Global-Tech Advanced Innovations Inc. (GAI) reported net income for the third quarter of $3.3 million or $1.09 per share, compared to a net loss of $1.5 million or $0.48 per share for the year-ago quarter.
Net sales for the third quarter jumped 81% to $44.2 million from $24.4 million a year ago.
Net sales of electronic components and revenues from electronic manufacturing services increased about 33% and 19%, respectively, compared to the corresponding quarter in fiscal 2011, while sales of home appliances, mainly floor care products, nearly tripled due to the company's planned exit from that business segment in the fourth quarter of fiscal 2012 and the related increase in purchase orders from customers seeking to increase their inventory.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.