GMI Technology Announces Record Quarterly Sales

GMI Technology News - 2010/11/05

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.”

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