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 2010 and our long term future growth.“
Detailed financials can be found on GMI Technology’s website at www.gmitec.com.
About GMI Technology Inc.
GMI Technology Inc. (Public, TPE: 3312) is committed to being a Total Solution Provider for both the Consumer Electronics and IT markets. Following the firm's establishment in 1995, GMI Technology merged with China's Vector Electronic Co. (est. 1987) to create a firm with two decades of industry expertise in the Greater China region. By starting with market-side research, GMI Technology leverages its well-established customer base and internal experts to identify market trends and opportunities in high-growth markets. GMI Technology is in-house engineering team i