Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) today
announced its financial results for the fiscal year ended March 31,
2014.
Net sales for fiscal 2014 were $62.7 million, compared to net
sales of $66.8 million in fiscal 2013. Net loss for fiscal 2014 was
$10.7 million, or $3.47 per share, compared to a net loss of $2.1
million, or $0.65 per share, in fiscal 2013.
Net sales for the fourth quarter of fiscal 2014 were $17.7
million, compared to $13.9 million in the corresponding period in
fiscal 2013. Net loss for the fourth quarter of fiscal 2014 was
$3.2 million, or $1.04 per share, compared to a net loss of $2.3
million, or $0.75 per share, for the corresponding quarter in
fiscal 2013.
As previously announced, the Company’s electronic manufacturing
services (EMS) business became a discontinued operation in December
2013. The loss from discontinued operations in fiscal 2014 was $5.5
million, compared to $2.6 million in fiscal 2013.
As of March 31, 2014, the Company had leased approximately
76,000 square meters of excess production space out of 122,000
square meters that were no longer utilized as a result of the
discontinuation of the EMS business in fiscal 2014 and the home
appliance business in fiscal 2012. Subsequent to fiscal year end,
the Company entered into a five-year contract to lease 26,000
square meters of production space (including equipment) located in
the facility that previously housed our EMS business. In spite of
contractual obligations, leasing income will ultimately depend upon
the continuing financial viability of the lessee’s operations.
John C.K. Sham, the Company's President and Chief Executive
Officer, said: “During fiscal 2014 our remaining operations, namely
electronic components, did not generate sufficient income to cover
expenses, primarily due to pricing concessions caused by intense
market competition. Despite an increase in unit volume of
approximately 8%, net sales declined approximately 7%.”
Mr. Sham continued, “We expect unit volume within our electronic
components business to grow in fiscal 2015 and, provided that we
are able to improve yields and increase productivity in our new COB
operation, the electronic components business should gradually
return to profitability. As in prior years, innovation will
continue to be a driving force in improving our financial
results.”
Mr. Sham concluded, “We expect that income generated through the
leasing of those portions of our facilities that previously housed
our discontinued operations will be sufficient to cover a majority
of the expenses associated with maintaining our factory complex in
Dongguan, China.” While leasing our excess production space is
currently being utilized to generate income, we are also exploring
other viable options which can fully recognize and create more
value from this property.”
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 ADVANCED INNOVATIONS INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Amounts expressed in United States
dollars, except per share data)
Year Ended
March 31,
2014 2013
2012 (audited) (audited)
(audited) Net sales $ 62,692,901 $ 66,827,070 $
55,212,779
Cost of goods sold
(57,999,265 ) (56,854,674 ) (48,384,573 )
Gross profit 4,693,636 9,972,396 6,828,206 Selling, general and
administrative expenses (13,148,067 ) (12,383,973 ) (7,026,786 )
Other operating income , net - -
28,589 Operating profit (loss) (8,454,431 ) (2,411,577 )
(169,991 ) Interest income, net 685,138 1,504,166 95,477 Other
income (expenses), net 2,396,789 583,315
1,124,478 Income (Loss) from continuing
operations before income taxes (5,372,504 ) (324,096 ) 1,049,964
Income tax benefit (expense) 255,927 841,900
(1,228,625 ) Income (Loss) from continuing operations
(5,116,577 ) 517,804 (178,661 ) Income (Loss) from discontinuing
operations, net of tax (5,547,024 ) (2,589,063 )
1,595,997 Net income (loss) (10,663,601 ) (2,071,259
) 1,417,336 Net income (loss) attributable to non-controlling
interests 108,044 107,958 (6,659
)
Net income (loss) attributable to
shareholders of Global-Tech Advanced Innovations Inc
$
(10,555,557
)
$
(1,963,301
)
$
1,410,677
Basic and diluted earnings (loss) from continuing
operations per share of common stock $ (1.65 ) $ 0.21 $
(0.06 ) Basic and diluted earnings (loss) per share of
common stock $ (3.47 ) $ (0.65 ) $ 0.46
Basic and diluted weighted average number
of shares of common stock
3,041,625 3,040,310 3,039,727
GLOBAL-TECH ADVANCED INNOVATIONS INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts expressed of United States
dollars)
March 31,
2014
March 31,
2013
(audited) (audited)
ASSETS
Current assets: Cash and cash equivalents $ 22,820,300 $ 32,385,376
Time deposits 11,339,515 - Restricted cash 4,013,565 14,592,289
Available-for-sale investments 1,050,500 17,153 Accounts and bills
receivable, net 21,216,884 19,713,608 Inventories 7,162,867
5,392,332 Prepaid expenses 123,462 181,224 Deposits and other
assets 2,475,765 5,044,456 Amount due from a related party
12,569 18,841 Total current assets 70,215,427
77,345,279 Interests in jointly-controlled entities - - Property,
plant and equipment, net 26,316,958 26,528,681 Land use rights, net
2,923,424 3,026,537 Deposits paid for purchase of property, plant
and equipment 212,134 280,146 Available-for-sale investments
- 1,045,200 Total assets $ 99,667,943 $
108,225,843
LIABILITIES AND SHAREHOLDERS'
EQUITY Current liabilities: Short-term bank loans 7,279,629
4,826,241 Accounts payable 12,520,080 7,134,526 Customer deposits
1,138,500 1,331,100 Accrued salaries, allowances and other employee
benefits 2,980,622 4,367,642 Other accrued liabilities 5,720,757
9,643,638 Income tax payable 4,233,169
4,659,313 Total current liabilities 33,872,757 31,962,460
Deferred tax liabilities 5,183 5,180
Total liabilities 33,877,940 31,967,640
Shareholders' equity:
Common stock, par value $0.04 per share;
12,500,000 shares authorized; 3,233,814
and 3,230,814 shares issued as of March
31, 2014 and 2013
129,253
129,233
Additional paid-in capital 85,103,910 85,053,402 Statutory reserves
1,340,229 1,238,361 Accumulated deficit (26,590,366 ) (15,932,941 )
Accumulated other comprehensive income 10,854,689 10,709,740 Less:
Treasury stock, at cost, 189,587 shares as of March 31, 2014 and
2013 (4,663,321 ) (4,663,321 ) Total Global-Tech
Advanced Innovations Inc. shareholders’ equity 66,174,494
76,534,474 Non-controlling interests (384,491 )
(276,271 ) Total shareholders’ equity 65,790,003
76,258,203 Total liabilities and shareholders' equity
$ 99,667,943 $ 108,225,843
Global-Tech Advanced Innovations Inc.Hong KongCecilia Au-Yeung,
(852)
2814-0601investorrelations@global-webpage.comhttp://global-webpage.newshq.businesswire.com
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