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GMI Technology Increases Revenue 40% in 3rd Quarter 2009

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 3rd quarter of fiscal year 2009. For the three month period ending September 30, 2009 net revenue was a recordUS$ 99.0 million, an increase of 40% versus the same quarter in 2008 and an increase of 18% versus the prior quarter. After-tax net profit for the three month period was US$ 1.52M, an increase of 4% versus the prior quarter. For the nine month period ending September 30, 2009 net revenue was US$ 245.3M, an increase of 17% versus 2008. For the same 2009 nine month period after-tax net profit was US$ 4.59M, versus a net loss of US$ 0.27M in the same period in 2008.   
 
Commenting on the announcement, Weylin Wang, president of GMI Technology, said, “We are very pleased with the continued strong growth in both our sales revenue and net profit, especially in light of the challenging worldwide economic situation. Our very positive bottom line results are due to the  restructuring actions we took in the 2nd half of 2008, our reduced expense structure, an improved product line portfolio, and many new customer design wins. We are pleased that the investor markets have recognized our strong performance, with our stock share price increasing more than five times since the start of 2009. Despite the continued difficult worldwide economic environment, GMI Technology continues to be very optimistic about the remainder of 2009 and our long term future growth, and we expect to continue to outperform our competitors.”