Originally published at www.seclive.com
Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) announced its financial results for the second fiscal quarter of 2014, reporting declining sales and earnings. The holding company, which owns subsidiaries that manufacture components in electronics devices, has cited a slowing Chinese domestic market for its lackluster performance. Net sales this quarter were $12.6M, down over 50% from $26.0M a year ago. Global-Tech posted a net loss of $5.2M and $1.70 losses per share, down from net earnings of $0.2M and $0.07 earnings per share a year ago. President and CEO John Sham commented that after reviewing the EMS business segment's poor performance, it was determined that the company would continue to be adversely affected by its declining EMS performance. As a result, Global-Tech decided to close down its EMS business in an effort to improve profitability and future growth.
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