional chip-on-board (COB) production lines.
Mr. Sham concluded, The future success of our electronic components business will depend upon our ability to attract new customers and drive volume while at the same time improving margins, whether through the reduction of our manufacturing costs or through increases in price and innovation.
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.
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