Global-Tech Appliances Inc. announced its net sales and earnings for the second quarter of fiscal 2005 ended Sept. 30, 2004.
Net sales for the second quarter were U.S. $11.5 million, compared to $16.8 million for the second quarter of fiscal 2004. Net loss for the period was $3.9 million, or $0.32 per share, compared to a net loss of $0.5 million, or $0.04 per share, in the prior corresponding fiscal period.
Net sales for the 6 months ended Sept. 30, 2004 were $21.4 million, compared to $34.6 million for the prior corresponding 6-month period. Net loss for the first half of fiscal 2005 was $6.7 million, or $0.55 per share, compared to a net income of $0.1 million, or $0.01 per share, in the first half of fiscal 2004.
The company said the loss represents a decrease in net income of $6.8 million between periods, which resulted in part from a $2.7 million increase in expenditures on our new display businesses and the balance primarily from a decrease in sales in our small appliance core business.
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