Benzinga's Microcap Movers for Monday April 9, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
Global-Tech Advanced Innovations
Shares of Global-Tech Advanced Innovations (NASDAQ: GAI), the Hong Kong manufacturer of consumer electrical products, rose 68% Monday on 33 times the average daily volume.
Global-Tech Advanced Innovations announced Friday its financial results for the fiscal quarter ended December 31, 2011 (the Company's third quarter of fiscal 2012).
Net sales for the third quarter of fiscal 2012 were $44.2 million, an increase of approximately 81% when compared to $24.4 million for the corresponding quarter in fiscal 2011.
Net sales of electronic components and revenues from electronic manufacturing services increased approximately 33% and 19%, respectively, compared to the corresponding quarter in fiscal 2011, while sales of home appliances (primarily floor care products) nearly tripled due to the Company's planned exit from this business segment in the fourth quarter of fiscal 2012 and the related increase in purchase orders from customers seeking to increase their inventory. Net income for the third quarter of fiscal 2012 was $3.3 million, or $1.09 per share, compared to a net loss of $1.5 million, or $0.48 per share, for the third quarter of fiscal 2011.
Global-Tech Advanced Innovations closed at $8.75 on Monday.
Shares of Adept Technology (NASDAQ: ADEP), the Pleasanton, CA robotics company, rose almost 20% Monday on 6 times the average daily volume.
Adept Technology issues a press release Monday on their contract with Philips:
When Philips, a world leader in healthcare, lifestyle and lighting products, decided to build an assembly line capable of manufacturing their current line of high-tech shavers and support any future redesigns, they turned to Adept Technology as their supplier of robotics and flexible feeding systems. The combined expertise of Bremer Werk fur Montagesysteme GmbH and Adept led to a successful deployment of an assembly system capable of producing Philips' high-tech shavers, which are in high-demand and considered premium products all over the globe.
Adept Technology closed at $6.00 on Monday.
Shares of Cereplast (NASDAQ: CERP), the El Segundo, CA manufacturer of bioplastic resins made from renewable resources such as corn, potatoes, tapioca, sugar and algae, rose 36% Monday on 3 times the average daily volume.
Cereplast announced Thursday the launch of Hybrid 111D and Hybrid 112D, thermoplastic elastomer starch hybrid compounds for injection molding applications. Hybrid 111D boasts 30% starch and Hybrid 112D has 50% starch, which lowers the environmental impact of the material compared to conventional TPE. Both grades are soft and pliable, offering stretch with some recovery for soft grip applications such as handles for bicycles and tools, cosmetics packaging, housewares, household appliances, footwear and automotive applications.
Cereplast closed at $0.82 on Monday.
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