Global-Tech Advanced Innovations Q1 Loss Widens - Quick Facts

(RTTNews) - Global-Tech Advanced Innovations Inc. (GAI) reported a first quarter net loss to shareholders of $1.0 million, or $0.34 per share, compared to a loss of $0.3 million, or $0.10 per share, prior year.

Net sales were $15.3 million, compared to $24.6 million, last year.

John Sham, President and CEO, said: "As anticipated, net sales decreased significantly when compared to the prior corresponding period, due almost entirely to declining sales in commodity CCMs, a lower price-point category where increases in labor and overhead costs have eliminated any advantage previously held over competitors."