GMI Technology News

GMI Technology Inc. (Public, TSEC: 3312) today announced that they have acquired Sinotech Electronics Ltd., a Hong Kong based company. Sinotech Electronics was established in 1995 as a semiconductor distributer, and emerged into a company that could also provide software and turn-key solutions to a range of market segments, focused primarily on China based manufacturers. The integration of the two companies is complete and Sinotech will now operate as a wholly owned subsidiary of GMI Technology As part of the acquisition all key Sinotech customers, vendors, and employee staff joined GMI Technology Commenting on the announcement, Joseph Tong, vice president of GMI Technology New Business Development said, “We are very excited to add the assets of Sinotech to our company. They bring immediate new customer and vendor partners to GMI Technology Their expertise in the Home Appliance market fits well with one of our key strategic initiatives. The fact that both GMI Technology and Sinotech have engineering resources located in Wuhan, China has given the partnership a fast start. Shipments of products previously under Sinotech have already started in volume by GMI Technology We are optimistic about what this new partnership brings to our valued customers and we will continue…

GMI Technology Inc. (Public, TPE: 3312) has announced financial results for the 3rd quarter of their fiscal year 2011. For the three month period ending September 30, 2011 net revenue was US$ 93.5 million, a decrease of 7% versus the same period in 2010. After-tax net profit for the three month period was US$ 908K, an increase of 24% versus the same period year ago. For the nine month period ending September 30, 2011 net revenue was a record $US 299M an increase of10% versus the same period in 2010.  Commenting on the announcement, Lewis Lo, president of GMI Technology, said, “We are pleased with our strong improvement in our net profit, especially in light of the challenging worldwide economic situation. Our net revenue results were disappointing from a year over year standpoint, but on a year to date basis we are on track to our business target for 2011. Despite the continued difficult worldwide economic environment, coupled with the potential impact of the Thailand flooding on the HDD business, GMI Technology continues to be optimistic about our long term future growth.”

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 2nd quarter and 1st half of fiscal year 2011. For the three month period ending June 30, 2011 net revenue was a record US$ 106.7 million, an increase of 34% versus the same period in 2010. For the six month period ending June 30, 2011 net revenue was US$ 205.4 million, an increase of 20% versus the same period in 2010 and also a record for the company. For the three month period ending June 30, 2011 after-tax net profit was US$ 909K, a decrease of 16% versus the same period in 2010 and an increase of 39% versus the prior quarter in 2011. Commenting on the announcement, Lewis Lo, president of GMI Technology, said “We are very pleased with the strong growth in our sales revenue in the last quarter and year to date, especially based on the very challenging worldwide economic situation. Unfortunately our bottom line results were below our objectives due to declining market prices for some of our key product lines, as well as foreign currency exchange losses. We are encouraged by our good profit growth the past quarter versus the prior sequential quarter,…

GMI Technology Inc. (Public, TPE: 3312) today announced that their board of directors have approved a stock share dividend. The dividend was previously approved by the shareholders. Total dividend payment will be 39 million NTD and will be distributed August 24, 2011. Dividend to be issued to all shareholders on record as of July 24, 2011.

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 1st quarter of fiscal year 2011. For the three month period ending March 31, 2011 net revenue was US$ 98.8 million, an increase of 7.3% versus the same quarter in 2010. After-tax profit for the period was US$ 653K, versus US$ 1.6M in the same quarter 2011. Commenting on the announcement, Mr. Lewis Lo, president of GMI Technology, said, “While we are very pleased with our continued consistent revenue growth, our bottom line results were below our expectations. Our bottom line results were affected by the continued appreciation of the Chinese currency, a decline in memory prices, and to a lesser decree supply shortages caused by the Japan earthquake. We expect some of these impacts to carry over to the current quarter and despite the still recovering worldwide economic environment, GMI Technology is cuatiously optimistic about the remainder of 2011 and our long term future growth.“  

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 4th quarter and fiscal year 2010. For the quarter ending December 31, 2010 net revenue was a record US$ 109.6 million, an increase of 15% versus the same quarter in 2009, and an increase of 9% over the previous quarter in 2010. For the twelve month period ending December 31, 2010 net revenue was a record US$ 381.6 million, an increase of 12% versus 2009, with an after-tax profit of US$ 3.3 million for the year. Over the past decade GMI Technology is net revenues have increased approximately 30% per year, among the leaders in their business segment. Commenting on the announcement, Mr. Chia Wen Yeh, chairman of GMI Technology said, “We are pleased with both our top line revenue growth and bottom line profitability in 2010. The worldwide economic situation was very challenging throughout the year, coupled with currency exchange challenges and a rapid erosion of memory prices. GMI Technology was able to overcome these challenges with prior operational and strategic actions taken to improve our competitiveness. In addition to our positive financial results, we added valuable new customer and vendor partnerships during the year and entered…

GMI Technology Inc. (OTC, TPE: 3312) today announced that last it’s application to move to the Taiwan Stock Exchange Corp. (TSEC) has been approved. The 1st day of being listed on the TSEC will be December 29th, 2010.   Commenting on the announcement, Lewis Lo, president of GMI Technology, said, “We are very proud to become listed on the Taiwan Stock Exchange. This honor is a result of our strong performance and growth the past few years and is an exciting next step for our company. We continue to be optimistic about our continued growth and financial performance in the years ahead, despite the continued economic challenges in some parts of the world. Our strong presence in the Greater China markets will continue to be advantageous.”

GMI Technology Inc. (Public, TPE: 3312) announced today an expansion of their business to vendor managed inventory (VMI) support for major Greater China manufacturers. The company will provide a broad range of components for integration into consumer electronics and IT products. Initial shipments started the previous quarter.   Commenting on the announcement, Lewis Lo, president of GMI Technology, said, “We are excited to enter a new business for GMI Technology We have already engaged with two of the world’s largest contract manufactures and their response to our services has been very positive. We expect to exceed five million $US in revenue from this segment in 2010, with strong growth in the years ahead.”

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 3rd quarter of their fiscal year 2010. For the three month period ending September 30, 2010 net revenue was a record US$ 100.2 million, an increase of an increase of 26% versus the prior quarter. After-tax net profit for the three month period was US$ 735K, a decrease of 32% versus the prior quarter. For the nine month period ending September 30, 2010 net revenue was $US 272M an increase of11% versus 2009. For the same 2010 nine month period after-tax net profit was US$ 3.43M, a decrease of 25% versus the same period in 2009.      Commenting on the announcement, Lewis Lo, president of GMI Technology, said, “We are pleased with the continued strong growth in our sales revenue and net profit, especially in light of the challenging worldwide economic situation. Our net profit results were disappointing, and were adversely affected by the sharp decline in memory process and a quality issue with one of our major vendors. Despite the continued difficult worldwide economic environment, GMI Technology continues to be very optimistic about d our long term future growth, and we expect to outperform our competitors.”

GMI Technology Inc. (Public, TPE: 3312) today announced the issuance of a stock dividend 1.656 New Taiwan Dollars (NTD) per share. The dividend was approved by the board of directors in June of this year. The company also announced that it has completed their capital raise via the issuance of 15 million new shares, approved by the board of directors last July.      Commenting on the announcement, Lewis Lo, president of GMI Technology, said, “We are happy to share the recent success of our company with our shareholders via the issuance of the stock dividend. We are also very pleased to complete the raise of additional capital, with the issuance of the new shares being oversubscribed due to high demand. The additional capital will enable GMI Technology to continue our strong growth by funding operations and new investments.”

GMI Technology Inc. (Public, TPE: 3312) continues to strengthen its broad product portfolio by partnering with Kawasaki Microelectronics, Inc. (K-micro). GMI Technology will work with both existing K-micro customers and will develop new customers. Initial product line focus will be ASIC timing controllers for TV and monitor panels. Commenting on the announcement, Pete Andreyev, vice president of GMI Technology, said, “We are very excited to partner with K-micro. Their strong ASIC product line complements our existing product lines and target applications very well. Based on this synergy we have already begun volume shipments of K-micro components”. “We are very pleased to add GMI Technology as a distribution partner”, stated Hitoshi Sugiyama, K-Micro General Manager. “GMI Technology’s strong engineering and sales team, market coverage, and broad customer base will enable us to significantly grow our Greater China business”.

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 2nd quarter and 1st half of fiscal year 2010. For the six month period ending June 30, 2010 net revenue was a record US$ 171.8 million, an increase of 17% versus the same period in 2009. For the three month period ending June 30, 2010 net revenue was US$ 79.7 million, a decrease of 5% versus the same period in 2009. For the six month period ending June 30, 2010 after-tax net profit was US$ 2.70M, a decrease of 12% versus the same period in 2009. Commenting on the announcement, Lewis Lo, president of GMI Technology, said “We are very pleased with the strong growth in our sales revenue year to date, especially based on the very challenging worldwide economic situation. Unfortunately our bottom line results have not been able to keep up based on a slight decline in gross profit margins due to declining market prices for some of our key product lines. We continue to benefit from our growing product portfolio and new customer design wins, especially in mainland China. Despite the continued challenging worldwide economic environment and price pressures, GMI Technology continues to be optimistic…

GMI Technology Inc. (Public, TPE: 3312) today announced that their shareholders have approved to issue 15 million new shares of stock to raise capital. The issuance of new shares was previously approved by the board of directors. Capital raised to be used to fund business growth and new opportunities. Total shares outstanding will become 87 million, and the all new shares are expected to be issued by September 30, 2010.

GMI Technology Inc. (Public, TPE: 3312) today announced that it has been named one of the top 100 Info Tech companies in Taiwan. The ranking was completed by the leading Taiwan magazine Business Next and was published in the June issue. Commenting on the announcement, Pete Andreyev, vice president, GMI Technology, said, “We are very honored to be recognized together with so many other leading Taiwanese technology companies. We are also pleased with our overall ranking of #40, which is up significantly since the last ranking due to our company’s outstanding growth the past few years.”

GMI Technology Inc. (Public, TPE: 3312) today announced that it has won an award for Best Greater China Distributor in the annual survey conducted by. The survey polled over 1000 professionals in mainland China on their assessment of over 200 distributors serving the China electronics market. ESM-C is a monthly magazine published by Global Sources with a circulation of over 36,000. They also have an on-line version at www.esmchina.com. Commenting on the announcement, Pete Andreyev, vice president, GMI Technology, said, “We are honored to be recognized by a publication of ESM-C’s reputation. GMI Technology takes great pride in providing excellent service to our broad customer base. In addition to the ESM-C award, we have recently won several additional awards from our vendors and customers. Our company will continue to strive to provide world class support to our customers in all areas.” 

GMI Technology Inc. (Public, TPE: 3312) today announced that their shareholders have approved a stock share dividend. The dividend was previously approved by the board of directors. Total dividend payment will be 144 million NTD and will be distributed by October 21, 2010. Dividend to be issued to all shareholders on record at the time of payment.

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for 1st quarter of fiscal year 2010. For the three month period ending March 31, 2010 net revenue was US$ 92.1 million, an increase of 47% versus the same quarter in 2009, and a decrease of only 4% versus the traditionally very strong previous (4th) quarter. After-tax profit for the period was US$ 1.6M, an increase of 34% versus the previous quarter and flat versus the same quarter in 2009. Earnings per share (EPS) for the quarter increased 37% versus the 4th quarter of 2009.              Commenting on the announcement, Mr. Lewis Lo, president of GMI Technology, said, “We are very pleased with our overall results, especially in what is typically a slow quarter in Greater China. We continue to expand our product line and enter new markets and new long term partnerships, which enabled our strong top line results. Our bottom line results were affected by the large employee bonuses we paid in Q1 for our outstanding 2009 results, but due to our much our improved expense structure and productivity we were still able to achieve very strong profitability. Despite the still recovering worldwide economic environment, and some industry wide shortages for certain technologies, GMI Technology continues to be very optimistic about the remainder of…

GMI Technology Inc. today announced record shipments of Digital Media Player (DMP) chipsets. For the year ending December 31st, 2009 unit shipments increased 67% over the prior year. DMP chipsets provide the core processing power for home TV recording solutions. All chipsets were sourced from GMI Technology is strategic partner, Realtek Semiconductor Corp. Commenting on the announcement, Dickson Chan, vice president of GMI Technology, said, “We are extremely pleased with the continued growth in our multimedia business in the rapidly growing Greater China market. In addition to our outstanding unit shipment growth, we have significantly increased our sales revenue and profit from this segment. DMP chipsets are a strategic focus for GMI Technology and complement our other consumer electronic product lines, and we are very optimistic about GMI Technology is future growth in this segment. We greatly appreciate the outstanding support from our strategic partner, Realtek Semiconductor Corp.”

GMI Technology Inc. today announced record shipments of hard disk drives (HDDs). For the year ending December 31st, 2009unit shipments increased 67% from the previous year. All HDDs were sourced from GMI Technology is two strategic partners, Hitachi Global Storage Technologies and Toshiba Digital Media Network.   Commenting on the announcement, Pete Andreyev, vice president of GMI Technology, said, “We are extremely pleased with the continued growth in our HDD business, and are proud to be one of the fastest growing HDD providers in the rapidly growing Greater China market. In addition to our excellent unit shipment growth, we significantly increased our sales revenue from this segment. Hard disk drives are a strategic focus for GMI Technology and complement our other consumer electronics and IT product lines well. HDDs are now our largest single product line and we continue to be very optimistic about GMI Technology is future growth in this segment. We greatly appreciate the outstanding support from our two strategic hard disk drive partners, Hitachi and Toshiba, to enable our achievements.”

GMI Technology Inc. (Public, TPE: 3312) today announced that Lewis Lo has been named president effective January 1st, 2010. Mr. Lo has over 20 years of experience, and previously served as the president of GMI Technology before leaving in June 2008 for personal reasons.   Commenting on the announcement, Yeh Chia Wen, chairman of GMI Technology, said, “I am very pleased to have Lewis return as the leader of GMI Technology With his extensive experience, proven track record, and intimate knowledge of our company and business, I am confident he will enable GMI Technology to continue our very strong business performance and to meet our aggressive future growth objectives.“   In a related announcement Weylin Wang has resigned as president of GMI Technology to pursuenewbusiness opportunities effective December 31st, 2009.Mr. Yeh and the board of directors thanked Mr. Wang for his contributions to GMI Technology as president, including a major restructuring to the company resulting in a significant improvement to the company’s overall business results and market value. Mr. Wang will continue to serve on on GMI Technology is board of directors.