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GMI Technology Announces Quarterly Financials – Net Revenue Increases 21%

GMI Technology Inc. (Public, TPE: 3312) has announced financial results for the 3rd quarter of their fiscal year 2012. For the three month period ending September 30, 2012 net revenue was a record US$ 113.4 million, an increase of 21% versus the same period in 2011. After-tax net profit for the three month period was US$ 444K, a decrease of 6.5% versus the prior quarter in 2012. For the nine month period ending September 30, 2012 net revenue was a record $US 325M an increase of 9% versus the same period in 2011.

Commenting on the announcement, Lewis Lo, president of GMI Technology, said, “We are excited to once again achieve record net revenue results for both the recent quarter and on a year-to-date basis. While our net profit results were disappointing, we have taken actions to minimize the impacts of factors beyond our control coupled with numerous initiatives within our control to maximize our chances for ongoing success. Despite some continued difficulties in the worldwide economic environment, GMI Technology continues to be very optimistic about our long term future revenue and profit growth.”

Detailed financials can be found on GMI Technology’s website at www.gmitec.com.