WYLIE, TX – Global Innovation
Corp., an EMS and PWB supplier, reported net sales fell 10% to $8.4 million
as the company’s largest customer cut orders by $1.5 million. For the period
ended Oct. 31, net income was $101,578, up 18% year-over-year.
For the quarter, gross profit was $1.8
million, up 2.5%, on a two-point uptick in gross margins to 21%. Cash flow from
operations was $474,750, up from $193,369 the prior year.
At quarter’s end, liabilities exceeded
assets. The company indicated plans to negotiate an extension for $4.2 million
in convertible promissory notes owed to chief executive Brad Jacoby at 8%
interest and due next September.
The company also has loans with Amegy
Bank of Texas including two $2 million five-year term loans and a $5.5 million
real estate loan.
Global Innovation has been known by
several names through its history, including ESPO’s Inc. and Integrated
Performance Systems. In 2004, a wholly owned subsidiary of the company
performed a reverse merger with Best Circuit Boards, also known as Lone
SHENZHEN – Foxconn was again in the news with a proactive move aimed at addressing labor practice issues. They announced that the company would sign open-ended labor contracts with employees who have worked for the company for a minimum of eight consecutive years. Workers with less tenure may also qualify for long-term contracts.
Read more: Foxconn to Sign Employee Contracts Under New Labor Law
FOREST GROVE, OR -- Merix Corp. will restate its first-quarter net loss due to several accounting
errors in its fiscal first-quarter financial report. In an SEC filing, the PCB maker said the restatement will up its first-quarter net
loss by five cents, to a total of 17 cents per share.