GMI Technology News

GMI Technology Inc. (Public, TPE: 3312) today announced that their shareholders have approved to issue 15 million new shares of stock to raise capital. The issuance of new shares was previously approved by the board of directors. Capital raised to be used to fund business growth and new opportunities. Total shares outstanding will become 87 million, and the all new shares are expected to be issued by September 30, 2010.

GMI Technology Inc. (Public, TPE: 3312) today announced that it has been named one of the top 100 Info Tech companies in Taiwan. The ranking was completed by the leading Taiwan magazine Business Next and was published in the June issue. Commenting on the announcement, Pete Andreyev, vice president, GMI Technology, said, “We are very honored to be recognized together with so many other leading Taiwanese technology companies. We are also pleased with our overall ranking of #40, which is up significantly since the last ranking due to our company’s outstanding growth the past few years.”

GMI Technology Inc. (Public, TPE: 3312) today announced that it has won an award for Best Greater China Distributor in the annual survey conducted by. The survey polled over 1000 professionals in mainland China on their assessment of over 200 distributors serving the China electronics market. ESM-C is a monthly magazine published by Global Sources with a circulation of over 36,000. They also have an on-line version at www.esmchina.com. Commenting on the announcement, Pete Andreyev, vice president, GMI Technology, said, “We are honored to be recognized by a publication of ESM-C’s reputation. GMI Technology takes great pride in providing excellent service to our broad customer base. In addition to the ESM-C award, we have recently won several additional awards from our vendors and customers. Our company will continue to strive to provide world class support to our customers in all areas.” 

GMI Technology Inc. (Public, TPE: 3312) today announced that their shareholders have approved a stock share dividend. The dividend was previously approved by the board of directors. Total dividend payment will be 144 million NTD and will be distributed by October 21, 2010. Dividend to be issued to all shareholders on record at the time of payment.

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for 1st quarter of fiscal year 2010. For the three month period ending March 31, 2010 net revenue was US$ 92.1 million, an increase of 47% versus the same quarter in 2009, and a decrease of only 4% versus the traditionally very strong previous (4th) quarter. After-tax profit for the period was US$ 1.6M, an increase of 34% versus the previous quarter and flat versus the same quarter in 2009. Earnings per share (EPS) for the quarter increased 37% versus the 4th quarter of 2009.              Commenting on the announcement, Mr. Lewis Lo, president of GMI Technology, said, “We are very pleased with our overall results, especially in what is typically a slow quarter in Greater China. We continue to expand our product line and enter new markets and new long term partnerships, which enabled our strong top line results. Our bottom line results were affected by the large employee bonuses we paid in Q1 for our outstanding 2009 results, but due to our much our improved expense structure and productivity we were still able to achieve very strong profitability. Despite the still recovering worldwide economic environment, and some industry wide shortages for certain technologies, GMI Technology continues to be very optimistic about the remainder of…

GMI Technology Inc. today announced record shipments of Digital Media Player (DMP) chipsets. For the year ending December 31st, 2009 unit shipments increased 67% over the prior year. DMP chipsets provide the core processing power for home TV recording solutions. All chipsets were sourced from GMI Technology is strategic partner, Realtek Semiconductor Corp. Commenting on the announcement, Dickson Chan, vice president of GMI Technology, said, “We are extremely pleased with the continued growth in our multimedia business in the rapidly growing Greater China market. In addition to our outstanding unit shipment growth, we have significantly increased our sales revenue and profit from this segment. DMP chipsets are a strategic focus for GMI Technology and complement our other consumer electronic product lines, and we are very optimistic about GMI Technology is future growth in this segment. We greatly appreciate the outstanding support from our strategic partner, Realtek Semiconductor Corp.”

GMI Technology Inc. today announced record shipments of hard disk drives (HDDs). For the year ending December 31st, 2009unit shipments increased 67% from the previous year. All HDDs were sourced from GMI Technology is two strategic partners, Hitachi Global Storage Technologies and Toshiba Digital Media Network.   Commenting on the announcement, Pete Andreyev, vice president of GMI Technology, said, “We are extremely pleased with the continued growth in our HDD business, and are proud to be one of the fastest growing HDD providers in the rapidly growing Greater China market. In addition to our excellent unit shipment growth, we significantly increased our sales revenue from this segment. Hard disk drives are a strategic focus for GMI Technology and complement our other consumer electronics and IT product lines well. HDDs are now our largest single product line and we continue to be very optimistic about GMI Technology is future growth in this segment. We greatly appreciate the outstanding support from our two strategic hard disk drive partners, Hitachi and Toshiba, to enable our achievements.”

GMI Technology Inc. (Public, TPE: 3312) today announced that Lewis Lo has been named president effective January 1st, 2010. Mr. Lo has over 20 years of experience, and previously served as the president of GMI Technology before leaving in June 2008 for personal reasons.   Commenting on the announcement, Yeh Chia Wen, chairman of GMI Technology, said, “I am very pleased to have Lewis return as the leader of GMI Technology With his extensive experience, proven track record, and intimate knowledge of our company and business, I am confident he will enable GMI Technology to continue our very strong business performance and to meet our aggressive future growth objectives.“   In a related announcement Weylin Wang has resigned as president of GMI Technology to pursuenewbusiness opportunities effective December 31st, 2009.Mr. Yeh and the board of directors thanked Mr. Wang for his contributions to GMI Technology as president, including a major restructuring to the company resulting in a significant improvement to the company’s overall business results and market value. Mr. Wang will continue to serve on on GMI Technology is board of directors.

GMI Technology Inc. today announced that their wireless LAN integrated circuit unit shipments increased 77% in the 3rd quarter of 2009 versus the same period the prior year. Shipments increased 63% over the 2nd quarter of 2009. Subject components were for integration into motherboards, notebooks and netbooks, and were sourced from GMI Technology is strategic partner, Realtek Semiconductor Corp.   Commenting on the announcement, Eric Wang, vice president of GMI Technology, said, “GMI Technology is very please to participate in the fast growing Greater China wireless market. We are very optimistic about our future growth in this product segment and also in the overall China IT and consumer electronics markets. We greatly appreciate the outstanding support from Realtek, our long term and strategic vendor partner.”

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…

GMI Technology Inc. (Public, TPE: 3312) continues to strengthen it’s broad product portfolio by partnering with Team Group Inc. GMI Technology will work with their long term existing solution partners to design-in Team’s high quality memory module products.   Commenting on the announcement, Dickson Chan, vice president of GMI Technology, said, “We are excited to partner with Team Group. Their leading memory technologies present numerous new business opportunities across both our consumer electronics and IT market segments”.    “We are very pleased to add GMI Technology as a distribution partner”,stated Danny Hsia, Team Group General Manager. “GMI Technology is strong engineering and sales team, market coverage, and broad customer base will enable us to significantly grow our Greater China business”. 

GMI Technology Inc. (Public, TPE: 3312) continues to strengthen it’s broad product portfolio by partnering with Syndiant Inc. GMI Technology will work with both their long term existing solution partners and new customers to design-in Syndiant’s leading technology light modulating panels.   Commenting on the announcement, Pete Andreyev, vice president of GMI Technology, said, “We are excited to partner with Syndiant. They have the world’s smallest imagers for ultra-portable (pico) projectors which presents business opportunities for G.M.I across both our consumer electronics and IT market segments”.   “We are very pleased to add GMI Technology as a distribution partner”, stated Mark Harward, Syndiant Inc. President & CEO. “GMI Technology is strong engineering and sales team, market coverage, and broad customer base will enable us to significantly grow our Greater China business”.

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 2nd quarter of fiscal year 2009. For the three month period ending June 30, 2009 net revenue was a record US$ 83.8 million, an increase of 17% versus the same quarter in 2008 and an increase of 34% versus the prior quarter. After-tax net profit for the three month period was US$ 1.46M, versus a net loss of US$ 0.9M in the same quarter in 2008. For the six month period ending June 30, 2009 after-tax net profit for the six month period was US$ 3.07M, versus a net loss of US$ 1.9M in the same period in 2008.      Commenting on the announcement, Weylin Wang, president of GMI Technology, said, “We are very pleased with the strong growth in both our sales revenue and net profit, especially based on the very difficult worldwide economic situation. Our strong bottom line results are largely due to the numerous restructuring actions we took in the 2nd half of 2008, including a significantly reduced expense structure and an improved product line portfolio. We have also benefited from many new customer design wins, especially in mainland China. Our operational efficiency has significantly improved with our…

GMI Technology Inc. today announced an update on several key market applications in Greater China along with the company’s recent progress in those segments.   According to GMI Technology the Personal Computing segment continues to be the overall leader in terms of sales turnover. Within this segment Netbooks continue to be the fastest growing segment, and while demand has slowed recently, worldwide production will double in 2009 to over 30 million units. The majority of worldwide production will be in mainland China, including international brand OEM’s, local China brands and ODM’s (contract manufacturers). The total number of manufacturers has recently dropped significantly due to intense competition and low margins, however this will have little impact on the total production capacity. G.M.I’s sales turnover in the Netbook market will grow to tens of millions of U.S. dollars in 2009, from almost zero in 2008. The Notebook market is also showing moderate growth in 2009. This segment is losing share at the low end to Netbooks but is winning share from the Desktop PC market. As a result the Desktop PC market in China is declining but the size of the market continues to be very large.   The Digital Multi Media market has two major application…

GMI Technology Inc. today announced that their PC component unit shipments increased 50% from the previous year. Subject components were for integration into motherboards and netbooks, and were sourced from GMI Technology is strategic partners, Intersil, Realtek and Toshiba Electronics.   Commenting on the announcement, Eric Wang, vice president of GMI Technology, said, “Both GMI Technology and our vendorsare enjoying the strong growth in the mainland China PC component market recently. GMI Technology is very optimistic about our future growth in this product segment and also in the overall China electronics market. We greatly appreciate the outstanding support from our strategic vendor partners, Intersil, Realtek and Toshiba Electronics.”

GMI Technology Inc. today announced that their focus on the rapidly growing netbook market in China has resulted in numerous design wins. GMI Technology is now providing electronic components to over 30netbook manufacturers based in mainland China. Components being delivered to this segment include HDD’s, WiFi modules, LAN chips, Audio IC and Power IC, and are sourced from several of GMI Technology is vendor partners.   Commenting on the announcement, Pete Andreyev, vice president of GMI Technology, said, “We are extremely pleased with our rapid entry to the netbook market after announcing this as a target segment only four months ago. The netbook solution is a very good fit with GMI Technology is broad product line and we plan to expand our participation to other key components. We are very optimistic about GMI Technology is future growth in the netbook segment. We greatly appreciate the outstanding support from our component strategic partners.”

GMI Technology Inc. (Public, TPE: 3312) today announced that it has won an award for Best Supply Capability in the annual survey conducted by Electronics Supply & Manufacturing–China (ESM-C). The survey polled over 1200 professionals in mainland China on their assessment of over 200 distributors serving the China electronics market. ESM-C is a monthly magazine published by Global Sources with a circulation of over 36,000. They also have an on-line version at www.esmchina.com.   Commenting on the announcement, Pete Andreyev, vice president, GMI Technology, said,“We are honored to be recognized by a publication of ESM-C’s reputation. GMI Technology takes great pride in providing excellent service to our broad customer base. We understand that it is critical to provide uninterrupted supply of components to our manufacturing partners to ensure that we do not impact their operations and customer commitments. In addition to the ESM-C award, we have recently won several additional awards from our vendors and customers. Our company will continue to strive to provide world class support to our customers in all areas.”

GMI Technology Inc. today announced that they have won numerous DVR chipset design wins at European brand DVR player manufacturers. DVR chipsets provide the core processing power for home TV recording and storage solutions. Included among the design wins are Storex,Emtec,Woxter,and Freecom. All chipsets will be sourced from GMI Technology is strategic partner, Realtek Semiconductor Corp.   Commenting on the announcement, Dickson Chan, vice president of GMI Technology, said, “We are extremely pleased with the continued growth in our DVR chipset business. In addition to our design wins and outstanding unit shipment growth, we have achieved our objective of expanding our market to outside of Asia. DVR chipsets are a strategic focus for GMI Technology and complement our other consumer electronic product lines, and we are very optimistic about GMI Technology is future growth in this segment. We greatly appreciate the outstanding support from our strategic partner, Realtek Semiconductor Corp.”

GMI Technology Inc. today announced that their focus in building their hard disk drive (HDD) business in China has resulted in numerous design wins. GMI Technology is now providing HDD’s to many of the leading mainland China domestic notebook manufacturers including Founder, Greatwall, Haier, Hasee, Hedy, Hisense, and Malata. All HDDs were sourced from GMI Technology is notebook HDD strategic partner, Toshiba Digital Media Network.   Commenting on the announcement, Pete Andreyev, vice president of GMI Technology, said, “We are extremely pleased with the continued growth in our HDD business, and are proud to be the fastest growing HDD provider in the rapidly growing Greater China market. In 2008 we quadrupled our HDD shipments in Greater China and these major design wins continue our momentum. HDDs are a strategic focus for GMI Technology and complement our consumer electronics and IT product lines well. We continue to be very optimistic about GMI Technology is future growth in the HDD segment. We greatly appreciate the outstanding support from our strategic notebook hard disk drive partner, Toshiba Digital Media Network.”

GMI Technology Inc. (Public, TPE: 3312) today announced that it has entered the fast growing market for Wi-Fi modules. GMI Technology will initially focus on providing Wi- Fi modules to the China netbook market. The company will provide Wi-Fi IC’s to a module manufacturing partner and then sell the modules to netbook manufacturers, including OEMs, ODMs and System Integrators. Shipments are scheduled to begin in the 3rd quarter.   Commenting on the announcement, Pete Andreyev, vice president, GMI Technology, said,“GMI Technology has been a successful long term provider of Wi-Fi ICs to China manufacturers, and this is a natural extension of our existing Wi-Fi business. We will focus on winning new customers, to complement the strong customer base that our current Wi-Fi module manufacturing customers have. In addition we will work with those existing Wi-Fi IC customers to help them expand their module business to new markets. GMI Technology is very optimistic about the growth of the Wi-Fi market in China, and this also fits with our strategic announcement last month to focus on the exploding netbook market.”