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GMI Announces 1st Quarter Financial Results – Net Profit Up 61%

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 1st quarter of fiscal year 2013. For the three month period ending March 31, 2013 net revenue was US $ 109.4 million, an increase of 6% versus both the prior quarter and the same quarter in 2012. After-tax net profit for the period was US$ 1.1 million, versus an after-tax net loss of US$ 282 thousand in the same quarter in 2012 and in increase of 61% over the prior quarter.

Commenting on the announcement, Mr. Lewis Lo, president of GMI, said, “We are very pleased with our continued consistent revenue growth in what is traditionally a slow quarter, and our net profit results were well above our expectations. GMI also entered into several new customer and vendor partnerships during the quarter, and successfully started shipments ahead of schedule from our joint venture with Willas-Array Electronics announced last November. Despite some ongoing challenges in some sectors of the worldwide economic environment, GMI iso ptimistic about the remainder of 2013 and our long term growth.“