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GMI Technology Announces 4th Quarter and Full Year 2008 Financial Results

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for 4th quarter and fiscal year 2008. For the 4th quarter ending December 31, 2008 net revenue was US$ 60.4 million, a decrease of 11% versus the same quarter in 2007 and a decrease of 14% versus the prior quarter. For the twelve month period ending December 31, 2008 net revenue was a record US$ 270.5 million, an increase of 11% versus 2007. The company reported an after-tax loss of US$ 602 thousand for the year compared to an after-tax profit of US$ 2.0 million in 2007. Over the past seven years GMI Technology is net revenues have increased an average of 34% per year, among the leaders in their business segment.
 
Commenting on the announcement, Weylin Wang, president of GMI Technology, said, “While we are pleased with our top line revenue growth in a very challenging 2008 economic environment, we are disappointed in our company’s bottom line results. Our net profit in the 2nd half of the year was significantly better than in the 1st half despite a weakening economy, due to the restructuring activities we started in July. We are confident to deliver year over year revenue and profit growth early in 2009. Although we remain cautious about the future overall economic, we are optimistic about GMI Technology is long term revenue and profit growth based on our 2008 restructuring and our ongoing strategic actions.“
 
Detailed financials can be found on GMI Technology is website at