Global-Tech Advanced Innovations, BVI-registered holding company operating through its subsidiaries and engaged in manufacturing and marketing of consumer electrical products, has announced its financial results for the fiscal quarter ended December 31, 2008 – meaning company’s third quarter of fiscal year 2009.
For this period, the BVI company reported net sales in the amount of $15.3 mln – compared to $26.2 mln for the same quarter in fiscal 2008. Net loss was $1.8 mln, or 0.57 per share, compared to net income of $0.3 million, or $0.08 per share, for the prior corresponding fiscal period.
For the nine months ended December 31, 2008, the company reported net sales in the amount of $70.7 million – compared to $78.4 million in the corresponding nine-month period in fiscal year 2008. Net sales for the first nine months of fiscal 2009 included sales of approximately $27.5 million of CMOS (complementary metal oxide semiconductor) camera modules (CCMs) – compared to a net loss of $3.2 million, or $1.04 per share, for the first nine months of fiscal year 2008.
A non-recurring gain in the amount of $1.8 million, related to pending litigation, was included in net loss for the first nine months of fiscal 2009; net loss for the first nine months of financial year 2008 included a non-recurring loss of $2.8 million, which was also related to pending litigation.