Monthly Archives: February 2012

BVI company appoints new independent auditors

British Virgin Islands-registered company Global-Tech Advanced Innovations Inc. announced that its Board of Directors has appointed Mazars CPA Limited to serve as the company’s independent auditors. According to the BVI company, the decision followed resignation of BDO Limited, which was an internal business decision of this company, and was not related to the affairs of the Global-Tech Advanced Innovations Inc.

The engagement of the new independent auditors will commence with the review of BVI company’s financial results for the fiscal year ending March 31, 2012. The company anticipates that the transition from BDO Limited to Mazars will not result in any delays in its periodic filings with SEC.

Global-Tech President and Chief Executive Officer John C.K. Sham said in his comments: “We are grateful to BDO Limited for their hard work and professionalism and have truly enjoyed working with them” … “After a careful review process, we are pleased to have selected Mazars to serve as the Company’s new independent auditors and look forward to our new relationship with them.”

Nam Tai Electronics reported financial results for Q4 2011

Nam Tai Electronics, Inc. announced its unaudited results for the fourth quarter ended December 31, 2011. The BVI corporation reported operating loss and net income of the three months and twelve months ended December 31, 2011 that included US$2.7 million and US$3 million lay-off costs in relation to employee severance benefits in the company’s Shenzhen operation and US$3 million impairment loss on goodwill for both periods.

Also, net loss for the three months and net income for the twelve months period included interest income of US$0.6 million and US$2.7 million, respectively, and exchange gain of US$4.8 million and US$8.2 million, respectively. Net loss for the three months and net income for the twelve months included a deferred tax expense of US$1.7 million and a deferred tax credit of US$0.4 million.

Net sales in the fourth quarter of 2011 were US$145.3 million, down 12.7% from net sales of US$166.5 million in the same quarter of 2010. Gross profit of US$2.3 million decreased by 83.8% from US$14.2 million in the same quarter of that year. Gross profit margin in the fourth quarter of 2011 decreased to 1.6%, down from 8.5% in the same quarter of 2010.

For the year ended December 31, 2011, net sales of Nam Tai Electronics were US$602.3 million. The company’s gross profit margin was 4.7% as compared to 9.6% for the year 2010. Gross profit was US$28.1 million, down 45.2% as compared to US$51.3 million last year. Operating loss for 2011 was US$11.5 million, compared to operating income of US$14.8 million last year. Company’s net income for 2011 was US$0.5 million, or $0.01 per share (diluted), as compared to net income of US$15 million, or US$0.33 per share in the year 2010.

Global-Tech Advanced Innovations announced financial results for second quarter of fiscal 2012

In January, Global-Tech Advanced Innovations Inc., a holding company registered in the British Virgin Islands, announced its financial results for the second quarter ended September 30, 2011 – this is company’s second quarter of fiscal 2012.

For the reported period, net sales of the BVI company were US$33.8 million, an increase of 35% when compared to US$25.0 million reported for the second quarter of the year 2012. Net sales of home appliances and electronic components increased approximately 58% and 31%, respectively, while revenues in electronic manufacturing services declined approximately 13% for the second quarter of 2012. Net income was US$1.2 million, or US$0.39 per share, compared to a net loss of US$0.9 million, or US$0.29 per share, for the second quarter of fiscal 2011.

For the six months period ended September 30, 2011, net sales were US$58.9 million, up 16% as compared to US$50.8 million in the same period of fiscal 2011. In the first six months of 2012, net sales of home appliances and electronic components increased approximately 18% and 19%, respectively, while revenues in electronic manufacturing services declined approximately 3%, compared to the same period in fiscal 2011. Net loss in the reported period of fiscal 2012 was US$0.4 million, or US$0.13 per share, compared to a net loss of US$0.1 million, or US$0.03 per share, for the corresponding period of fiscal 2011.

John C.K. Sham, BVI company’s CEO and President, said in his comments on the results for the second quarter that company’s cash less short-term debt position has improved significantly since the end of fiscal year 2011 and, as of September 30, 2011, now exceeds US$13.00 per share.