SigmaTron International, Inc. reports record financial results for third fiscal quarter 1995.ELK GROVE VILLAGE Elk Grove Village, village (1990 pop. 33,429), Cook and Du Page counties, NE Ill., a suburb of Chicago; inc. 1956. With a population of c.100 at the time of its establishment on open farmland, the village has grown dramatically and steadily, largely because of its , Ill.--(BUSINESS WIRE)--March 6, 1995--SigmaTron International, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SGMA SGMA Sporting Goods Manufacturers Association SGMA Southern Gospel Music Association SGMA Sierpinski Gasket Monopole Antenna ), today reported record revenues and pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta earnings for the third quarter of fiscal 1995. For the three months ended January 31, 1995, SigmaTron reported pre-tax net income of $781,693 on net revenues of $10,890,219. This compares to the third quarter 1994 pre-tax net income of $725,713 on net revenues of $10,467,779. For the nine months ended January 31, 1995 SigmaTron reported pre-tax net income of $2,369,247 on net revenues of $33,709,066, compared to pre-tax net income of $1,662,502 and net revenues of $25,318,340 for the same period in the prior year. Earnings per share for the three months and nine months ended January 31, 1995 are $.17 and $.52 respectively, which compares to pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share of $.18 and $.44 for the same periods in the prior fiscal year. The financial results are a record for the third quarter. SigmaTron's earnings per share for the nine months ended January 31, 1995 are up 18% over the same period last fiscal year ($.52 versus $.44). During the third quarter SigmaTron incurred start-up Start-up The earliest stage of a new business venture. expenses for SMT (1) (Surface Mount Technology) See surface mount. (2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management Unlimited L.P., our Fremont, California For the unincorporated community in Yolo County, California, see . Fremont (IPA: /ˈfriːmɒnt/) is a city in California that was incorporated on January 23, 1956, from the merger of five smaller communities: based affiliate and extraordinary expenses related to Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum tax legislation. However, the momentum in our three divisions remained strong, allowing SigmaTron to achieve record results in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite these expenses. Prior to SigmaTron's reorganization on February 8, 1994 from a limited partnership into a C-Corporation, SigmaTron paid no income taxes due to its partnership status. Because of its partnership status prior to February 1994, comparisons between fiscal year 1995 and fiscal year 1994 are best indicated by revenues and pre-tax incomes. SMT Unlimited L.P.'s start-up is on schedule, with its first orders received and shipments made in January, 1995. We expect the operation to be running at break-even by first quarter of fiscal 1996. We have expanded and enhanced our Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nevada operations and built a significant cable/harness assembly facility. In Elk Grove Village, Illinois Elk Grove Village is a municipality located in northeastern Illinois adjacent to O'Hare International Airport and the City of Chicago. Elk Grove Village encompasses 10.9 square miles in land area with 10.5 square miles located in Cook County and 0. , our surface mount assembly operation continues to expand with demand forecast to exceed current capacity by the fall of 1995. In Mexico we have seen positive results from the addition of automatic insertion insertion n. the addition of language at a place within an existing typed or written document, which is always suspect unless initialled by all parties. and test equipment and have received initial purchase orders from five new customers. The increased activity in Mexico bodes well for the fourth quarter of fiscal 1995. During the third quarter, the Mexican peso's devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. against the U.S. dollar was headline news. We believe that any benefit will be short term at best and not material to our performance in fiscal 1995. Headquartered in Elk Grove Village, Illinois, SigmaTron International, Inc. is an independent contract manufacturer of components, printed circuit board assemblies and turnkey See turnkey system. (completely assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. ) electronic products. SigmaTron International, Inc. operates manufacturing facilities in Elk Grove Village, Illinois, Las Vegas, Nevada, and Acuna, Mexico. SigmaTron International, Inc. maintains engineering and materials sourcing offices in Elk Grove Village, Illinois and Taipei, Taiwan. The company provides engineering support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services in Acuna, Mexico and warehousing services in Del Rio, Texas Del Rio is the county seat of Val Verde CountyGR6,United States. The population was 33,867 at the 2000 census. Del Rio is known as the American address of legendary Mexican radio stations XERA in the 1930s and XERF transmitter powered each of . In addition, SigmaTron International, Inc. has an affiliate, SMT Unlimited L.P. that provides contact manufacturing services in Fremont, California. Detailed results follow. -0- CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (UNAUDITED)
Three Months Ended Nine Months Ended
January 31, January 31, January 31, January 31,
1995 1994 1995 1994
___________ ___________ ___________ ___________
Net Sales $10,890,219 $10,467,779 $33,709,066 $25,318,340
Cost of products sold 8,861,790 8,702,810 27,520,313 21,171,788
___________ ___________ ___________ ___________
Gross profit 2,028,429 1,764,969 6,188,753 4,146,552 Operating expenses 950,326 880,966 3,195,255 2,082,004
___________ ___________ ___________ ___________
Operating income 1,078,103 884,003 2,993,498 2,064,548
Other (Income)
deductions-net 296,410 158,290 624,251 402,046
___________ ___________ ___________ ___________
Pre-tax Income 781,693 725,713 2,369,247 1,662,502
Income tax expense 288,930 -- 914,395 --
___________ ___________ ___________ ___________
Net Income $492,763 $725,713 $1,454,852 $1,662,502
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Net Income per
common and common
equivalent share $0.17 -- $0.52 --
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Weighted average
number of common
and common equiv-
alent shares
outstanding 2,832,250 -- 2,811,375 --
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Pro forma (unaudited):
Net Income
per share -- $0.18 -- $0.44
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Common shares
outstanding -- 2,625,000 -- 2,625,000
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
CONSOLIDATED CONDENSED BALANCE SHEET
January 31, April 30,
1995 1994
(Unaudited)
____________ ____________
Current assets 16,365,518 13,850,197
Machinery and equipment-net 5,527,214 3,485,591
Other assets 2,392,591 502,051
____________ ____________
Total assets 24,285,323 17,837,839
____________ ____________
____________ ____________
Liabilities and shareholders' equity Current liabilities 5,071,776 5,100,992 Long-term obligations 9,247,577 4,225,741
Stockholders' equity 9,965,970 8,511,106
____________ ____________
Total liabilities and
stockholders' equity 24,285,323 17,837,839
____________ ____________
____________ ____________
CONTACT: SigmaTron International, Inc., Elk Grove Village Linda K. Blake, 708/956-8000 |
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