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Global Innovation's '07 Profits Plummet

Published: 02 November 2007
 by Staff
WYLIE, TX – Global Innovation Corp. reported earnings fell 43% on a 4.8% drop in revenues for its fiscal year ended July 31.
<!--[if !supportEmptyParas]--><!--[endif]--> The company, which fabricates printed wiring boards, reported $32.9 million in sales and net income of $6.2 million.

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In a statement, the company said the drop was due to the transfer of product to Chinese manufacturing partners, which reduces revenue because it lowers the average selling prices.

<!--[if !supportEmptyParas]--><!--[endif]--> For the year, gross profits fell 2.9%. Gross margins rose 0.3 points to 18.8%.

Global Innovation was formerly known as Lone-Star Circuits.

President and chief operating officer Brent Nolan said, "Fiscal 2007 proved to be a challenging year. We began to implement our strategic plan to transition a portion of our business representing high volume and low margins to our manufacturing partners in China. We also began the capability improvements in our Wylie facility with the purchase and installation of new equipment and improved process capabilities. While this process has reduced topline revenue and bottom line profitability in the short run, it provides the tools to improve both over the long term."

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