Global-Tech Appliances Inc. announced improved earnings for the first quarter of fiscal 2003 ended June 30, 2002. Net sales for the first quarter of fiscal 2003 were U.S. $21.6 million, compared to $23.3 million for the first quarter of fiscal 2002. Net income rose 4.1 percent to $2.2 million, or $0.18 per share, compared to $2.1 million, or $0.17 per share, for the corresponding period in fiscal 2002. Results for the first quarter of fiscal 2003 included a $0.7 million net loss on $0.3 million of net sales incurred by the Company's subsidiary, Lite Array, whereas its impact in the first quarter of fiscal 2002 was immaterial to net sales or net income. Global-Tech is a Hong Kong-based designer, manufacturer, and marketer of small household appliances.
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