Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) today
announced its net sales and earnings for the quarter ended June 30,
2014 (the Company’s first quarter of fiscal 2015).
Net sales for the first quarter of fiscal 2015 ended June 30,
2014 were $24.6 million, compared to net sales of $12.5 million
from continuing operations for the corresponding quarter in fiscal
2014. Net sales, as presented for the comparable quarter in fiscal
2014, exclude sales from our EMS business, which was discontinued
in December 2013. Net loss for the first quarter of fiscal 2015 was
$0.3 million, or $0.10 per share, compared to a net loss of $1.5
million, or $0.51 per share, for the first quarter of fiscal
2014.
John C.K. Sham, the Company's President and Chief Executive
Officer, said: “Despite an 82% increase in shipments of our CCM
units and an overall increase of 104% in net sales in the
electronic components segment, profitability in this segment
declined about $0.4 million when compared to the prior year. This
decline in profitability is primarily attributable to pricing
concessions necessitated by the intense competition within the
industry, as well as continuing increases in labor and overhead
costs.”
Mr. Sham continued, “While we are continuing our efforts towards
increasing productivity, the key to improving our operating results
remains improving our product mix, specifically the increased
sales, as a percentage of overall sales, of higher-pixel CCM units
which only represented approximately 18% of our unit volume in the
first quarter of fiscal 2015. Operating results for the first
quarter of fiscal 2015 benefited from the leasing of the facilities
that previously housed our discontinued home appliance and EMS
businesses, which generated approximately $1.0 million in gross
income and $0.3 million in income after depreciation, taxes and
common charges.”
Mr. Sham concluded, “Our primary business focus remains the
improvement of profit margins of our electronic components business
segment and we are evaluating whether capital improvements and/or
other strategic actions can adequately address current operating
issues. In the interim, our cash position remains strong and is
expected to gradually improve as our rental income increases.”
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 thousands of United
States dollars except per share data)
Three Months Ended June 30, 2014
2013 (unaudited)
(unaudited) Net sales $ 24,607 $ 12,468 Cost
of goods sold (22,865 ) (11,188 ) Gross profit 1,742
1,280 Selling, general and administrative expenses (2,955 )
(2,625 ) Operating loss (1,213 ) (1,345 ) Interest income,
net 104 132 Other income, net 917 828
Loss from continuing operations before income taxes (192 ) (385 )
Income tax benefit (expenses) (124 ) 36 Loss
from continuing operations, net of tax (316 ) (349 ) Loss from
discontinuing operations, net of tax - (1,217
) Net loss (316 ) (1,566 ) Net loss attributable to non-controlling
interests 15 26 Net loss attributable
to shareholders of Global-Tech Advanced Innovations Inc. $ (301 ) $
(1,540 ) Basic and diluted loss per common share $ (0.10 ) $
(0.51 ) Basic and diluted weighted average number of shares
of common shares 3,042 3,040
GLOBAL-TECH ADVANCED INNOVATIONS INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts expressed in thousands of United
States dollars)
June 30, 2014 March 31,
2014 (unaudited) (audited) ASSETS Current
assets: Cash and cash equivalents $ 17,035 $ 22,820 Time deposits
11,332 11,340 Restricted cash 5,589 4,014 Available-for-sale
investments 1,051 1,050 Accounts and bills receivable, net 28,454
21,217 Inventories 12,782 7,163 Prepaid expenses 118 123 Deposits
and other assets 2,246 2,476 Amount due from a related party
15 13 Total current assets 78,622 70,216
Interests in jointly-controlled entities - - Property, plant and
equipment, net 26,002 26,317 Land use rights, net 2,896 2,923
Deposits paid for purchase of property, plant and equipment 295 212
Available for sales investments - -
Total assets $ 107,815 $ 99,668
LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities: Short-term bank
loans 9,740 7,280 Accounts payable 17,855 12,520 Customer deposits
1,113 1,138 Accrued salaries, allowances and other employee
benefits 3,160 2,981 Other accrued liabilities 6,228 5,721 Income
tax payable 4,357 4,233 Total current
liabilities 42,453 33,873 Deferred tax liabilities 5
5 Total liabilities 42,458
33,878
Shareholders' 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, 2014
129
129
Additional paid-in capital 85,104 85,104 Statutory reserves 1,340
1,340 Accumulated deficit (26,891 ) (26,590 ) Accumulated other
comprehensive income 10,738 10,855 Less: Treasury stock, at cost,
189,587 shares as of June 30 and March 31, 2014 (4,663 )
(4,663 ) Total Global-Tech Advanced Innovations Inc.
shareholders’ equity 65,757 66,175 Non-controlling interests
(400 ) (385 ) Total equity 65,357
65,790 Total liabilities and shareholders’ equity $ 107,815
$ 99,668
Global-Tech Advanced Innovations Inc.Hong KongCecilia Au-Yeung,
(852)
2814-0601investorrelations@global-webpage.comhttp://global-webpage.newshq.businesswire.com
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