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Sigmatron International Inc (SGMA) SEC Filing 10-K Annual report for the fiscal year ending Thursday, April 30, 2015

Sigmatron International Inc

CIK: 915358 Ticker: SGMA

EXHIBIT 99.1

SigmaTron International, Inc. Reports Year End Financial Results for Fiscal Year 2015

ELK GROVE VILLAGE, Ill., July 23, 2015 (GLOBE NEWSWIRE) -- SigmaTron International, Inc. (NASDAQ:SGMA),an electronic manufacturing services company,today reported revenues and earnings for the fiscal year ended April 30, 2015. Revenues increased to $230.2 million in fiscal year 2015 from $222.5 million in the prior fiscal year. Net income decreased to $903,412 in fiscal year 2015 compared to $2,918,691 in fiscal year 2014. Basic and diluted earnings per share for the fiscal year ended April 30, 2015 were each $0.22 compared to $0.74 and $0.72, respectively in fiscal year 2014.

For the fourth quarter of fiscal year 2015, revenues increased to $60 million compared to $55.6 million for the same quarter in the prior fiscal year. Basic and diluted earnings per share for the fiscal year 2015 fourth quarter were each $0.04 compared to basic and diluted earnings per share of $0.11 and $0.10, respectively for the same period of fiscal year 2014.

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 year 2015, as well as for the entire fiscal year.  The profits for the fourth quarter and the year were both disappointing in comparison to the same periods in the prior fiscal year.  The results reflect the choppy economy we are dealing with both in the United States and globally.  As previously reported, the first quarter Gross Domestic Product (GDP) for the United States actually contracted, which we believe caused our customers to adjust their orders and requirements which negatively impacted our results.

"We saw modest revenue increases for fiscal year 2015 and for the fourth quarter when comparing to equivalent periods of fiscal year 2014.  The rescheduling of orders negatively impacted what we thought would be a much stronger quarter ending the fiscal year.

"On a positive note, new programs launched during the fourth quarter. The new programs are with existing customers that we have long-term relationships with and new customers that we are excited to be partnering with. We have also seen gains in markets that we have been actively pursuing. Hence, we are optimistic heading into fiscal year 2016 that much of our hard work during the past two fiscal years will begin to pay off in terms of increased revenues and income.

"With that said, margin pressures continue from both vendors and customers. However, we feel that we have done a good job of addressing those pressures from a manufacturing and supply chain perspective.

"Once again, at fiscal year-end, I take this opportunity to thank our customers, supply chain, our bank, Wells Fargo Bank N.A., our Board of Directors and, most importantly, our excellent SigmaTron team, that contributed to making fiscal 2015 a profitable and successful 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.

Note: This press release contains forward-looking statements. Words such as "continue," "anticipate," "will," "expect," "believe," "plan," and similar expressions identify forward-looking statements. These forward-looking statements are based on the current expectations of the Company. Because these forward-looking statements involve risks and uncertainties, the Company's plans, actions and actual results could differ materially. Such statements should be evaluated in the context of the risks and uncertainties inherent in the Company's business including, but not necessarily limited to, the Company's continued dependence on certain significant customers; the continued market acceptance of products and services offered by the Company and its customers; pricing pressures from our customers, suppliers and the market; the activities of competitors, some of which may have greater financial or other resources than the Company; the variability of our operating results; the results of long-lived assets and goodwill impairment testing; the variability of our customers' requirements; the availability and cost of necessary components and materials; the ability of the Company and our customers to keep current with technological changes within our industries; regulatory compliance, including conflict minerals; the continued availability and sufficiency of our credit arrangements; changes in U.S., Mexican, Chinese, Vietnamese or Taiwanese regulations affecting the Company's business; the turmoil in the global economy and financial markets; the stability of the U.S., Mexican, Chinese, Vietnamese and Taiwanese economic, labor and political systems and conditions; currency exchange fluctuations; and the ability of the Company to manage its growth.  These and other factors which may affect the Company's future business and results of operations are identified throughout the Company's Annual Report on Form 10-K and as risk factors and may be detailed from time to time in the Company's filings with the Securities and Exchange Commission. These statements speak as of the date of such filings, and the Company undertakes no obligation to update such statements in light of future events or otherwise unless otherwise required by law.

Financial tables to follow…

CONDENSED CONSOLIDATED STATEMENTS OF INCOME      
         
  Three Months
Ended
April 30,
2015
Three Months
Ended
April 30,
2014
Twelve Months
Ended
April 30,
2015
Twelve Months
Ended
April 30,
2014
         
Net sales $60,053,552 $55,567,396 $230,237,161 $222,485,940
         
Cost of products sold  54,240,280 49,842,322  208,168,323 199,658,942
         
Gross profit  5,813,272  5,725,074  22,068,838  22,826,998
         
Selling and administrative expenses  5,162,382 4,779,662  19,431,637 19,200,514
         
Operating income   650,890 945,412  2,637,201 3,626,484
         
Other expense   247,372 220,556  932,740 841,660
         
Income from operations before income tax  403,518 724,856  1,704,461 2,784,824
         
Income tax expense (benefit)  227,425 302,077  801,049 (133,867)
         
Net income  $176,093 $422,779 $903,412 $2,918,691
         
Net income per common share - basic $0.04 $0.11 $0.22 $0.74
         
Net income per common share - assuming dilution $0.04 $0.10 $0.22 $0.72
         
Weighted average number of common equivalent shares outstanding - assuming dilution 4,117,600 4,107,570 4,116,424 4,074,487
         
         
CONDENSED CONSOLIDATED BALANCE SHEETS        
         
  April 30,
2015
April 30, 
2014
   
         
Assets:        
         
Current assets $96,477,279 $83,170,480    
         
Machinery and equipment-net  33,864,527 32,692,908    
         
Intangibles  5,174,144 5,602,754    
Goodwill  3,222,899  3,222,899    
Other assets  1,319,901 790,390    
         
Total assets $140,058,750 $125,479,431    
         
Liabilities and stockholders' equity:        
         
Current liabilities $43,408,586 $37,010,798    
         
Long-term obligations  39,964,777 33,062,290    
         
Stockholders' equity  56,685,387 55,406,343    
         
Total liabilities and stockholders' equity $140,058,750 $125,479,431    
CONTACT: For Further Information Contact:
         SigmaTron International, Inc.
         Linda K. Frauendorfer
         1-800-700-9095

The following information was filed by Sigmatron International Inc (SGMA) on Thursday, July 23, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Income
401(k) Retirement Savings Plan
401(k) Retirement Savings Plan (details)
Accrued Expenses And Wages
Accrued Expenses And Wages (schedule Of Accrued Expenses) (details)
Accrued Expenses And Wages (schedule Of Accrued Wages) (details)
Accrued Expenses And Wages (tables)
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts (details)
Allowance For Doubtful Accounts (tables)
Description Of The Business
Description Of The Business (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets ( Schedule Of Acquired Intangible Assets Amortized Over Estimated Useful Life) (details)
Goodwill And Other Intangible Assets (estimated Aggregate Amortization Expense) (details)
Goodwill And Other Intangible Assets (narrative) (details)
Goodwill And Other Intangible Assets (summary Of Intangible Assets Subject To Amortization) (details)
Goodwill And Other Intangible Assets (tables)
Income Tax
Income Tax (deferred Tax Assets And Liabilities Classified In Consolidated Balance Sheet) (details)
Income Tax (deferred Tax Assets And Liabilities) (details)
Income Tax (income (loss) Before Income Tax Expense) (detail)
Income Tax (income Tax Provision (benefit)) (details)
Income Tax (narrative) (detail)
Income Tax (reconciliation Of Income Taxes) (details)
Income Tax (tables)
Inventories
Inventories (changes In Inventory Obsolescence Reserve) (details)
Inventories (tables)
Inventories, Net (components Of Inventory) (details)
Leases
Leases (future Minimum Lease Payments Under Leases) (details)
Leases (narrative) (details)
Leases (tables)
Litigation
Litigation (narrative) (details)
Long-term Debt
Long-term Debt (aggregate Amount Of Debt Maturing) (details)
Long-term Debt (details)
Long-term Debt (tables)
Major Customers And Concentration Of Credit Risk
Major Customers And Concentration Of Credit Risk (details)
Property, Machinery And Equipment, Net
Property, Machinery And Equipment, Net (narrative) (details)
Property, Machinery And Equipment, Net (schedule Of Property, Machinery And Equipment) (details)
Property, Machinery And Equipment, Net (tables)
Selected Quarterly Financial Data
Selected Quarterly Financial Data (details)
Selected Quarterly Financial Data (tables)
Stock Compensation
Stock Compensation (black-scholes Option Pricing Model) (details)
Stock Compensation (narrative) (details)
Stock Compensation (stock Options Outstanding And Exercisable) (details)
Stock Compensation (summarized Option Activity) (details)
Stock Compensation (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (schedule Of Estimated Useful Life) (details)
Summary Of Significant Accounting Policies (tables)
Ticker: SGMA
CIK: 915358
Form Type: 10-K Annual Report
Accession Number: 0000915358-15-000015
Submitted to the SEC: Fri Jul 24 2015 5:40:27 PM EST
Accepted by the SEC: Mon Jul 27 2015
Period: Thursday, April 30, 2015
Industry: Printed Circuit Boards

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