Appliance and consumer electronics maker Global-Tech Appliances Inc. announced its net sales and earnings for the first quarter of fiscal 2005 ended June 30, 2004.
Net sales for the first quarter of fiscal 2005 were U.S. $9.9 million, compared to $17.8 million for the first quarter of fiscal 2004. Net loss for the first quarter of fiscal 2005 was $2.8 million, compared to a net income of $0.6 million in 2003.
John C.K. Sham, president and CEO, said the company plans to spend $6 million on R&D for its display programs. The company also announced that its wholly owned subsidiary, Global Display Limited, has received initial purchase orders from a U.S. customer for its 17- and 30-in flat panel high-definition liquid crystal display televisions (LCD TVs).
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