Announces 58% Net Revenue Growth YoY
SHENZHEN, China, April 19 /PRNewswire-Asia/ -- G.M.I. Technology Inc. (Public, TPE: 3312) today announced financial results for fourth quarter and fiscal year 2009. For the quarter ending December 31, 2009 net revenue was US$ 95.7 million, an increase of 58% versus the same quarter in 2008. For the twelve-month period ending December 31, 2009 net revenue was a record US$ 341.0 million, an increase of 26% versus 2008. The company reported an after-tax profit of US$ 5.8 million for the year, compared to a loss of after-tax profit of US$ 602 thousand in 2008. Over the past eight years G.M.I.'s net revenues have increased an average of 33% per year, among the leaders in their business segment.
Commenting on the announcement, Mr. Chia Wen Yeh, G.M.I. Chairman, said, "We are extremely pleased with both our top line revenue growth and bottom line profitability in 2009. The worldwide economic situation was very challenging throughout the year, however G.M.I. was well prepared based on our major company restructuring in 2008 and our ongoing strategic actions to improve our competitiveness. In addition to our strong financial results, we added valuable new customer and vendor partnerships during the year and entered new high growth markets. Although we remain cautious about the overall future worldwide economic situation, we are very optimistic about G.M.I.'s continued long term revenue and profit growth."
Detailed financials can be found at http://tinyurl.com/GMI-Tech-Financials .
About G.M.I. Technology Inc.
G.M.I. Technology Inc. (Public, TPE: 3312) is committed to being a Total Solution Provider for both the Consumer Electronics and IT markets. Following the firm's establishment in 1995, G.M.I. merged with China's Vector Electronic Co. (est. 1987) to create a firm with two decades of industry expertise in the Greater China region. By starting with market-side research, G.M.I. leverages its well-established customer base and internal experts to identify market trends and opportunities in high-growth markets. G.M.I.'s in-house engineering team is dedicated to working with partners to develop projects from definition to mass production. Additional information can be found at http://www.gmitec.com .
For more information, please contact:
Mr. James Pai
Tel: +886-2-2659-9838