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Global-Tech Appliances Reports Fiscal Year Financial Results and Continues to Pursue New Business Initiatives to Reinvent Itself
Friday August 11, 5:00 pm ET
HONG KONG--(BUSINESS WIRE)--Aug. 11, 2006--Global-Tech Appliances Inc. (NYSE: GAI - News) today announced its financial results for the fiscal year and fourth quarter ended March 31, 2006.
ADVERTISEMENT
Net sales for the fiscal year ended March 31, 2006 were $73.8 million, up 76%, compared to $41.9 million in the prior fiscal year. Net loss for fiscal 2006 was $11.2 million, or $0.92 per share, compared to a net loss of $18.6 million, or $1.52 per share, in the prior fiscal year. Included in the net loss for fiscal year 2006 were impairment charges of approximately $2.6 million, or approximately $0.22 per share, which relate primarily to the Company's organic light emitting diode (OLED) and in part to its liquid crystal display television (LCD TV) programs.
Net sales for the fourth quarter of fiscal 2006 were $15.7 million, up 29%, compared to $12.2 million for the fourth quarter of fiscal 2005. Net loss for the fourth quarter of fiscal 2006 was $1.2 million, or $0.10 per share, compared to a net loss of $7.5 million, or $0.62 per share, in the prior corresponding fiscal period.
John C.K. Sham, the Company's President and Chief Executive Officer, said: "While net sales were up and net loss declined in fiscal 2006 compared to fiscal 2005, gross profit margins in the Company's core business of floor care and kitchen appliance products were and are expected to remain adversely impacted by the continuing increase in material costs, particularly plastic resin, which is a derivative of natural gas and other oil distillates. Additionally, our operating results for fiscal 2006 were further impacted by the continuing low absorption of our manufacturing and administrative fixed overhead resulting from insufficient sales in our core business. In an attempt to improve our financial results, actions have been taken to reduce certain fixed costs, including a reduction in our work force."
Mr. Sham continued, "We are pleased to report that, in the second half of fiscal 2006, our compact camera module (CCM) components, used primarily in cellular phones, achieved net sales of approximately $5.9 million. We are continuing our efforts to expand the CCM business, including the formation of an experienced R&D team in Taiwan to further enhance our product development capabilities, so that we can maintain technological leadership in the market. We expect this business to continue to grow in the coming quarters as new products are developed and are optimistic that it will improve our financial performance in the near future."
Mr. Sham concluded, "In addition to the CCM business, we recently introduced and started marketing a line of digital imaging products and anticipate that this new product category will soon become a growing part of our overall business. We are now directing our new product development programs to innovative electronics products as we also continue to explore other business initiatives. We continue to believe it's essential for us to reinvent and reposition ourselves so that we can take advantage of opportunities that are evolving in this rapidly changing business climate. Despite our net loss for fiscal 2006, our cash and short-term investments were over $46 million as of March 31, 2006, or approximately $3.77 per share, which we believe is more than sufficient to support our ongoing business initiatives and strategies."
Global-Tech Appliances Inc. is a holding company, owning subsidiaries that manufacture and market a wide range of consumer electrical products worldwide, including floor care products and small household appliances. These products are marketed by customers under brand names such as Black & Decker®, DeLonghi®, Dirt Devil®, Eureka®, Hamilton Beach®, Kenwood®, Presto®, Proctor-Silex®, Sanyo®, Sharper Image®, Sunbeam®, and West Bend®.
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 United States dollars)
Fiscal Years Ended March 31,
-----------------------------
2006 2005
-------------- --------------
(unaudited) (audited)
Net sales $ 73,812,100 $ 41,851,163
Cost of goods sold (69,816,822) (44,595,004)
-------------- --------------
Gross profit (loss) 3,995,278 (2,743,841)
Selling, general and administrative
expenses (18,010,869) (16,053,820)
-------------- --------------
Operating loss (14,015,591) (18,797,661)
Interest expense (55,435) (9,855)
Interest income 1,278,093 976,753
Other income (expenses), net 1,533,949 (778,411)
-------------- --------------
Loss from operations before income taxes (11,258,984) (18,609,174)
Provision for income taxes 22,998 (33,650)
-------------- --------------
Net loss before minority interests (11,235,986) (18,642,824)
Minority interests 12,592 19,525
-------------- --------------
Net loss $(11,223,394) $(18,623,299)
============== ==============
Basic and diluted loss per common share $ (0.92) $ (1.52)
============== ==============
Basic and diluted weighted average number
of shares outstanding 12,223,608 12,214,800
============== ==============
GLOBAL-TECH APPLIANCES INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts expressed in United States dollars)
March 31,
--------------------------
2006 2005
------------ -------------
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $27,313,746 $ 8,790,594
Restricted cash - 430,974
Callable deposit - 5,000,000
Short-term investments 18,715,682 33,966,281
Accounts and bills receivable, net 8,446,502 7,194,894
Deposits, prepayments and other assets 1,929,626 2,323,895
Other receivable 4,577,186 -
Inventories 10,780,816 14,056,562
------------ -------------
Total current assets 71,763,558 71,763,200
Loan to a director - 76,667
Property, plant and equipment, net 24,164,775 27,779,778
Land use rights 2,151,444 2,191,759
License, net - 2,201,124
------------ -------------
Total assets $98,079,777 $104,012,528
============ =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank borrowings $ 37,698 $ 37,507
Accounts payable 5,075,248 5,258,005
Salaries and allowances payable 587,717 730,976
Accrued expenses 3,797,401 3,061,568
Accrual for contingent losses 5,464,134 810,000
Income tax payable 3,730,043 3,698,237
------------ -------------
Total current liabilities 18,692,241 13,596,293
Deferred tax liabilities 38,619 142,888
------------ -------------
Total liabilities 18,730,860 13,739,181
------------ -------------
Minority interests - 12,528
------------ -------------
Shareholders' equity:
Common stock, par value $0.01;
50,000,000 shares authorized;
12,902,755 shares issued as of March 31,
2006 and 2005 129,028 129,028
Preferred stock, par value $0.01;
1,000,000 shares authorized; no shares
issued - -
Additional paid-in capital 83,030,824 83,264,716
Retained earnings 879,673 12,103,067
Accumulated other comprehensive losses (197,161) (742,545)
Less: Treasury stock, at cost, 679,147
shares as of March 31, 2006 and 2005 (4,493,447) (4,493,447)
------------ -------------
Total shareholders' equity 79,348,917 90,260,819
------------ -------------
Total liabilities and shareholders'
equity $98,079,777 $104,012,528
============ =============
Contact:
Global-Tech USA, Inc.
Brian Yuen, 212-683-3320
Web Page: http://www.businesswire.com/cnn/gai.shtml
--------------------------------------------------------------------------------
Source: Global-Tech Appliances Inc.
Friday August 11, 5:00 pm ET
HONG KONG--(BUSINESS WIRE)--Aug. 11, 2006--Global-Tech Appliances Inc. (NYSE: GAI - News) today announced its financial results for the fiscal year and fourth quarter ended March 31, 2006.
ADVERTISEMENT
Net sales for the fiscal year ended March 31, 2006 were $73.8 million, up 76%, compared to $41.9 million in the prior fiscal year. Net loss for fiscal 2006 was $11.2 million, or $0.92 per share, compared to a net loss of $18.6 million, or $1.52 per share, in the prior fiscal year. Included in the net loss for fiscal year 2006 were impairment charges of approximately $2.6 million, or approximately $0.22 per share, which relate primarily to the Company's organic light emitting diode (OLED) and in part to its liquid crystal display television (LCD TV) programs.
Net sales for the fourth quarter of fiscal 2006 were $15.7 million, up 29%, compared to $12.2 million for the fourth quarter of fiscal 2005. Net loss for the fourth quarter of fiscal 2006 was $1.2 million, or $0.10 per share, compared to a net loss of $7.5 million, or $0.62 per share, in the prior corresponding fiscal period.
John C.K. Sham, the Company's President and Chief Executive Officer, said: "While net sales were up and net loss declined in fiscal 2006 compared to fiscal 2005, gross profit margins in the Company's core business of floor care and kitchen appliance products were and are expected to remain adversely impacted by the continuing increase in material costs, particularly plastic resin, which is a derivative of natural gas and other oil distillates. Additionally, our operating results for fiscal 2006 were further impacted by the continuing low absorption of our manufacturing and administrative fixed overhead resulting from insufficient sales in our core business. In an attempt to improve our financial results, actions have been taken to reduce certain fixed costs, including a reduction in our work force."
Mr. Sham continued, "We are pleased to report that, in the second half of fiscal 2006, our compact camera module (CCM) components, used primarily in cellular phones, achieved net sales of approximately $5.9 million. We are continuing our efforts to expand the CCM business, including the formation of an experienced R&D team in Taiwan to further enhance our product development capabilities, so that we can maintain technological leadership in the market. We expect this business to continue to grow in the coming quarters as new products are developed and are optimistic that it will improve our financial performance in the near future."
Mr. Sham concluded, "In addition to the CCM business, we recently introduced and started marketing a line of digital imaging products and anticipate that this new product category will soon become a growing part of our overall business. We are now directing our new product development programs to innovative electronics products as we also continue to explore other business initiatives. We continue to believe it's essential for us to reinvent and reposition ourselves so that we can take advantage of opportunities that are evolving in this rapidly changing business climate. Despite our net loss for fiscal 2006, our cash and short-term investments were over $46 million as of March 31, 2006, or approximately $3.77 per share, which we believe is more than sufficient to support our ongoing business initiatives and strategies."
Global-Tech Appliances Inc. is a holding company, owning subsidiaries that manufacture and market a wide range of consumer electrical products worldwide, including floor care products and small household appliances. These products are marketed by customers under brand names such as Black & Decker®, DeLonghi®, Dirt Devil®, Eureka®, Hamilton Beach®, Kenwood®, Presto®, Proctor-Silex®, Sanyo®, Sharper Image®, Sunbeam®, and West Bend®.
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 United States dollars)
Fiscal Years Ended March 31,
-----------------------------
2006 2005
-------------- --------------
(unaudited) (audited)
Net sales $ 73,812,100 $ 41,851,163
Cost of goods sold (69,816,822) (44,595,004)
-------------- --------------
Gross profit (loss) 3,995,278 (2,743,841)
Selling, general and administrative
expenses (18,010,869) (16,053,820)
-------------- --------------
Operating loss (14,015,591) (18,797,661)
Interest expense (55,435) (9,855)
Interest income 1,278,093 976,753
Other income (expenses), net 1,533,949 (778,411)
-------------- --------------
Loss from operations before income taxes (11,258,984) (18,609,174)
Provision for income taxes 22,998 (33,650)
-------------- --------------
Net loss before minority interests (11,235,986) (18,642,824)
Minority interests 12,592 19,525
-------------- --------------
Net loss $(11,223,394) $(18,623,299)
============== ==============
Basic and diluted loss per common share $ (0.92) $ (1.52)
============== ==============
Basic and diluted weighted average number
of shares outstanding 12,223,608 12,214,800
============== ==============
GLOBAL-TECH APPLIANCES INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts expressed in United States dollars)
March 31,
--------------------------
2006 2005
------------ -------------
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $27,313,746 $ 8,790,594
Restricted cash - 430,974
Callable deposit - 5,000,000
Short-term investments 18,715,682 33,966,281
Accounts and bills receivable, net 8,446,502 7,194,894
Deposits, prepayments and other assets 1,929,626 2,323,895
Other receivable 4,577,186 -
Inventories 10,780,816 14,056,562
------------ -------------
Total current assets 71,763,558 71,763,200
Loan to a director - 76,667
Property, plant and equipment, net 24,164,775 27,779,778
Land use rights 2,151,444 2,191,759
License, net - 2,201,124
------------ -------------
Total assets $98,079,777 $104,012,528
============ =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank borrowings $ 37,698 $ 37,507
Accounts payable 5,075,248 5,258,005
Salaries and allowances payable 587,717 730,976
Accrued expenses 3,797,401 3,061,568
Accrual for contingent losses 5,464,134 810,000
Income tax payable 3,730,043 3,698,237
------------ -------------
Total current liabilities 18,692,241 13,596,293
Deferred tax liabilities 38,619 142,888
------------ -------------
Total liabilities 18,730,860 13,739,181
------------ -------------
Minority interests - 12,528
------------ -------------
Shareholders' equity:
Common stock, par value $0.01;
50,000,000 shares authorized;
12,902,755 shares issued as of March 31,
2006 and 2005 129,028 129,028
Preferred stock, par value $0.01;
1,000,000 shares authorized; no shares
issued - -
Additional paid-in capital 83,030,824 83,264,716
Retained earnings 879,673 12,103,067
Accumulated other comprehensive losses (197,161) (742,545)
Less: Treasury stock, at cost, 679,147
shares as of March 31, 2006 and 2005 (4,493,447) (4,493,447)
------------ -------------
Total shareholders' equity 79,348,917 90,260,819
------------ -------------
Total liabilities and shareholders'
equity $98,079,777 $104,012,528
============ =============
Contact:
Global-Tech USA, Inc.
Brian Yuen, 212-683-3320
Web Page: http://www.businesswire.com/cnn/gai.shtml
--------------------------------------------------------------------------------
Source: Global-Tech Appliances Inc.
cash über 46 million$!!!!
marcetcap aktuell 31 million$
marcetcap aktuell 31 million$
book value 6,50$
Dann lügt also dieser Chart????
kostalny
schau dir die Bilanz an!
ich sag nur einsteigen!
schau dir die Bilanz an!
ich sag nur einsteigen!
Antwort auf Beitrag Nr.: 23.474.267 von scopus am 16.08.06 21:27:29Aber ich traue eher diesem Chart als der Bilanz dieses Ladens.....Ich habe schon viele bilanzen kommen und gehen sehen ...
Antwort auf Beitrag Nr.: 23.474.430 von AndererKostolany am 16.08.06 21:37:41
denke auch, ein chinawert und sooo ein chart...nein danke
denke auch, ein chinawert und sooo ein chart...nein danke
Ist ja gut und schön mit dem Verhältnis Cash:Marktkapitalisierung. Das nutzt nur nichts, wenn so horrende Verluste erwirtschaftet werden. Und das vor dem Hintergrund einer Umsatzsteigerung von 76%! Wenn ein Unternehmen bei einer solchen Dynamik nicht in der Lage ist, schwarze Zahlen zu erzielen, wann dann?
leute
die aktie ist ein klarer kauf!
ein geschenk!
http://finance.yahoo.com/q/ks?s=GAI
book value liegt bei 6,55$
keine verbindlichkeiten!!!
cash über 46 millionen$
3,77$
der kurs ist bei 2,55$!
wachsen tun sie auch....verlust verringert!
http://biz.yahoo.com/bw/060811/20060811005307.html?.v=1
Net sales for the fiscal year ended March 31, 2006 were $73.8 million, up 76%, compared to $41.9 million in the prior fiscal year.
Net sales for the fourth quarter of fiscal 2006 were $15.7 million, up 29%, compared to $12.2 million for the fourth quarter of fiscal 2005. Net loss for the fourth quarter of fiscal 2006 was $1.2 million, or $0.10 per share, compared to a net loss of $7.5 million, or $0.62 per share, in the prior corresponding fiscal period.
hier mal die links über die firma!
http://www.globaldisplay.com.hk/main.html
http://www.pentalpha.com.hk/
http://www.litearray.com/products.php
GAI erwacht!
turnaround
Der China Kracher STARTET!!!!
erste Empfehlung
Hilary Kramer\'s Daily Picks & Pans
Tuesday, October 31, 2006
Global-Tech Appliances (NYSE: GAI): A Double Your Money Stock
Any investor with an appetite for risk and big reward should look at Global-Tech Appliances. The stock trades at only $2.60 and yet has $3.70 per share in cash! Additionally, there are real estate holdings worth at least $2.60. The company is cash flow neutral for now but with new product initiatives coming -- the stock can go significantly higher over the next 6-12 months.
Based in Hong Kong, Global-Tech Appliances Inc. is a holding company, owning subsidiaries that manufacture and market a wide range of consumer electrical products worldwide, including floor care products and small household appliances from kitchen appliances like breadmakers, coffeemakers, espresso machines, deep fryers, food processors, to beauty aids like hair dryers, hair-roller sets, and curling irons, to travel products, like voltage converters, to garment-care products. These products are marketed to customers under Black & Decker, Proctor-Silex, and Sharper Image among many other name brands.
Net sales for the fiscal year ending March 31, 2006 were $73.8 million, up 76%, compared to $41.9 million in the prior fiscal year. However, the company reported that gross profit margins in the Company\'s core business of floor care and kitchen appliance products will continue to remain adversely impacted by increase in material costs like plastics derived from natural gas -- particular as gas prices rise. As a result, GAI is lowering fixed costs with measures like reducing work force.
They also are pushing R&D in areas where they see promise. Their compact camera module components, used primarily in cellular phones, are growing in net sales, and therefore GAI is expanding the business and has formed an R&D team in Taiwan to push product development capabilities. This business segment is expected to give a boost to financial performance. GAI is also marketing a line of digital imaging products and anticipate that this new product category will soon become a growing part of our overall business.
Type of stock: A double your money stock. This consumer electrical product designer and manufacturer (with promising R&D in the digital imagining sector) is significantly undervalued.
Price target: I like the economics of Global Tech: It is trading at $2.60, but in cash and real estate assets alone, this is worth more in the range of $3.70 per share. It is cash flow neutral for now. While the core business of household products has been adversely hit by rising price of materials, GAI’s pushing into new product initiatives give this the potential to go significantly higher over the next 6-12 months.
Alert Me When New Picks Are Posted
Return to Money & Finance Main
Hilary Kramer\'s Daily Picks & Pans
Tuesday, October 31, 2006
Global-Tech Appliances (NYSE: GAI): A Double Your Money Stock
Any investor with an appetite for risk and big reward should look at Global-Tech Appliances. The stock trades at only $2.60 and yet has $3.70 per share in cash! Additionally, there are real estate holdings worth at least $2.60. The company is cash flow neutral for now but with new product initiatives coming -- the stock can go significantly higher over the next 6-12 months.
Based in Hong Kong, Global-Tech Appliances Inc. is a holding company, owning subsidiaries that manufacture and market a wide range of consumer electrical products worldwide, including floor care products and small household appliances from kitchen appliances like breadmakers, coffeemakers, espresso machines, deep fryers, food processors, to beauty aids like hair dryers, hair-roller sets, and curling irons, to travel products, like voltage converters, to garment-care products. These products are marketed to customers under Black & Decker, Proctor-Silex, and Sharper Image among many other name brands.
Net sales for the fiscal year ending March 31, 2006 were $73.8 million, up 76%, compared to $41.9 million in the prior fiscal year. However, the company reported that gross profit margins in the Company\'s core business of floor care and kitchen appliance products will continue to remain adversely impacted by increase in material costs like plastics derived from natural gas -- particular as gas prices rise. As a result, GAI is lowering fixed costs with measures like reducing work force.
They also are pushing R&D in areas where they see promise. Their compact camera module components, used primarily in cellular phones, are growing in net sales, and therefore GAI is expanding the business and has formed an R&D team in Taiwan to push product development capabilities. This business segment is expected to give a boost to financial performance. GAI is also marketing a line of digital imaging products and anticipate that this new product category will soon become a growing part of our overall business.
Type of stock: A double your money stock. This consumer electrical product designer and manufacturer (with promising R&D in the digital imagining sector) is significantly undervalued.
Price target: I like the economics of Global Tech: It is trading at $2.60, but in cash and real estate assets alone, this is worth more in the range of $3.70 per share. It is cash flow neutral for now. While the core business of household products has been adversely hit by rising price of materials, GAI’s pushing into new product initiatives give this the potential to go significantly higher over the next 6-12 months.
Alert Me When New Picks Are Posted
Return to Money & Finance Main
@alle zweifler in diesem thread
keiner dabei?
kursziel mind 5$ erstmal
keiner dabei?
kursziel mind 5$ erstmal
http://www.m2.com/m2/web/story.php/2006EBF53F88CCCBFC7E80257…
Do You Have An Appetite For Risk And Big Reward ?
Published in M2 PressWIRE on Wednesday, 01 November 2006 at 17:48 GMT
Copyright (C) 2006, M2 Communications Ltd.
Global-Tech Appliances Inc. (NYSE:GAI) business is the design, manufacture, and sale of small electrical household appliances to brand marketers. Founded in 1963 and based in Hong Kong. Most of its revenue comes from sales to other manufacturers.
Shares were up 4% after announcing new product initiatives to come.
Bellwether Report Shows Interest In Global-Tech Appliances Inc for more information on the company, sign up to BellwetherReport.com for a complimentary subscription. To view the company press release continue below.
Any investor with an appetite for risk and big reward should look at Global-Tech Appliances Inc. The stock trades at only $2.60 and yet has $3.70 per share in cash! Additionally, there are real estate holdings worth at least $2.60. The company is cash flow neutral for now but with new product initiatives coming , the stock can go significantly higher over the next 6-12 months.
Based in Hong Kong, Global-Tech Appliances Inc. is a holding company, owning subsidiaries that manufacture and market a wide range of consumer electrical products worldwide, including floor care products and small household appliances from kitchen appliances like breadmakers, coffeemakers, espresso machines, deep fryers, food processors, to beauty aids like hair dryers, hair-roller sets, and curling irons, to travel products, like voltage converters, to garment-care products. These products are marketed to customers under Black & Decker, Proctor-Silex, and Sharper Image among many other name brands.
Net sales for the fiscal year ending March 31, 2006 were $73.8 million, up 76%, compared to $41.9 million in the prior fiscal year. However, the company reported that gross profit margins in the Company's core business of floor care and kitchen appliance products will continue to remain adversely impacted by increase in material costs like plastics derived from natural gas particular as gas prices rise. As a result, GAI is lowering fixed costs with measures like reducing work force.
They also are pushing R&D in areas where they see promise. Their compact camera module components, used primarily in cellular phones, are growing in net sales, and therefore GAI is expanding the business and has formed an R&D team in Taiwan to push product development capabilities. This business segment is expected to give a boost to financial performance. GAI is also marketing a line of digital imaging products and anticipate that this new product category will soon become a growing part of our overall business.
Type of stock: A double your money stock. This consumer electrical product designer and manufacturer (with promising R&D in the digital imagining sector) is significantly undervalued.
Price target: I like the economics of Global Tech: It is trading at $2.60, but in cash and real estate assets alone, this is worth more in the range of $3.70 per share. It is cash flow neutral for now. While the core business of household products has been adversely hit by rising price of materials, GAI's pushing into new product initiatives give this the potential to go significantly higher over the next 6-12 months.
Bellwether Report is an online financial newsletter focused on researching small-cap and large-cap public companies. Information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete. This material is not an offer to sell or a solicitation of an offer to buy any securities. BWR and its affiliates, officers, directors and agents have been compensated to perform research and therefore information should not be construed as unbiased. Each contract varies in duration, services performed and compensation received. BWR is not responsible for any claims made by the Company. You should independently investigate and fully understand all risks before investing. We are not a registered broker-dealer. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Our views and opinions regarding the Company are our own views and are based on information that we have received, which we assumed to be reliable. We do not guarantee that the Company will perform as we expect, and any comparisons we have made to other companies may not be valid or come into effect. Statements included may contain forward looking statements, including the Company's intentions, forecasts, plans or other matters that haven't yet occurred. Such statements involve a number of risks and uncertainties. Further information on potential factors that may affect, delay or prevent such forward looking statements from coming to fruition can be found in their specific Financial reports, including the 10-K and 10-Q, which are filed with the Securities and Exchange Commission (SEC). Bellwether Report will receive 25% of all sales from the Bell Alerts services and will receive 66% of all sales of Research Reports.
Release date: 01 Nov 2006
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