Global Tech Advanced Innovations, Inc. (NASDAQ:GAI) has released the second quarter financial results for fiscal 2010. The company reported net sales of $29.0 million, up from the previously reported $28.6 million for the comparable period for fiscal 2009. It’s net income was $1.6 million, or $0.51 per share, compared to the net loss of $1.8 million, or $0.60 per share for the year ago period.
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Net sales for the six months ended September 30, 2009 were $54.6 million, down from the $55.4 million for the same six month period of 2009. Net income for the first six months was reported to have increased by over 280% at $2.7 million, or $0.89 per share, versus a net income of $0.8 million, or $0.03 per share for the first half of fiscal 2009. To read the full financial results, go to http://www.global-webpage.com/.
Global-Tech Advanced Innovations Inc. (Global-Tech), formerly Global-Tech Appliances Inc., is an investment holding company. The Company, through its subsidiaries is primarily a manufacturer of consumer electrical products, including, but not limited to, floor care products and small household appliances, electronic and optical components, and is also involved in the assembly of cellular phones. Global-Tech’s manufacturing operation is located in Dongguan, the People’s Republic of China (the PRC). The Company’s products are primarily sold to customers located in the United States of America, Europe and Mainland China. The Company operates in three segments: Home Appliances, Electronic Components and Others. Some of its subsidiaries include Global Appliances Holdings Limited, Global Display Holdings Limited, Kwong Lee Shun Trading Company Limited, Global Rich Innovation Limited, Wing Shing Overseas Limited and Global Optics Limited.
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