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GMI Technology Announces 1st Quarter 2009 Financial Results

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for 1st quarter of fiscal year 2009. For the three month period ending March 31, 2009 net revenue was US$ 62.6 million, a decrease of 7.8% versus the same quarter in 2008, and an increase of 3.5% from the previous quarter. After-tax profit for the period was US$ 1.6M, versus a loss of US$ 1.0M in the same quarter in 2008.
             
Commenting on the announcement, Weylin Wang, president of GMI Technology, said, "We are very pleased  with our overall results, especially based on the very challenging worldwide economic situation. Our revenue was slightly better than our target and our net profit was significantly better than target. Our strong bottom line results benefited from our improved expense structure and the numerous restructuring actions we took in 2008. Despite the difficult economic environment, GMI Technology continues to be optimistic about the remainder of 2009 and our long term future growth."
 
Detailed financials can be found on GMI Technology is website at