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SigmaTron Reports Strong Q1 Financial Results for Fiscal 2016
September 11, 2015 | Globe NewswireEstimated reading time: 2 minutes
SigmaTron International, Inc. an electronic manufacturing services company, today reported revenues and earnings for the fiscal quarter ended July 31, 2015.
Revenues increased to $64.2 million in the first quarter of fiscal 2016 from $54.9 million for the same quarter in the prior year. Net income of $658,806 was recorded for the quarter ended July 31, 2015 compared to a net income of $16,810 for the same period in the prior year. Basic and diluted earnings per share for the quarter ended July 31, 2015, were each $0.16, compared to basic and diluted earnings per share of $0.00 for the same quarter ended July 31, 2014.
Commenting on SigmaTron's first quarter fiscal 2016 results, Gary R. Fairhead, President, Chief Executive Officer and Chairman of the Board, said, "I am pleased to report a strong performance for the first quarter of fiscal 2016. In comparison to both the first quarter of fiscal 2015 and the prior quarter (fourth quarter of 2015), revenue and pre-tax income were both up significantly. As stated in our prior press release, we anticipated that new programs with existing and new customers would be launching during the quarter and we benefited from that. We also saw some nominal growth on our existing base of business, all of which resulted in the positive results for the first quarter.
"Equally important, that trend continues into the second quarter. Additional programs will be launching and several of the programs that have been launched are still continuing to ramp. Should the economy remain steady, which is always a concern these days, we would expect to see sequential growth from the first quarter to the second quarter in terms of revenue. We also continue to pursue new opportunities that we remain hopeful we will be able to land and help continue our growth in markets that we are targeting.
"While all of that is positive news, clearly the economy remains volatile and sluggish at best. While we are excited about the opportunities, we remain cautious about the possibility of short-term slowdowns, and will manage accordingly. Margin pressures continue but we feel that we continue to head in the right direction."
About SigmaTron International, Inc.
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, 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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