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SigmaTron International Reports Third Quarter Financial Results for Fiscal 2021
March 11, 2021 | Globe NewswireEstimated reading time: 3 minutes
SigmaTron International, Inc., an electronic manufacturing services company, reported revenues and earnings for the third quarter ended January 31, 2021.
Revenues increased to $71.5 million for the third quarter of fiscal 2021 from $67.4 million for the same quarter in the prior year. Net income for the quarter was $249,268 compared to a net loss of $217,039 for the same period in the prior year. Basic and diluted earnings per share were each $0.06 for the quarter ended January 31, 2021, compared to basic and diluted loss per share each of $0.05 for the same quarter in fiscal 2020.
For the nine months ended January 31, 2021, revenues decreased to $201.7 million compared to $216.3 million for the same period in the prior year. Net loss for the nine month period ended January 31, 2021 was $24,540 compared to net income of $805,169 for the same period in the prior year. Basic and diluted loss per share for the nine months ended January 31, 2021, were each $0.01, compared to basic and diluted earnings per share each of $0.19 for the nine months ended January 31, 2020.
Commenting on SigmaTron’s third quarter, fiscal 2021 results, Gary R. Fairhead, President, Chief Executive Officer, and Chairman of the Board, said, “SigmaTron’s third quarter was both an interesting and successful quarter. As previously announced, SigmaTron changed its primary lender from U.S. Bank to J.P. Morgan Chase on January 29, 2021. We are excited about the new relationship and believe that it will better position us for the opportunities we see in front of us, both with our electronic manufacturing services core business and our anticipated acquisition of Wagz.
“The change of banks resulted in a significant hit of approximately $360,000 to our third quarter pre-tax income. However, even with that expense, I’m pleased to report a pre-tax profit for the third quarter of fiscal 2021 and a pre-tax profit for the first nine months of fiscal 2021. After the horrendous first quarter we had, when our customers and the Company were impacted by COVID and our revenue was significantly reduced, we are pleased to have reached this milestone.
“In addition, heading into the fourth quarter of fiscal 2021 the Company finds itself with a record backlog going forward. With that record backlog, we find ourselves facing a new set of challenges that you may have heard about in the national media and I referred to in our press release dated December 10, 2020. Tremendous demand for electronic components and, in particular, semiconductor products has accelerated beyond what we were seeing even then and we find the marketplace, in terms of our supply chain, volatile. Some parts are on allocation. Many parts have had price increases. In some cases, suppliers missed their shipping commitments.
“Much has been made of the effect of this component marketplace on manufacturing, especially in the automobile industry, with factories being shut down due to the lack of supply. We are working closely with our supply chain and our customers when these situations occur but at this time there is every indication that this will continue through the balance of calendar 2021.
“Also, we were negatively affected in February by the winter storms that paralyzed Texas and parts of Mexico. Our largest operation in Acuna/Del Rio was shut down for a week and our operation in Chihuahua for two days. Both operations returned to normal later in the month.
“In addition to the record backlog, we have several new customers that we are starting to work with. We also have a record number of new opportunities going forward. Uncertainty remains regarding the future relationship between China and the United States so we will have to wait and see how that plays itself out. We have continued to make progress on our proposed acquisition of Wagz, Inc. and are even more excited about the opportunities we believe it will bring to both companies.
“While we still have many challenges in our industry, in general, we see several strong quarters ahead of us and we should have good momentum closing out fiscal 2021 and heading into fiscal 2022.”
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