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.
by RTT Staff Writer
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