Global-Tech Appliances Reports Results For Second Quarter of Fiscal 1999.HONG n. 1. A mercantile establishment or factory for foreign trade in China, as formerly at Canton; a succession of offices connected by a common passage and used for business or storage. KONG--(BUSINESS WIRE)--Nov. 16, 1998--Global-Tech Appliances Inc. (NYSE NYSE See: New York Stock Exchange : GAI GAI General Applet Interface GAI Giustizia e Affari Interni (Italian) GAI Global-Tech Appliances Inc GAI Guild of Architectural Ironmongers GAI Global Atmospherics Inc GAI General Ability Index GAI Great American Insurance ) today announced results for the second quarter ended Sept. 30, 1998. The company's net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight decreased to approximately $22.9 million in the second quarter of fiscal 1999, as compared to $38.9 million in the second quarter of fiscal 1998. Net sales for the six months ended Sept. 30, 1998 decrease to approximately $46.4 million as compared to $64.9 million in the first six months of fiscal 1998. The company's net income decreased to $2.6 million for the three months and $5.9 million for the six months ended Sept. 30, 1998 from $5.1 million and $8.1 million, respectively, in the corresponding periods in fiscal 1998. MORE TO FOLLOW... |
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