SigmaTron reports year end results - 10% sales growth

SigmaTron International, Inc. (NASDAQ:SGMA) reported revenues and earnings for the fiscal year ended April 30, 2003. Revenues were $93,165,149 a 9.9% increase from the prior fiscal year revenues of $84,770,921. Net income for fiscal 2003 was $5,385,716 compared to $1,542,056 for fiscal 2002. Diluted earnings per share for fiscal 2003 were $1.61 compared to $0.52 in the prior year. Diluted earnings per share for the fourth quarter 2003 were $0.58 per share as compared to $0.09 per share for the fourth quarter of fiscal 2002. Revenues increased to $25,844,543 for the fourth quarter of fiscal 2003 compared to $19,445,675 for the same quarter in the prior year. Gary R. Fairhead, SigmaTron's President and Chief Executive Officer, observed: "SigmaTron is pleased to report profitable results for our fourth quarter as well as for fiscal 2003. The results for the fourth quarter are somewhat surprising in that our fourth quarter has historically been one of our slower quarters. However, demand remained strong for many of our customers, several new customers started jobs with us, our productivity remained high and we kept an eye on our costs. The fourth quarter's results helped us to achieve exceptional results for the year. "During fiscal 2003, SigmaTron was able to achieve several key objectives. We were successful in decreasing our working capital requirements, which coupled with our operating results has resulted in our lowest debt level since 1994 when we went public. We have increased our technical support staff, allowing us to increase the services we can offer our new and prospective customers. And we have made considerable progress in China towards our objective of having our wholly owned plant. "Our Mexican plant remained very busy during the year, successfully meeting challenges from existing and new customers. Las Vegas had an excellent year as well, as the gaming industry grew as expected. Elk Grove Village made considerable progress in reducing its cost structure, and is aggressively pursuing new business. Our affiliate SMT Unlimited again managed to make a nominal profit in spite of Silicon Valley's troubles related to the telecom industry. Given the uncertainty of the business climate and significant costs and issues relating to compliance with the Sarbanes Oxley Act, the Company has decided to make no comment about financial prospects for the future. In spite of the above, we remain cautiously optimistic going forward, and we will continue to work to control costs and grow the Company. "We appreciate the continued support from all of our stockholders, our customers, banks, vendors and employees. We remain focused on creating long term value for our stockholders, and believe our plans for fiscal 2004 will continue to do that." Headquartered in Elk Grove Village, IL, SigmaTron International, Inc. is an electronic manufacturing services company that provides components, printed circuit board assemblies and turnkey (completely assembled) electronic products. SigmaTron International, Inc. operates manufacturing facilities in Elk Grove Village, Illinois, Las Vegas, Nevada, and Acuna, Mexico. SigmaTron International, Inc. maintains engineering and materials sourcing offices in Elk Grove Village, Illinois and Taipei, Taiwan. The Company provides engineering support services in Acuna, Mexico and warehousing services in Del Rio, Texas. In addition, SigmaTron International, Inc. has an affiliate, SMT Unlimited L.P., that provides electronic manufacturing services in Fremont and Hollister, California. SigmaTron is currently expanding its operations to include a manufacturing facility in China. Source: PCBnewsline