GMI Technology Announces 4th Quarter and Full Year 2010 Financial Results

GMI Technology News - 2011/04/18

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 new high growth markets. Although we remain cautious about the future worldwide economic situation, coupled with the potential component supply and cost impacts from the Japan earthquake, we are optimistic about GMI Technology is continued long term revenue and profit growth.” .

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