GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 4th quarter and fiscal year 2011. For the quarter ending December 31, 2011 net revenue was US$ 99.3 million, an increase of 6% over the previous quarter. For the twelve month period ending December 31, 2011 net revenue was a record US$ 398.2 million, an increase of 4% versus 2010. For the same twelve month period after-tax profit was US$ 4.6 million for the year, an increase of 42% versus 2010. Over the past decade GMI Technology is net revenues have increased an average of over 27% per year, among the leaders in their business segment.
Commenting on the announcement, Lewis Lo, president of GMI Technology said, “We are pleased with both our top line revenue growth and bottom line profitability in 2010. Our top line growth was significantly affected by the flooding in Thailand affecting our HDD business, a rapid decline in memory prices, and the continued very challenging worldwide economic situation. GMI Technology was able to overcome these challenges with prior operational and strategic actions taken to improve our competitiveness, resulting in our bottom line net profit growth far exceeding our top line sales revenue growth. In addition to our positive financial results, we added valuable new customer and vendor partnerships during the year and entered new high growth markets. Although we remain cautious about the future worldwide economic situation, we are optimistic about GMI Technology is continued long term revenue and profit growth.”
Detailed financials can be found on GMI Technology is website at www.gmitec.com.