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SigmaTron International, Inc., an electronic manufacturing services company, today reported revenues and earnings for the third quarter ended January 31, 2018.
Revenues increased to $65.7 million for the third quarter of fiscal 2018 from $62.2 million for the same quarter in the prior year. Net income for the quarter was $31,338 compared to a net loss of $47,852 for the same period in the prior year. Basic and diluted earnings per share were each $0.01 for the quarter ended January 31, 2018, compared to basic and diluted loss per share each $0.01 for the same quarter in fiscal 2017.
For the nine months ended January 31, 2018, revenues increased to $209.9 million compared to $187.5 million for the same period in the prior year. Net income for the nine month period ended January 31, 2018 was $1,150,335 compared to net income of $132,040 for the same period in the prior year. Basic and diluted earnings per share for the nine months ended January 31, 2018, were each $0.27, compared to basic and diluted earnings per share each of $0.03 for the nine months ended January 31, 2017.
Commenting on SigmaTron’s third quarter, fiscal 2018 results, Gary R. Fairhead, president, chief executive officer and chairman of the board, said, “I’m disappointed to report a small profit for the third quarter. As stated in our second quarter press release we saw some slowing trends in revenue that negatively impacted our results. This is the same thing we saw last year for the third quarter. The third quarter has both the holiday period and companies evaluating their inventory levels while making adjustments to start the new year. Making the situation worse was the fact that component shortages continued through the third quarter and will likely continue through the fourth quarter. This has the dual effect of lowering revenue and increasing inventory as we wait for parts to arrive. The component shortages have been driven by the overall stronger economy and increased emphasis on electric vehicles and server farms as well as cell phones. It takes a significant period of time to increase semiconductor manufacturing capacity so we expect to continue to face headwinds in the component marketplace during much if not all of 2018.
On a positive note, the new programs that I referred to in our prior press release are beginning production and they will add additional revenue at reasonable margins going forward. We continue to see more and more new opportunities from both current customers and prospective customers as overall the economy seems to be heading in a positive direction.”
About SigmaTron International, Inc.
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.