Global-Tech Loss Widens In Q3

(RTTNews) - Global-Tech Advanced Innovations Inc (GAI) on Friday said its net loss for the third quarter widened to $1.8 million or $0.59 per share from $671 thousand or $0.22 per share last year.

The company's revenues for the quarter were lower at $16.2 million compared with $20.5 million in the prior year.

Global-Tech through its subsidiaries manufactures a portfolio of products, including complementary metal oxide semiconductor and camera modules.

Commenting on the results, CEO John Sham said that during the quarter the company's focus was on the sale of higher-pixel camera modules, which while yielding higher margins, dampened unit sales.

Sham said the trend of falling prices for five and eight mega-pixel camera modules continued in the quarter, with prices dropping about 30%, offsetting cost saving measures adopted by the company.