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Global-Tech Advanced Innovations Reports First Quarter Results for Fiscal 2016

2015年09月28日 PM08:30
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HONG KONG

Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) today announced its net sales and earnings for the quarter ended June 30, 2015 (the Company’s first quarter of fiscal 2016).

Net sales for the first quarter of fiscal 2016 ended June 30, 2015 were $15.3 million, compared to net sales of $24.6 million for the corresponding quarter in fiscal 2015. Net loss for the first quarter of fiscal 2016 was $1.0 million, or $0.34 per share, compared to a net loss of $0.3 million, or $0.10 per share, for the first quarter of fiscal 2015.

John C.K. Sham, the Company’s President and Chief Executive Officer, said: “As anticipated, net sales decreased significantly when compared to the prior corresponding period, due almost entirely to declining sales in commodity CCMs, a lower price-point category where increases in labor and overhead costs have eliminated any advantage previously held over competitors.”

Mr. Sham continued, “Despite a decrease in overall sales, average unit pricing improved as a result of a more favorable product mix and our efforts to control production costs, leading to increases in profit margins.”

Mr. Sham concluded, “The outlook on our overall business is tempered by growing sentiment of a slowing Chinese economy together with the potential impacts of the recent devaluation of the Chinese currency, as much of our business is U.S. dollar related. We do not expect our business to improve in the near future as our customers are likely to take a conservative position to reduce excess inventory and are prepared to make further cost reductions if necessary in an effort to protect our continued viability.”

Recent Developments

Announced Receipt of “Going Private” Offer

  • On August 3, 2015, the Company announced that its board of directors (the “Board”) has received an unsolicited preliminary non-binding proposal letter (the “Proposal Letter”), dated August 1, 2015, from Mr. John C.K. Sham, President and Chief Executive Officer of the Company, and certain of his controlled or affiliated entities (collectively, the “Acquirer”), proposing a potential offer to acquire all of the outstanding common shares of the Company (the “Offer”) not already beneficially owned or controlled by the Acquirer for $8.75 in cash per share (“Shares”). According to the Proposal Letter, the Acquirer plans to form an acquisition company for the purpose of implementing the Offer, and the Offer is intended to be financed with a combination of cash and debt.
  • On August 10, 2015, the Company announced that in response to the Proposal Letter received by the Board from the Acquirer, the Board has formed a special committee of independent directors who are not affiliated with the Acquirer (the “Special Committee”) to consider potential transactions involving the Company, including the previously announced Proposal Letter. The Special Committee consists of Mr. Barry J. Buttifant and Mr. Patrick Po-On Hui, with Mr. Buttifant acting as the chairman of the Special Committee.
  • On August 24, 2015, the Company announced that the Special Committee plans to retain Cleary Gottlieb Steen & Hamilton LLP as its United States legal counsel, Maples & Calder as its British Virgin Islands legal counsel and Houlihan Lokey (China) Limited as its independent financial advisor to assist in the evaluation of potential transactions involving the Company, including the Proposal Letter received by the Board from the Acquirer.

The Special Committee cautions the Company’s shareholders and others considering trading its securities that the Special Committee is continuing its evaluation of the Offer or other alternatives and that, at this time, no decisions have been made by the Special Committee with respect to the Company’s response to the Offer. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed or that the Offer or any other transaction will be approved or consummated.

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 APPLIANCES INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts expressed in thousands of United States dollars, except per share data)

 
Three Months Ended
June 30,
2015   2014
(unaudited) (unaudited)
   
Net sales $ 15,307 $ 24,607
Cost of goods sold   (14,229)   (22,865)
Gross profit 1,078 1,742
Selling, general and administrative expenses (3,501) (2,955)
Other operating income (expense)    
Operating income (loss)   (2,423)   (1,213)
Interest income, net   175   104
Other income (expense), net   1,206   917
Income (loss) from continuing operations before income taxes   (1,042)   (192)
Income tax expenses     (124)
Income (loss) from continuing operations (1,042) (316)
Income (loss) from discontinued operations, net of tax    
Net income (loss) (1,042) (316)
Net income (loss) attributable to non-controlling interests   13   15
Net income (loss) attributable to shareholders $ (1,029) $ (301)
 
Basic earnings (loss) per common share $ (0.34) $ (0.10)
 
Diluted earnings (loss) per common share $ (0.34) $ (0.10)
 
Basic and diluted weighted average number of shares outstanding   3,044   3,042
 
 
GLOBAL-TECH ADVANCED INNOVATIONS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(Amounts expressed in thousands of United States dollars)

 
 
June 30, 2015     March 31, 2015
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $ 9,436 $ 14,502
Time deposits 18,717 12,649
Restricted cash 4,594 9,851
Accounts and bills receivable, net 25,681 20,494
Inventories 7,862 6,419
Prepaid expenses 96 95
Deposits and other assets 3,080 3,754
Amount due from a related party   15   15
Total current assets 69,481 67,779
Interests in jointly-controlled entities
Property, plant and equipment, net 23,402 24,175
Land use rights, net 2,800 2,827
Deposits paid for purchase of property, plant and equipment 176 200
Deferred tax assets   3   3
Total assets $ 95,862 $ 94,984
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term bank loans 4,301 6,780
Accounts payable 18,939 14,248
Customer deposits 1,430 1,252
Accrued salaries, allowances and other employee benefits 3,147 3,078
Other accrued liabilities 5,756 6,284
Income tax payable   4,029   4,029
Total current liabilities 37,602 35,671
Deferred tax liabilities    
Total liabilities   37,602   35,671

Shareholders’ equity:

 

 

Common stock, par value $0.04 per share; 12,500,000 shares authorized; 3,233,814 shares issued as of June 30 and March 31, 2015

129

129

Additional paid-in capital 85,108 85,108
Statutory reserves 1,328 1,328
Accumulated deficit (34,028) (32,999)
Accumulated other comprehensive income 10,839 10,850
Less: Treasury stock, at cost, 189,587 shares as of June 30 and March 31, 2015   (4,663)   (4,663)
Total Global-Tech Advanced Innovations Inc. shareholders’ equity 58,713 59,753
Non-controlling interests (453) (440)
Total equity   58,260   59,313
Total liabilities and shareholders’ equity $ 95,862 $ 94,984
 

View source version on businesswire.com: http://www.businesswire.com/news/home/20150928005493/en/

CONTACT

Global-Tech Advanced Innovations Inc.
Cecilia Au-Yeung, (852)
2814-0601
investorrelations@global-webpage.com
http://global-webpage.newshq.businesswire.com

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