SigmaTron International, Inc. Reports Second Quarter Financial Results for Fiscal 2013
13 December 2012 - 1:30AM
SigmaTron International, Inc. (Nasdaq:SGMA), an electronic
manufacturing services company, today reported revenues and
earnings for the second quarter ended October 31, 2012.
Revenues increased to $52.7 million for the second quarter of
fiscal 2013 from $39.9 million for the same quarter in the prior
year. Net income increased to $482,834 in the second fiscal quarter
compared to $158,267 for the same period in the prior
year. Basic and diluted earnings per share were $0.12 for the
quarter ended October 31, 2012, compared to $0.04 for the same
quarter in fiscal 2012.
For the six months ended October 31, 2012, revenues increased to
$100.4 million compared to $78.8 million for the same period ended
October 31, 2011. Net income for the same period in fiscal
2013 was $389,690, compared to $399,228 for the same period in the
prior year. Basic and diluted earnings per share for the six
months ended October 31, 2012, were $0.10 compared to $0.10 for the
six months ended October 31, 2011.
Commenting on SigmaTron's second quarter fiscal 2013 results,
Gary R. Fairhead, President, Chief Executive Officer and Chairman
of the Board, said, "I am pleased to report that SigmaTron was
profitable for the second quarter of fiscal 2013, tripling our
earnings per share from the same quarter in fiscal 2012.
These results are after incurring an additional $179,156 in
one-time transaction costs related to the Spitfire acquisition.
We expect these costs to end during the third quarter of this
fiscal year.
"Speaking of the Spitfire acquisition, we are pleased with the
results to date. Customers have accepted and welcomed our combined
structure, and we continue to believe that we will have more
opportunities in the electronic appliance control market because of
the acquisition. The assimilation of Spitfire into SigmaTron
continues on schedule, and we expect that all operations will be
fully assimilated by the end of fiscal 2013.
"Going forward, the uncertainty of the election is now behind us
but the potential fiscal cliff still looms. The short-term
economic outlook remains status quo, which I would describe as
volatile, with continuing pricing and margin pressures and no
established long-term economic trends. As previously
disclosed we will continue to manage accordingly and hope for a
clearer trend for the economy next year. With all of that
said, there is positive news to report. Several new customers
have selected us as their electronic manufacturing services
provider of choice. Coupling that good news with the synergy
created by the Spitfire acquisition, we continue to believe that we
are well positioned for when the economy does start to grow again
at a significant rate."
Headquartered in Elk Grove Village, IL, SigmaTron International,
Inc. is an electronic manufacturing services company that provides
printed circuit board assemblies and completely assembled
electronic products. SigmaTron International, Inc. operates
manufacturing facilities in Elk Grove Village, Illinois; Acuna,
Chihuahua, and Tijuana Mexico; Union City, California;
Suzhou-Wujiang, China, and Ho Chi Minh City,
Vietnam. SigmaTron International, Inc. maintains engineering
and materials sourcing offices in Carpentersville, Illinois and
Taipei, Taiwan.
Note: This press release contains
forward-looking statements. Words such as "continue,"
"anticipate," "will," "expect," "believe," "plan," and similar
expressions identify forward-looking statements. These
forward-looking statements are based on the current expectations of
the Company. Because these forward-looking statements involve
risks and uncertainties, the Company's plans, actions and actual
results could differ materially. Such statements should be
evaluated in the context of the risks and uncertainties inherent in
the Company's business including, but not necessarily limited to,
the Company's continued dependence on certain significant
customers; the continued market acceptance of products and services
offered by the Company and its customers; pricing pressures from
our customers, suppliers and the market; the activities of
competitors, some of which may have greater financial or other
resources than the Company; the variability of our operating
results; the results of long-lived assets impairment testing; the
variability of our customers' requirements; the availability and
cost of necessary components and materials; the ability of the
Company and our customers to keep current with technological
changes within our industries; regulatory compliance; the continued
availability and sufficiency of our credit arrangements; changes in
U.S., Mexican, Chinese, Vietnamese or Taiwanese regulations
affecting the Company's business; the turmoil in the global economy
and financial markets; the stability of the U.S., Mexican, Chinese,
Vietnamese and Taiwanese economic, labor and political systems and
conditions; currency exchange fluctuations; and the ability of the
Company to manage its growth, including its integration of the
Spitfire operation acquired in May 2012. These and other
factors which may affect the Company's future business and results
of operations are identified throughout the Company's Annual Report
on Form 10-K and as risk factors and may be detailed from time to
time in the Company's filings with the Securities and Exchange
Commission. These statements speak as of the date of such filings,
and the Company undertakes no obligation to update such statements
in light of future events or otherwise unless otherwise required by
law.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
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Three Months Ended October
31, 2012 |
Three Months Ended October
31, 2011 |
Six Months Ended October
31, 2012 |
Six Months Ended October 31,
2011 |
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Net sales |
$52,729,395 |
$39,902,653 |
$100,358,624 |
$78,794,664 |
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Cost of products sold |
47,326,225 |
36,331,246 |
90,249,556 |
71,680,749 |
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Gross profit |
5,403,170 |
3,571,407 |
10,109,068 |
7,113,915 |
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Selling and administrative expenses |
4,679,755 |
3,032,310 |
9,345,160 |
5,941,446 |
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Operating income |
723,415 |
539,097 |
763,908 |
1,172,469 |
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Other expense |
216,870 |
287,969 |
405,207 |
538,854 |
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Income from operations before income
tax |
506,545 |
251,128 |
358,701 |
633,615 |
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Income tax expense (benefit) |
23,711 |
92,861 |
(30,989) |
234,387 |
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Net income |
$482,834 |
$158,267 |
$389,690 |
$399,228 |
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Net income per common share
-- basic |
$0.12 |
$0.04 |
$0.10 |
$0.10 |
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Net income per common share
-- assuming dilution |
$0.12 |
$0.04 |
$0.10 |
$0.10 |
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Weighted average number of common
equivalent shares outstanding - assuming dilution |
4,002,264 |
3,883,683 |
3,989,180 |
3,887,380 |
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CONDENSED CONSOLIDATED
BALANCE SHEETS |
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October 31,
2012 |
April 30, 2012 |
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Assets: |
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Current assets |
$78,793,759 |
$74,139,130 |
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Machinery and equipment-net |
25,595,807 |
24,373,494 |
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Intangibles |
6,095,510 |
86,925 |
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Goodwill |
3,611,960 |
-- |
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Other assets |
882,826 |
547,334 |
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Total assets |
$114,979,862 |
$99,146,883 |
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Liabilities and stockholders'
equity: |
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Current liabilities |
$33,047,269 |
$24,566,962 |
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Long-term obligations |
30,178,076 |
23,558,850 |
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Stockholders' equity |
51,754,517 |
51,021,071 |
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Total liabilities and stockholders'
equity |
$114,979,862 |
$99,146,883 |
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CONTACT: SigmaTron International, Inc.
Linda K. Frauendorfer
1-800-700-9095
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