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  • Global Innovation Announces Three and Nine Month Financial Results

Global Innovation Announces Three and Nine Month Financial Results

Published: 18 June 2008
 by Staff
WYLIE, TX – Global Innovation Corp. has announced its financial results for the three and nine month periods ending April 30.

For the three months ending April 30, net sales increased to $8,323,644 from $7,619,536 over the same period in 2007, a net increase of $704,108 or 9.2%. For the nine months ending April 30, net sales decreased from $25,132,450 to $25,059,423 over the same period in 2007, a slight decrease of $73,027 or 0.3%.

Gross profit for the three months ending April 30 was $1,728,702 as compared to $1,676,632 for the same period in 2007, an increase of $52,070 or 3.1%. Gross profit for the nine months ending April 30 was $5,451,116, as compared to $4,797,347 for the same period in 2007. For the nine months ending April 30, gross margin improved from 19.1% to 21.8% over the same period in the previous year. Gross margin for the three months ending April 30 was 20.8%, a slight decrease from 22.0% over the same period in 2007.

Net income or $186,594 for the three months ending April 30 was comparable to the same period in 2007. Net income for the nine months ending April 30 increased to $605,045, as compared to 264,050 for the same period last year.

Brad J. Peters, VP and CFO said, 'The first half of the third quarter of showed fairly soft demand across our entire customer base, but the second half brought significant improvement in orders from a broad range of customers and products."
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