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SigmaTron Reports Lower 1Q FY2017 Results
September 14, 2016 | SigmaTron International Inc.Estimated reading time: 1 minute
Electronic manufacturing services (EMS) company SigmaTron International Inc. has reported revenues of $58.9 million in the first quarter of fiscal 2017, down from $64.2 million for the same quarter in the prior year.
Net income of $146,597 was recorded for the quarter ended July 31, 2016 compared to net income of $658,806 for the same period in the prior year. Basic and diluted earnings per share were $0.04 and $0.03, respectively, compared to basic and diluted earnings per share of $0.16 for the same period last year.
“I’m pleased to report that SigmaTron was profitable during the first quarter of fiscal 2017. The quarter was a difficult one in terms of revenue as we saw sales decline 3% from the fourth quarter of fiscal 2016. This is now the third quarter in a row where we have seen a slowing of demand, which we continue to attribute to a sluggish domestic economy and a stagnant global economy. We were able to manage this slowdown while still positioning the Company for future growth,” said Gary R. Fairhead, SigmaTron’s president, CEO and chairman of the board. “As we enter the second quarter, we are pleased to see revenue rebound somewhat and short term demand strengthen. Customers that pushed orders out have begun to pull them in, and we believe in the second quarter revenue should increase. We have historically seen a small amount of seasonality in the second quarter and some of our new customers and new programs with existing customers are beginning to launch. We are cautiously optimistic for the short term.
“In the long term we remain excited about those new customers that have awarded us business and potential new customers in the pipeline. We also see some exciting new programs with existing customers which we hope they will launch during this fiscal year. Hopefully that momentum will continue going forward, but we remain concerned about general economic conditions. We will manage accordingly.”
About SigmaTron
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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