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Sigmatron International Inc (SGMA) SEC Filing 10-K Annual report for the fiscal year ending Saturday, April 30, 2016

Sigmatron International Inc

CIK: 915358 Ticker: SGMA

EXHIBIT 99.1

SigmaTron International, Inc. Reports Year End Financial Results for Fiscal Year 2016

ELK GROVE VILLAGE, Ill., July 29, 2016 (GLOBE NEWSWIRE) -- 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.

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 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         
              


 

 

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 Friday, July 29, 2016 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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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
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Accrued Expenses And Wages (schedule Of Accrued Expenses) (details)
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Allowance For Doubtful Accounts
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Allowance For Doubtful Accounts (tables)
Description Of The Business
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Goodwill And Other Intangible Assets
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Ticker: SGMA
CIK: 915358
Form Type: 10-K Annual Report
Accession Number: 0000915358-16-000038
Submitted to the SEC: Fri Jul 29 2016 11:54:48 AM EST
Accepted by the SEC: Fri Jul 29 2016
Period: Saturday, April 30, 2016
Industry: Printed Circuit Boards

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