caLogo

Global Innovation’s Q1 Sales Fall 10%

Published: 18 December 2007
 by Mike Buetow
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.

Submit to FacebookSubmit to Google PlusSubmit to TwitterSubmit to LinkedInPrint Article
Don't have an account yet? Register Now!

Sign in to your account