WYLIE, Texas, Dec. 12 /PRNewswire-FirstCall/ -- Global Innovation Corp (BULLETIN BOARD: GINV) , a leading Electronic Manufacturer Services (EMS) company which designs, engineers and manufactures technologically advanced printed circuit boards, announces its financial results for the first quarter for fiscal year 2009.
Global Innovation Corp (in thousands, except per share amounts and Three Months Ended percentages) October 31, Change 2008 2007 (unaudited) Revenue $ 9,368 $ 8,440 11.0% Net income (loss) $ 160 $ 102 57.7% EPS (Basic) $ 0.02 $ 0.01 EPS (Diluted) $ 0.02 $ 0.01 Weighted avg. shares outstanding: Basic 10,179 10,179 Diluted 10,179 10,179
Revenue: Net sales increased to $9,367,803 for the three months ended October 31, 2008 from $8,439,772 for the same period in 2007, a net increase of $928,031 or 11%. The increase is due primarily to a large one-time order from a new customer.
Gross Profit: Gross profit for the three months ended October 31, 2008 was $1,944,266 compared to $1,789,845 for the same period in 2007, and increase of $240,421 or 11%. Gross margin remained 21% for the three months ended October 31, 2008 compared to the previous year. The increase in gross profit is a result of the increase in revenue while maintaining the same gross profit percentage.
Income: Net income available to stockholders for the three months ended October 31, 2008 increased approximately $58,000 from $101,578 for the same period in 2007 to $160,200. The increase is a result of the consistency in gross profit attributable to higher revenues
About Global Innovation Corp
Global Innovation Corp is a leading Electronic Manufacturer Services (EMS) company through its wholly owned subsidiary Best Circuit Boards, Inc., designs, engineers and manufactures technologically advanced printed circuit boards. Our customers are generally high-end commercial companies, the military and military suppliers. The commercial markets are typically characterized by time-sensitive, high technology prototypes and short product life cycles. The military markets require special certifications and are characterized by high reliability and advanced technology and in many cases are formalized by long-term contracts. Our principal products are complex multi-layer printed circuit boards, including antenna and metalback radio frequency circuit boards. Printed circuit boards serve as the basis and foundation for electronic equipment. The circuit boards we produce are sold through direct sales people and manufacturer's representatives to a variety of commercial and military markets. The commercial markets and their applications include power systems, telecommunications, computer hardware, consumer electronics, instrumentation and controls. The military applications for our products include satellite communications, avionics, missiles, smart bombs, defense systems, radar detection and test equipment.
For More Information, Contact: Brad J. Peters, Vice President and Chief Financial Officer 1-800-303-9266 Visit the Company's website at http://www.globalinnovationcorp.com/
Certain statements contained herein with respect to factors which may affect future earnings, including management's beliefs and assumptions based on information currently available, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements that are not historical facts involve risks and uncertainties, and results could vary materially from the descriptions contained herein. For more details on risk factors, see the company's annual reports on Form 10-KSB, quarterly reports on Form 10-QSB and other filings with the Securities and Exchange Commission.
