New York, NY- April 9th 2012 (Investorideas.com Newswire) Tec Stock News alert;
Investor Ideas, www.InvestorIdeas.com, a global investor research portal for independent investors, reports on trading for tech stock, Global-Tech Advanced Innovations Inc. (NASDAQ:GAI), for Monday April 9th. The stock is trading at $9.01, up 3.80(72.94%) as of 11:45AM EDT on just over 170,000 shares. The average daily volume is 3880, due to the small float and issued outstanding.
The Company reported news on Friday of 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. Net income for the third quarter of fiscal 2012 was $3.3 million, or $1.09 per share, compared to a net loss of $1.5 million, or $0.48 per share, for the third quarter of fiscal 2011.”
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Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) is a holding company, owning subsidiaries that manufacture and market a diversified portfolio of products, such as complementary metal oxide semiconductor (CMOS) and 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 North America, Europe, and other countries throughout the world.
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