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EMS firm SigmaTron International Inc. has reported revenues and earnings for the fiscal year ended April 30, 2017. Revenues decreased to $252.2 million in fiscal year 2017 from $253.9 million in the prior fiscal year. Net income decreased to $1,390,206 in fiscal year 2017 compared to $2,082,659 in fiscal year 2016. Basic and diluted earnings per share for the fiscal year ended April 30, 2017 were each $0.33 compared to $0.50 and $0.49 each in fiscal year 2016.
For the fourth quarter of fiscal year 2017, revenues increased to $65.6 million compared to $60.8 million for the same quarter in the prior fiscal year. Basic and diluted earnings per share for the fiscal year 2017 fourth quarter were each $0.30 compared to basic and diluted earnings per share of $0.01 each for the same period of fiscal year 2016.
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 had an excellent fourth quarter of fiscal 2017 and closed the year on a positive note. Although several one-time events as well as year-end adjustments contributed to the fourth quarter results, the base business was solid and revenues started what we believe is an upward trend during the quarter.
"We believe that the election results have generated a more positive attitude regarding the economy for calendar 2017 and at this time we expect this trend to continue. There has been some short-term volatility with our customers compared to their scheduled orders three months ago, but we do expect some additional new customers to come on board later this year. Margin pressures continue but we believe the additional revenue will assist us in managing those pressures. The optimistic economic outlook, however, has created some additional challenges as we are seeing some shortages in the component marketplace that could affect our ability to meet our customers' backlog. In all cases, each effected customer is working with us to address the issue with the supplier of the component.
"Also during the fourth quarter, I am pleased to report that SigmaTron changed its primary banking relationship to US Bank N.A. Our new agreement provides access to significant additional working capital while lowering our overall borrowing costs. We believe this will help position us for the growth we see ahead and look forward to working with US Bank N.A.
"As always, I want to take this opportunity to thank our customers, supply chain, our new bank, US Bank N.A., our Board of Directors, and our greatest asset, our employees, that made fiscal 2017 profitable and provided momentum going forward."
About SigmaTron International
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.