Global-Tech Advanced Innovations Inc. GAI today announced its financial results for the fiscal year ended March 31, 2015.
Net sales for fiscal 2015 were $78.0 million, up 24.4%, when compared to net sales of $62.7 million in fiscal 2014. Net loss for fiscal 2015 was $6.4 million, or $2.11 per share, when compared to a net loss of $10.6 million, or $3.47 per share, in fiscal 2014. Included in net loss for fiscal 2014 was $5.5 million from discontinued operations.
Net sales for the fourth quarter of fiscal 2015 were $16.2 million, compared to $17.7 million in the corresponding period in fiscal 2014. Net loss for the fourth quarter of fiscal 2015 was $1.7 million, or $0.68 per share, compared to a net loss of $3.2 million, or $1.06 per share, for the corresponding quarter in fiscal 2014.
John C.K. Sham, the Company's President and Chief Executive Officer, said: "We continue to focus our efforts on improving our productivity and efficiency in our electronic components business. Despite increased volume and better product mix when compared to fiscal 2014, improvements were insufficient to generate positive cash flow during fiscal 2015."
Mr. Sham continued, "Our leasing program for those portions of our facility that previously housed our now discontinued home appliance and EMS operations is currently generating sufficient income to cover the costs of maintaining our factory complex in Dongguan, China."
Mr. Sham concluded, "Advancements in our medical product business continued in fiscal year 2015, as we continue to penetrate target markets."
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
|
|||||||||||||||
2015 | 2014 | 2013 | |||||||||||||
(audited) | (audited) | (audited) | |||||||||||||
Net sales | $ | 78,020,855 | $ | 62,692,901 | $ | 66,827,069 | |||||||||
Cost of goods sold |
(74,867,109 | ) | (57,999,265 | ) | (56,854,673 | ) | |||||||||
Gross profit | 3,153,746 | 4,693,636 | 9,972,396 | ||||||||||||
Selling, general and administrative expenses | (12,423,741 | ) | (13,148,067 | ) | (12,383,973 | ) | |||||||||
Other operating income , net | - | - | - | ||||||||||||
Operating loss | (9,269,995 | ) | (8,454,431 | ) | (2,411,577 | ) | |||||||||
Interest income, net | 438,951 | 685,138 | 1,504,166 | ||||||||||||
Other income, net | 2,146,108 | 2,396,789 | 583,315 | ||||||||||||
Loss from continuing operations before income taxes | (6,684,936 | ) | (5,372,504 | ) | (324,096 | ) | |||||||||
Income tax benefit | 209,046 | 255,927 | 841,900 | ||||||||||||
Income (Loss) from continuing operations | (6,475,890 | ) | (5,116,577 | ) | 517,804 | ||||||||||
Loss from discontinuing operations, net of tax | - | (5,547,024 | ) | (2,589,063 | ) | ||||||||||
Net loss | (6,475,890 | ) | (10,663,601 | ) | (2,071,259 | ) | |||||||||
Net income attributable to non-controlling interests | 55,012 | 108,044 | 107,958 | ||||||||||||
Net loss attributable to shareholders of Global-Tech
|
$ |
(6,420,878 |
) |
$ |
(10,555,557 |
) |
$ |
(1,963,301 |
) |
||||||
Basic and diluted earnings (loss) from continuing operations per
share |
$ | (2.11 | ) | $ | (1.65 | ) | $ | 0.21 | |||||||
Basic and diluted earnings (loss) per share of common stock |
$ | (2.11 | ) | $ | (3.47 | ) | $ | (0.65 | ) | ||||||
Basic and diluted weighted average number of shares
|
3,044,227 | 3,041,625 | 3,040,310 | ||||||||||||
GLOBAL-TECH ADVANCED INNOVATIONS INC. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(Amounts expressed of United States dollars) |
||||||||||
March 31, |
March 31, |
|||||||||
(audited) | (audited) | |||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 14,501,954 | $ | 22,820,300 | ||||||
Time deposits | 12,649,524 | 11,339,515 | ||||||||
Restricted cash | 9,850,930 | 4,013,565 | ||||||||
Available-for-sale investments | - | 1,050,500 | ||||||||
Accounts and bills receivable, net | 20,493,672 | 21,216,884 | ||||||||
Inventories | 6,418,778 | 7,162,867 | ||||||||
Prepaid expenses | 95,398 | 123,462 | ||||||||
Deposits and other assets | 3,753,765 | 2,475,765 | ||||||||
Amount due from a related party | 15,475 | 12,569 | ||||||||
Total current assets | 67,779,496 | 70,215,427 | ||||||||
Interests in jointly-controlled entities | - | - | ||||||||
Property, plant and equipment, net | 24,175,245 | 26,316,958 | ||||||||
Land use rights, net | 2,826,511 | 2,923,424 | ||||||||
Deposits paid for purchase of property, plant and equipment | 199,693 | 212,134 | ||||||||
Deferred tax assets | 2,815 | - | ||||||||
Total assets | $ | 94,983,760 | $ | 99,667,943 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Short-term bank loans | 6,780,394 | 7,279,629 | ||||||||
Accounts and bills payable | 14,248,741 | 12,520,080 | ||||||||
Customer deposits | 1,251,521 | 1,138,500 | ||||||||
Accrued salaries, allowances and other employee benefits | 3,077,943 | 2,980,622 | ||||||||
Other accrued liabilities | 6,284,082 | 5,720,757 | ||||||||
Income tax payable | 4,028,708 | 4,233,169 | ||||||||
Total current liabilities | 35,671,389 | 33,872,757 | ||||||||
Deferred tax liabilities | - | 5,183 | ||||||||
Total liabilities | 35,671,389 | 33,877,940 | ||||||||
Shareholders' equity: |
|
|
|
|
||||||
Common stock, par value $0.04 per share; 12,500,000 shares
authorized; 3,233,814 |
129,353 |
129,353 |
||||||||
Additional paid-in capital | 85,108,427 | 85,103,910 | ||||||||
Statutory reserves | 1,328,283 | 1,340,229 | ||||||||
Accumulated deficit | (32,999,298 | ) | (26,590,366 | ) | ||||||
Accumulated other comprehensive income | 10,848,613 | 10,854,689 | ||||||||
Less: Treasury stock, at cost, 189,587 shares as of March 31, 2015 and 2014 | (4,663,321 | ) | (4,663,321 | ) | ||||||
Total Global-Tech Advanced Innovations Inc. shareholders' equity | 59,752,057 | 66,174,494 | ||||||||
Non-controlling interests | (439,686 | ) | (384,491 | ) | ||||||
Total shareholders' equity | 59,312,371 | 65,790,003 | ||||||||
Total liabilities and shareholders' equity | $ | 94,983,760 | $ | 99,667,943 | ||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20150717005835/en/
Global-Tech Advanced Innovations Inc.
Cecilia Au-Yeung
Hong
Kong (852) 2814-0601
investorrelations@global-webpage.com
http://global-webpage.newshq.businesswire.com
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