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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 Star Circuits.

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.

Read more: Merix Finds Errors, Restates Q1 Loss

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