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GMI Announces 4th Quarter And Full Year 2012 Financial Results

GMI Technology Inc. (Public, TSEC: 3312) today announced financial results for their 4th quarter and fiscal year 2012. For the quarter ending December 31, 2012 net revenue was US$ 102.8 million, an increase of 3.5% versus the same quarter in 2011. For the twelve month period ending December 31, 2012 net revenue was a record US$ 428.2 million, an increase of 7.5% versus 2011, with an after-tax profit of US$ 1.3 million for the year. Over the past decade GMI’s net revenues have increased approximately 23% per year, among the leaders in their business segment.

Commenting on the announcement, Mr. Lewis Lo, president of GMI said, “We are pleased to report our 6th consecutive year of annual sales growth in light of some challenges beyond our control. The worldwide economic situation has not recovered as quickly as anticipated and there was significant unexpected price erosion in some technology segments. Fortunately GMI was able to overcome these challenges with prior operational and strategic actions taken to improve our competitiveness, resulting in an after-tax net profit for the year. In addition we added valuable new customer and vendor partnerships during the year, and also entered new high growth markets. Although we remain cautious about the ongoing worldwide economic challenges, we are optimistic about GMI’s continued long term revenue and profit growth.”