Global-Tech Advanced Innovations Reports First Quarter EPS of $.26

Global-Tech Advanced Innovations Inc. GAI today announced its net sales and earnings for the quarter ended June 30, 2010. Net sales for the quarter ended June 30, 2010 were $25.8 million, compared to $25.7 million for the corresponding quarter in fiscal 2010. While there was less than a 1% increase in net sales, first quarter results revealed significant changes in sales trends when compared to the prior fiscal year. In the first quarter of fiscal 2011, net sales of home appliances declined 19%, electronic components increased 19% and electronic manufacturing service revenues more than doubled, compared to corresponding net sales in the first quarter of fiscal 2010. In addition, sales to Asia markets in the first quarter of fiscal 2011 represented 48% of total net sales. Net income for the first quarter of fiscal 2011 was $0.8 million, or $0.26 per share, compared to a net income of $1.2 million, or $0.38 per share, for the first quarter of fiscal 2010.