EXHIBIT 5

Release:	IMMEDIATE RELEASE
Contact:	Brian Yuen
	Global-Tech USA, Inc.
	Tel.: 212-683-3320
Web Page:	http://www.businesswire.com/cnn/gai.shtml

GLOBAL-TECH APPLIANCES REPORTS FISCAL YEAR FINANCIAL RESULTS AND EXPECTS

SHIPMENTS OF DISPLAY PRODUCTS TO COMMENCE IN THE MONTHS AHEAD

Hong Kong, July 14, 2004 — Global-Tech Appliances Inc. (NYSE: GAI) today announced its financial results for the fiscal year and fourth quarter ended March 31, 2004.

Net sales for the fiscal year ended March 31, 2004 were $66.9 million, compared to $75.5 million in the prior fiscal year. Net loss for fiscal year 2004 was $1.6 million, or $0.13 per share, compared to a net profit of $5.3 million, or $0.43 per share, in the prior fiscal year.

Net sales for the fourth quarter of fiscal 2004 were $15.4 million, up 12% from $13.8 million for the fourth quarter of fiscal 2003. Net loss for the fourth quarter of fiscal 2004 was $0.9 million, or $0.07 per share, compared to a net loss of $0.1 million, or $0.01 per share, in the prior corresponding period.

John C.K. Sham, President and Chief Executive Officer, said: “As anticipated, the results for fiscal year 2004 in general, and the fourth quarter in particular, reflect our continuing de-emphasis on small electrical appliances and an accelerated effort to produce and introduce a line of flat panel display (FPD) products. The net loss in fiscal 2004 was primarily attributable to expenses associated with the research and development of FPD products and organic light emitting diode (OLED) displays. In fiscal 2004, we spent over $2.0 million to develop our high-definition flat panel television programs and an additional $2.1 million to expand our OLED program, and also made significant investments in development and production equipment.”

Mr. Sham continued, “The Company is making good progress in implementing its previously announced strategic initiatives intended to de-emphasize unprofitable product categories with lower profit margins that merely maintain sales volume and expand into more technologically advanced product categories that we believe should position the Company for greater growth and a return to profitability.”

Mr. Sham concluded, “We continue to tighten our control on costs so that we can sustain our cash position as the business transitions. Despite our net loss in fiscal 2004, our cash and short-term investments net of all debt increased over $1 million and we continue to believe that our resources on hand are adequate to execute our plans. While we anticipate our expanding research and development for FPD and OLED programs to continue impacting profitability in the current fiscal year, we are optimistic that the Company’s financial results will improve towards year end, when we expect to begin selling and shipping display products.”

Global-Tech is a holding company, owning subsidiaries that manufacture and market a wide range of consumer electrical products worldwide, including floor care products and small household appliances. These products are marketed by customers under brand names such as Black & Decker®, DeLonghi®, Dirt Devil®, Eureka®, GE®, Hamilton Beach®, Kenwood®, Proctor-Silex®, Sanyo®, Sunbeam®, and West Bend®. Global-Tech’s subsidiary, Global Display Limited, is currently developing a wide range of consumer products incorporating high-definition flat panel displays (FPDs) that utilize liquid crystal display (LCD), plasma display panel (PDP), liquid crystal on silicon (LCOS), optical, and digital display technologies. Lite Array, Inc., another subsidiary of Global-Tech, is developing a range of display modules utilizing proprietary small molecule organic light emitting diode (OLED) technology. These modules are expected to be initially marketed to consumer electronics companies for use in cellular phones and MP3 players.

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Except for historical information, certain statements contained herein are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” or variations of such words and similar expressions are intended to identify such forward looking statements. These forward looking statements are subject to risks and uncertainties, including but not limited to, the impact of competitive products and pricing, the financial condition of the Company’s customers, product demand and market acceptance, the success of new product development, reliance on material customers and key strategic alliances, availability and cost of raw materials, the timely and proper execution of certain business plans, including the plan to diversify and transform a portion of manufacturing capacity to higher-value, technology-oriented products, currency fluctuations, uncertainties associated with investments, the regulatory environment, fluctuations in operating results, the impact of changing global, political and economic conditions and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its most recent Report on Form 20-F. The Company does not undertake to update its forward-looking information, or any other information contained or referenced in this press release to reflect future events or circumstances.

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GLOBAL-TECH APPLIANCES INC. AND SUBSIDIARIES

1) CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts expressed in United States dollars)

	Fiscal Years Ended March 31,
	2004			2003
	(unaudited)			(audited)
Net sales	$	66,901,315		$	75,489,275
Cost of goods sold		(52,942,382	)		(54,906,458	)
Gross profit		13,958,933			20,582,817
Selling, general and administrative expenses		(16,663,503	)		(15,297,908	)
Operating income (loss)		(2,704,570	)		5,284,909
Interest expense		(17,589	)		(56,550	)
Interest income		851,066			1,240,648
Other income		427,814			228,380
Income (loss) from continuing operations before income taxes		(1,443,279	)		6,697,387
Provision for income taxes		(107,767	)		(624,230	)
Income (loss) from continuing operations		(1,551,046	)		6,073,157
Discontinued operations:
Loss from operations of discontinued thin film electroluminescent display business, net of applicable Income tax of $nil (including gain on disposal of $29,010)		—			(806,436	)
Net income (loss)	$	(1,551,046	)	$	5,266,721
Basic and diluted earnings (loss) per common share	$	(0.13	)	$	0.43
Basic and diluted weighted average number of shares outstanding		12,152,592			12,140,853

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GLOBAL-TECH APPLIANCES INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts expressed in United States dollars)

	March 31,
	2004			2003
	(unaudited)			(audited)
ASSETS
Current assets:
Cash and cash equivalents	$	15,102,510		$	21,514,277
Restricted cash		400,075			831,803
Callable deposit		5,000,000			—
Short-term investments		43,983,462			41,401,256
Accounts receivable, net		9,991,037			10,247,140
Deposits, prepayments & other assets		2,497,126			2,681,084
Inventories		8,808,455			7,507,110
Total current assets		85,782,665			84,182,670
Property, plant and equipment		30,791,071			32,648,982
Promissory note receivable		553,089			716,380
Land use rights		1,886,968			1,937,544
License		2,897,809			3,592,420
Patents		222,994			241,988
Loan to a director		151,850			228,232
Total assets	$	122,286,446		$	123,548,216
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term bank loans	$	48,007		$	—
Current portion of long-term bank loans		373,612			512,046
Accounts payable		5,130,587			5,153,300
Fees payable for land use rights		91,019			273,003
Salaries and allowances payable		677,439			585,293
Accrued expenses		2,037,188			1,576,200
Income tax payable		3,753,125			3,726,645
Total current liabilities		12,110,977			11,826,487
Long-term bank loans		—			316,010
Deferred tax liabilities, net		142,928			64,400
		142,928			380,410
Total liabilities		12,253,905			12,206,897
Shareholders’ equity:
Common stock, par value $0.01; 50,000,000 shares authorized; 12,857,045 and 12,830,000 shares issued as of March 31, 2004 and March 31, 2003		128,570			128,300
Preferred stock, par value $0.01; 1,000,000 shares authorized, no shares issued		—			—
Additional paid-in capital		81,871,231			81,753,145
Retained earnings		33,081,685			34,682,164
Accumulated other comprehensive deficit		(555,498	)		(622,163	)
Less: Treasury stock, at cost, 679,147 and 689,147 shares as of March 31, 2004 and March 31, 2003		(4,493,447	)		(4,600,127	)
Total shareholders’ equity		110,032,541			111,341,319
Total liabilities and shareholders’ equity	$	122,286,446		$	123,548,216

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