Report of Foreign Issuer (6-k)
December 18 2014 - 9:10AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2014
Commission File Number: 001-14812
GLOBAL-TECH
ADVANCED
INNOVATIONS INC.
(Translation of Registrants Name into English)
12/F., Kin
Teck Industrial Building, 26 Wong Chuk Hang Road, Aberdeen, Hong Kong
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): ¨
Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ¨ No
x
If Yes is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .
On Monday, December 15, 2014, Global-Tech Advanced Innovations Inc. issued a press release
regarding its financial results for the fiscal quarter ended September 30, 2014 (the Companys second quarter of fiscal 2015). Pursuant to Nasdaq Listing Rule 5250(c)(2), a copy of the press release is attached hereto as Exhibit 1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
Dated: December 18, 2014
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GLOBAL-TECH ADVANCED INNOVATIONS INC. |
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By: |
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/s/ Brian Yuen |
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Brian Yuen
Assistant Secretary |
EXHIBIT INDEX
Exhibit 1
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Release: |
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IMMEDIATE RELEASE |
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Contact: |
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Cecilia Au-Yeung |
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Global-Tech Advanced Innovations Inc. |
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Telephone: Hong Kong (852) 2814-0601 |
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investorrelations@global-webpage.com |
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Web Page: |
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http://global-webpage.newshq.businesswire.com |
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GLOBAL-TECH ADVANCED INNOVATIONS
REPORTS SECOND QUARTER RESULTS FOR FISCAL 2015
Hong Kong, December 15, 2014 Global-Tech Advanced Innovations
Inc. (NASDAQ: GAI) today announced its financial results for the quarter ended September 30, 2014 (the Companys second quarter of fiscal 2015).
Net sales for the second quarter of fiscal 2015 were $21.1 million, an increase of approximately 76% when compared to $12.0 million for the corresponding
quarter in fiscal 2014. Net loss for the second quarter of fiscal 2015 was $2.2 million, or $0.74 per share, compared to a net loss of $5.2 million, or $1.70 per share, for the second quarter of fiscal 2014.
Net sales for the six months ended September 30, 2014 were $45.7 million, an
increase of approximately 87% when compared to $24.5 million in the corresponding six-month period in fiscal 2014. Net loss for the first six months of fiscal 2015 was $2.5 million, or $0.83 per share, compared to a net income of $6.7 million,
or $2.21 per share, for the first half of fiscal 2014. John C.K. Sham, the
Companys President and Chief Executive Officer, said: Sales in our electronic components business experienced growth in the first half of fiscal 2015, with unit sales increasing nearly 120% compared to the previous year; however,
concurrent declines in pricing of approximately 30% offset any potential gains in operating results. This is despite an improved product mix of higher-pixel units for our CCMs.
Mr. Sham continued, Competition in the electronic business remains high, with
new entrants entering the market almost daily. This coupled with the current instability in the industry will require us to reconsider any further investment in additional chip-on-board (COB) production lines.
Mr. Sham concluded, The future success of our electronic components business
will depend upon our ability to attract new customers and drive volume while at the same time improving margins, whether through the reduction of our manufacturing costs or through increases in price and innovation.
Global-Tech Advanced Innovations Inc. is a holding company, owning subsidiaries that
manufacture and market a diversified portfolio of products, such as complementary metal oxide semiconductor (CMOS) and camera modules (CCMs). The primary focus of its subsidiaries is to develop and market high-quality products for the communications
industry in China and export such products to markets in other countries throughout the world.
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Except for historical information,
certain statements contained herein are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as
expects, anticipates, intends, plans, believes, seeks, should, estimates, or variations of such words and similar expressions are intended to identify
such forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including but not limited to, the impact of competitive products and pricing, demand for new and existing products in our core business, the
financial condition of the Companys customers, product demand and market acceptance especially of our new products, the success of new product development especially in the area of cellular phone components and solutions, compact camera
modules and other pending projects, reliance on material customers, suppliers and key strategic alliances, the terms and conditions of customer contracts and purchase orders, availability and cost of raw materials, the timely and proper execution of
certain business plans, including the plan to diversify and transform a portion of manufacturing capacity to higher-value, technology-oriented products, currency fluctuations, including the revaluation of the Chinese Renminbi, the imposition by
Chinas trading partners of economic sanctions and/or protective tariffs on Chinese manufactured goods, uncertainties associated with investments, the regulatory environment, fluctuations in operating results, the impact of changing global,
political and economic conditions and other risks detailed from time to time in the Companys filings with the U.S. Securities and Exchange Commission including its most recent Report on Form 20-F. The Company does not undertake to update its
forward-looking information, or any other information contained or referenced in this press release to reflect future events or circumstances.
GLOBAL-TECH APPLIANCES
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts expressed in thousands of United States dollars, except per share data)
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Three Months Ended September 30, |
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Six Months Ended September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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Net sales |
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$ |
21,062 |
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$ |
11,994 |
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$ |
45,669 |
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$ |
24,462 |
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Cost of goods sold |
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(20,340 |
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(11,422 |
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(43,205 |
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(22,611 |
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Gross profit |
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722 |
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572 |
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2,464 |
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1,851 |
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Selling, general and administrative expenses |
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(3,361 |
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(3,142 |
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(6,315 |
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(5,766 |
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Other operating income (expense) |
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Operating income (loss) |
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(2,639 |
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(2,570 |
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(3,851 |
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(3,915 |
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Interest income, net |
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85 |
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170 |
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189 |
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302 |
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Other income (expense), net |
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406 |
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572 |
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1,323 |
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1,400 |
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Income (loss) from continuing operations before income taxes |
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(2,148 |
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(1,828 |
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(2,339 |
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(2,213 |
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Income tax expenses |
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(103 |
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(66 |
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(227 |
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(30 |
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Income (loss) from continuing operations |
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(2,251 |
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(1,894 |
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(2,566 |
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(2,243 |
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Income (loss) from discontinued operations, net of tax |
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(3,320 |
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(4,537 |
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Net income (loss) |
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(2,251 |
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(5,214 |
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(2,566 |
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(6,780 |
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Net income (loss) attributable to non-controlling interests |
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15 |
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47 |
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30 |
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73 |
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Net income (loss) attributable to shareholders |
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$ |
(2,236 |
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$ |
(5,167 |
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$ |
(2,536 |
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$ |
(6,707 |
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Basic earnings (loss) per common share |
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$ |
(0.74 |
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$ |
(1.70 |
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$ |
(0.83 |
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$ |
(2.21 |
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Diluted earnings (loss) per common share |
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$ |
(0.74 |
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$ |
(1.70 |
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$ |
(0.83 |
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$ |
(2.21 |
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Basic and diluted weighted average number of shares outstanding |
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3,042 |
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3,040 |
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3,042 |
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3,040 |
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GLOBAL-TECH ADVANCED INNOVATIONS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts expressed in thousands of United States dollars)
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September 30, 2014 |
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Sept 30, 2014 |
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March 31, 2014 |
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(unaudited) |
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(audited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
15,732 |
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$ |
22,820 |
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Time deposits |
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12,115 |
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11,340 |
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Restricted cash |
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4,185 |
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4,014 |
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Available-for-sale investments |
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1,052 |
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1,050 |
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Accounts and bills receivable, net |
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24,624 |
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21,217 |
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Inventories |
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10,464 |
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7,163 |
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Prepaid expenses |
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205 |
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123 |
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Deposits and other assets |
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3,223 |
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2,476 |
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Amount due from a related party |
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15 |
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13 |
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Total current assets |
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71,615 |
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70,216 |
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Interests in jointly-controlled entities |
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Property, plant and equipment, net |
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25,837 |
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26,317 |
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Land use rights, net |
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2,901 |
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2,923 |
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Deposits paid for purchase of property, plant and equipment |
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302 |
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212 |
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Available for sales investments |
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Total assets |
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$ |
100,655 |
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$ |
99,668 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current liabilities: |
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Short-term bank loans |
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9,054 |
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7,280 |
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Accounts payable |
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13,256 |
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12,520 |
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Customer deposits |
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1,135 |
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1,138 |
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Accrued salaries, allowances and other employee benefits |
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3,126 |
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2,981 |
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Other accrued liabilities |
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6,161 |
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5,721 |
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Income tax payable |
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4,460 |
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4,233 |
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Total current liabilities |
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37,192 |
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33,873 |
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Deferred tax liabilities |
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5 |
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5 |
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Total liabilities |
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37,197 |
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33,878 |
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Shareholders equity: |
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Common stock, par value $0.04 per share; 12,500,000 shares authorized; 3,233,814 shares issued as of September 30 and
March 31, 2014 |
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129 |
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129 |
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Additional paid-in capital |
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85,104 |
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85,104 |
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Statutory reserves |
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1,340 |
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1,340 |
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Accumulated deficit |
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(29,126 |
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(26,590 |
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Accumulated other comprehensive income |
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11,089 |
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10,855 |
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Less: Treasury stock, at cost, 189,587 shares as of September 30 and March 31, 2014 |
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(4,663 |
) |
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(4,663 |
) |
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Total Global-Tech Advanced Innovations Inc. shareholders equity |
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63,873 |
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66,175 |
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Non-controlling interests |
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(415 |
) |
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(385 |
) |
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Total equity |
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63,458 |
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65,790 |
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Total liabilities and shareholders equity |
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$ |
100,655 |
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$ |
99,668 |
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