Global-Tech Appliances Inc. today announced its financial results for the fiscal year and fourth quarter ended March 31, 2003. Net sales for the fiscal year were U.S. $75.1 million, compared to $85.1 million in the prior fiscal year. Income from continuing operations was $6.1 million, compared to $6.4 million in fiscal 2002. Net income was $5.3 million, or $0.43 per share, compared to a net loss of $3.0 million, or $0.25 per share, in the prior fiscal year.
The company reported that net sales for the fourth quarter of fiscal 2003 were $13.7 million, compared to $17.6 million for the fourth quarter of fiscal 2002. Net loss was $0.1 million, or $0.01 per share, compared to a net loss of $8.6 million, or $0.70 per share, in the prior corresponding period, which, according to the company, primarily resulted from a net loss of $8.4 million from discontinued operations.
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