OREANDA-NEWS. SigmaTron International, Inc. (NASDAQ:SGMA), an electronic manufacturing services company, today reported revenues and earnings for the fiscal year ended April 30, 2016.  Revenues increased to $253.9 million in fiscal year 2016 from $230.2 million in the prior fiscal year.  Net income increased to $2,082,659 in fiscal year 2016 compared to $903,412 in fiscal year 2015.  Basic and diluted earnings per share for the fiscal year ended April 30, 2016 were each $0.50 and $0.49, respectively compared to $0.22 each in fiscal year 2015.

For the fourth quarter of fiscal year 2016, revenues increased to $60.8 million compared to $60.1 million for the same quarter in the prior fiscal year.  Basic and diluted earnings per share for the fiscal year 2016 fourth quarter were each $0.01 compared to basic and diluted earnings per share of $0.04 each for the same period of fiscal year 2015.

Commenting on SigmaTron’s results, Gary R. Fairhead, President, Chief Executive Officer and Chairman of the Board, said, “I’m pleased to report that SigmaTron was profitable during the fourth quarter of fiscal 2016 as well as for the entire fiscal year.  Our fourth quarter of fiscal 2016 was essentially a repeat of the fourth quarter of fiscal 2015, in that it was profitable but disappointing.  In fact, we have seen revenue decrease the second half of fiscal 2016, and revenue in the third quarter and the fourth quarter were essentially the same.  This reflects the continuing stagnant global economy that has been experienced in recent months.

“On a positive note, the results for fiscal 2016 were much better than fiscal 2015, with our net income more than doubling from the prior year.  This was led by a strong first half of fiscal 2016 but clearly the economy slowed for the second half of our fiscal year.

“Going forward, we remain optimistic about continued growth in fiscal 2017.  We continue to grow our business with existing customers and adding new customers.  We believe growth with existing customers reflects their satisfaction with our performance and we continue to add new customers that are attracted to our global footprint and service capabilities.  We fully expect to continue to grow revenues in spite of the stagnate economy.  As you have heard many times, margin pressures continue from both vendors and customers.  We continue to find ways to offset those to remain profitable even with these pressures.

“As always, I want to take this opportunity to thank our customers, supply chain, our bank, Wells Fargo Bank N.A., our Board of Directors and our greatest asset, our employees, that made fiscal 2016 a profitable and more successful year than the prior fiscal year.”

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.

Financial tables to follow…

                           
                           
CONDENSED CONSOLIDATED STATEMENTS OF INCOME                        
                           
                           
      Three Months   Three Months     Twelve Months   Twelve Months      
      Ended   Ended     Ended   Ended      
      April 30,   April 30,     April 30,   April 30,      
        2016       2015         2016       2015        
                           
  Net sales   $ 60,753,363     $ 60,053,552       $ 253,904,146     $ 230,237,161        
                           
  Cost of products sold       54,770,215       54,240,280           228,385,615       208,168,323        
                           
  Gross profit       5,983,148         5,813,272           25,518,531         22,068,838        
                           
  Selling and administrative expenses       5,493,935       5,162,382           21,194,211       19,431,637        
                           
  Operating income        489,213       650,890           4,324,320       2,637,201        
                           
  Other expense        200,975       247,372           839,124       932,740        
                           
  Income from operations before income tax       288,238       403,518           3,485,196       1,704,461        
                           
  Income tax expense (benefit)       239,411       227,425           1,402,537       801,049        
                           
  Net income    $ 48,827     $ 176,093       $ 2,082,659     $ 903,412        
                           
                           
  Net income per common share -  basic   $ 0.01     $ 0.04       $ 0.50     $ 0.22        
                           
  Net income per common share -  assuming dilution   $ 0.01     $ 0.04       $ 0.49     $ 0.22        
                           
                           
  Weighted average number of common equivalent                         
    shares outstanding - assuming dilution     4,208,184       4,117,600         4,224,030       4,116,424        
                           
                           
                           
CONDENSED CONSOLIDATED BALANCE SHEETS                        
                           
      April 30,   April 30,                 
        2016       2015                  
                           
  Assets:                        
                           
  Current assets   $ 94,090,884     $ 94,379,147                  
                           
  Machinery and equipment-net       33,080,858       33,864,527                  
                           
  Intangibles       4,703,245         5,174,144                  
  Goodwill       3,222,899         3,222,899                  
  Deferred income taxes       233,057         365,935                  
  Other assets       1,531,315         1,319,901                  
                           
  Total assets   $ 136,862,258     $ 138,326,553                  
                           
  Liabilities and stockholders' equity:                        
                           
  Current liabilities   $ 45,986,309     $ 43,489,632                  
                           
  Long-term obligations       30,800,071         38,151,534                  
                           
  Stockholders' equity       60,075,878         56,685,387                  
                           
  Total liabilities and stockholders' equity   $ 136,862,258     $ 138,326,553