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SigmaTron Reports Year End Financial Results for FY2019
July 25, 2019 | Globe NewswireEstimated reading time: 2 minutes
SigmaTron International, Inc. reported revenues and earnings for the fiscal year ended April 30, 2019. Revenues increased to $290.5 million in fiscal year 2019 from $278.1 million in the prior fiscal year. The net loss of $865,114 in fiscal year 2019 showed improvement compared to a net loss of $3,241,870 in fiscal year 2018. Basic and diluted loss per share for the fiscal year ended April 30, 2019 were each $0.20 compared to loss per share of $0.77 each in fiscal year 2018.
For the fourth quarter of fiscal year 2019, revenues increased to $73.3 million compared to $68.2 million for the same quarter in the prior fiscal year. Basic and diluted earnings per share for the fiscal year 2019 fourth quarter were each $0.23 compared to basic and diluted loss per share of $1.04 each for the same period of fiscal year 2018.
Commenting on SigmaTron’s results for both the fourth quarter and fiscal year ended April 30, 2019, Gary R. Fairhead, president, chief executive officer and chairman of the board, said, “I’m pleased to report that SigmaTron posted a solid pre-tax profit of $1,788,996 for the fourth quarter of fiscal 2019. The results were driven by modestly stronger revenue, improved pricing and favorable adjustments related to estimates made earlier in the year.
“The solid fourth quarter numbers resulted in a pre-tax profit of $866,301 for fiscal year 2019 which included a non-cash charge for currency fluctuations of $434,000. As disclosed earlier in the year we recorded tax valuation allowances a non-cash tax expense that resulted in a net loss of $865,114 for the entire year. Net income for the fourth quarter was $980,960.
“As we enter fiscal 2020, uncertainty remains pervasive in the market. The trade war with China weighs heavily on our operations. Customers are continuing to re-evaluate their supply chains, and the uncertainty regarding trade policy remains a difficult variable to manage. We have seen the electronic component supply chain improve modestly. Shortening of lead-time for some components should assist in lowering inventory and allow us to react more efficiently to the volatility of customer demand requirements. With that said, all of this is dependent upon trade policy and until agreements are reached volatility will remain to the detriment of our industry.
“We do feel that we are heading into fiscal 2020 with a solid plan and some interesting new opportunities ahead of us. Current customers are launching new programs and several new customers are starting to ramp production. Offsetting these positive developments, labor markets remain tight. Our focus will remain on inventory levels and increasing cash flow as the trade volatility remains. We are working these issues with our customers in an attempt to make both parties more efficient. In spite of the trade wars, we are optimistic regarding the fiscal year ahead of us and if the trade wars are resolved, it would appear that there is some additional upside available for fiscal 2020.
“I want to thank our customers, supply chain, U.S. Bank National Association, our employees and our Board of Directors for their continued support during what was a difficult fiscal year and I’m pleased that we were able to report positive results.”
About SigmaTron International, Inc.
Headquartered in Elk Grove Village, Illinois, 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, China, and Ho Chi Minh City, Vietnam. SigmaTron International, Inc. maintains engineering and materials sourcing offices in Elgin, Illinois and Taipei, Taiwan.
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