GBSY (.80) Reports Fiscal Second Quarter Results
Market Wire "US Press Releases "
HONG KONG -- (MARKET WIRE) -- 12/20/06 -- Global Innovative Systems Inc. (OTCBB: GBSY) disclosed on a Form 10-QSB filed with the U.S. Securities and Exchange Commission on December 13, 2006 its results for its fiscal second quarter ended September 30, 2006.
Global Innovative reported second quarter revenue of $6,585,429, a 1009% increase from the $593,811 reported a year ago. Second quarter revenues also increased 243% over first quarter results. Revenue for the six months ended September 30, 2006 totaled $8,503,943, as compared to $1,623,907 for the same period in 2005.
Gross profit of $2,048,677 was reported for the second quarter, compared with gross profit of $109,756 in the second quarter of 2005, which represents a 1766% increase. Gross profit for the six months ended September 30, 2006 totaled $3,314,045, a 236% increase over the $985,323 of gross profit for the same period in 2005.
Net income of $1,117,504 was reported for the second quarter, compared with a net loss of $538,541 in the same period a year ago. Net income for the six months ended September 30, 2006 totaled $894,550, compared with a net loss of $524,054 for the same period in 2005.
"It was a solid quarter in all respects," said Bondy Tan, President and CEO of Global Innovative. "Our revenues have increased dramatically year-over-year and quarter-over-quarter, supported by strong results from our recent acquisitions in the lighting products and services segment. We have rapidly established a strong position in the provision of lighting products and services within our key markets of Hong Kong, Macau, China and Singapore, and we look forward to continuing the strong sales momentum we have created over the past few months. Our organization executed well during our second quarter, which also enabled us to turn the corner into positive earnings."
Continued Mr. Tan, "Our wholly owned subsidiary, Lightscape Technologies (Macau) Ltd., successfully completed a major, multi-phase lighting solutions project for the Galaxy StarWorld Hotel and Casino in Macau during our fiscal Q2. The showpieces of the project are the large outdoor and indoor high resolution LED video walls. The LED video walls are controlled by our proprietary software, the AI-One Multimedia and Video Show Control System, licensed to the casino owner. This software enables the walls to display creative lighting effects in various patterns and colors, transforming the casino into an architainment landmark in Macau. Based on the influx of new enquiries Lightscape Technologies (Macau) Ltd. has received since the Galaxy StarWorld Hotel and Casino opened in October 2006, we expect that our work will serve as a springboard to additional lighting contract opportunities with other casino developments in Macau. As evidence of this, Lightscape Technologies (Macau) Ltd. has been invited by Galaxy Entertainment Group Limited to submit a bid to provide lighting solutions for its next major project, the 1,500-room luxury hotel and casino Galaxy Cotai Mega Resort in Macau."
Concluded Mr. Tan, "We are pleased with our performance in our fiscal Q2 ended September 30, 2006, and we look forward to delivering additional world-class lighting solutions to major developments during the remainder of our fiscal 2007."
About Global Innovative
Global Innovative Systems Inc. (OTCBB: GBSY) delivers customized energy management solutions, lighting products, innovative lighting solutions and construction services. Since 1999, over 100 commercial, industrial, government and multi-residential clients have benefited from Global Innovative's solutions. Through wholly owned subsidiary Tech Team Holdings Limited, Global Innovative provides total energy management products and solutions, which optimize energy consumption, lower costs, and enhance competitiveness for clients. Through subsidiary Beijing Illumination (Hong Kong) Limited, Global Innovative manufactures and sells HID (High-Intensity Discharge) lighting products and Ultra High-Pressure Mercury Lamps. Through wholly owned subsidiary Lightscape Technologies (Macau) Ltd., Global Innovative provides full service lighting design solutions including LED video walls, interior set design and fabrication, computer-controlled special effects, intelligent lighting, laser and multimedia technologies. Through joint venture subsidiary Pro Shing Construction Team Macau Limited, Global Innovative provides a comprehensive range of design and build services for major development projects, including site foundation construction, building construction and fitting-out work. Our headquarters are in Hong Kong, and we have offices in Singapore, China, Macau and Canada.
Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor" for forward-looking statements. This Press Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "plan," "anticipate" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Global Innovative's expectations, and Global Innovative expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to, risks in product development and market acceptance of and demand for the company's products and services; risks of downturns in economic conditions generally; risks of intellectual property rights associated with competition and competitive pricing pressures; risks of foreign sales and high customer concentration; Global Innovative's and Lightscape Technologies (Macau) Ltd.'s ability to successfully obtain contracts with the Galaxy Cotai Mega Resort and/or other casino development(s) in Macau; and other factors which may cause the actual results, performance or achievements of Global Innovative to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
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