Global-Tech Advanced Innovations Announces Continued Profitability for Third Quarter of Fiscal 2012
Global-Tech Advanced Innovations Inc. (NASDAQ:GAI - News) today announced its financial results for the fiscal quarter ended December 31, 2011 (the Company’s third quarter of fiscal 2012).
Net sales for the third quarter of fiscal 2012 were $44.2 million, an increase of approximately 81% when compared to $24.4 million for the corresponding quarter in fiscal 2011. Net sales of electronic components and revenues from electronic manufacturing services (EMS) increased approximately 33% and 19%, respectively, compared to the corresponding quarter in fiscal 2011, while sales of home appliances (primarily floor care products) nearly tripled due to the Company’s planned exit from this business segment in the fourth quarter of fiscal 2012 and the related increase in purchase orders from customers seeking to increase their inventory.
- Published: 09 April 2012
- Written by Editor