SigmaTron International, Inc. Reports Year-End Financial Results for Fiscal Year 2021

SigmaTron International, Inc. Reports Year-End Financial Results for Fiscal Year 2021

“Regarding the acquisition of Wagz, we signed an Agreement on July 19, 2021 and expect to close the transaction by September 30, 2021. Please refer to our press release dated July 21, 2021. A proxy will be sent to our shareholders in the second fiscal quarter of 2022. We remain excited about the opportunities we believe the acquisition will bring to SigmaTron and its shareholders. “On July 13, 2021 we announced that we received full forgiveness of our Small News Administration (“SBA”) Paycheck Protection Program (“PPP”) loan in the amount of approximately $6.3 million, which we had received pursuant to the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) on April 23, 2020. “As always, I want to thank our customers, supply chain, our bank, JPMorgan Chase, our Board of Directors and our dedicated employees who have persevered during this most difficult year. In many cases, I believe the challenges raised by the pandemic have created stronger relationships with both our customers and our suppliers, which is rewarding in and of itself. I’m pleased that we were able to report a profit for the entire fiscal year after the way the year started.”

“These results were obtained after incurring significant non-reoccurring expenses during the year. These were related to changing our bank, COVID related expenses including reconfiguring our operations to provide a safe environment, and expenses related to our proposed acquisition of Wagz, Inc. Furthermore, the continuing electronic component shortages in the marketplace have certainly led to a lower productivity on occasion, as the marketplace has remained volatile. Putting all that together and remembering where we were a year ago, it is satisfying to end the year on such a strong note and to have a profitable fiscal 2021. Story continues

“Going forward, our backlog remains at an all-time high with demand staying strong across the vast majority of markets and customers we serve. That’s the good news. Furthermore, we have several new customers of significance that are starting in the first half of fiscal 2022 that are expected to result in continued revenue growth like we experienced in the fourth quarter of fiscal 2021. The bad news is that the electronic component marketplace remains volatile in terms of both supply and price and it could well negatively impact our ability to ship the backlog on time. This is a problem faced by almost every customer and competitor in the EMS industry, and we do not see it getting better anytime soon. Our supply chain and operations teams have risen to the occasion day after day but challenges continue for the foreseeable future and it would seem they will remain for fiscal 2022. We do not see any signs of weakening in the semiconductor demand across all markets, nor do we see any additional capacity coming online anytime soon. Commenting on SigmaTron’s results for both the fourth quarter and fiscal year ending April 30, 2021, Gary R. Fairhead, President, Chief Executive Officer, and Chairman of the Board, said, “SigmaTron is pleased to report a very strong fourth quarter for fiscal 2021. We posted pre-tax profits of $1.9 million on revenue of $76.0 million. This is one of the strongest quarters in recent memory for SigmaTron. It continued the positive trend that we saw starting in our second quarter and accelerating in our third quarter of fiscal 2021. Due to the strong results for the fourth quarter, I am also pleased to report that SigmaTron posted pre-tax profits of $2.1 million on revenue of $277.7 million for the fiscal year. These results were achieved in spite of a horrible first quarter which was at the height of the COVID pandemic for SigmaTron.

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 direct and indirect 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 the Company’s 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 the Company’s operating results; the results of long-lived assets impairment testing; the ability to achieve the expected benefits of acquisitions; the collection of aged account receivables; the variability of the Company’s customers’ requirements; the availability and cost of necessary components and materials; the ability of the Company and its customers to keep current with technological changes within its industries; regulatory compliance, including conflict minerals; the continued availability and sufficiency of the Company’s credit arrangements, including the phase-out of LIBOR; the ability to meet the Company’s financial covenant; 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 spread of COVID-19 (commonly known as “Coronavirus”) which has threatened the Company’s financial stability by causing a decrease in consumer revenues, caused a disruption to the Company’s global supply chain, caused plant closings or reduced operations thus reducing output at those facilities; 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, 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 follow… Forward-Looking Statements

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 Biên Hòa City, Vietnam. SigmaTron International, Inc. maintains engineering and materials sourcing offices in Elgin, Illinois and Taipei, Taiwan. About SigmaTron International, Inc.

The News Highlights

  • SigmaTron International, Inc. Reports Year-End Financial Results for Fiscal Year 2021
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Lightfoot, Chicago health officials recommend masks for everyone
Lightfoot, Chicago health officials recommend masks for everyone
The Centers for Disease Control added Cook County to the list of areas with substantial COVID-19 transmission. This means the agency recommends wearing masks ...
Golden eagle populations fighting in Utah and the west
Golden eagle populations fighting in Utah and the west
On another day, Steve Slater and Maloney are southwest of the Great Salt Lake at Dugway Proving Ground. U.S. soldiers are flying drones. Some are off the ...
Anger rises when Biden and Congress allow the eviction ban to expire
Anger rises when Biden and Congress allow the eviction ban to expire
“We cannot in good faith blame the Republican Party when House Democrats have a majority,” the progressive congresswoman said on CNN’s “State of the Union.” ...
News Reports for Sunday, Aug. 1 |  Grand Island Local News
News Reports for Sunday, Aug. 1 | Grand Island Local News
GTA Insurance Group specializes in personal insurance products, commercial insurance, farm and crop insurance and employee benefits, highly emphasizing ...
Federal officials donate $6 million UIC to test treatment with COVID-19
Federal officials donate $6 million UIC to test treatment with COVID-19
Researchers hope the testing will culminate in an application to a U.S. Food and Drug Administration program overseeing how potential drugs are evaluated for ...
‘Jungle Cruise’ boards top box office despite COVID’s concerns
‘Jungle Cruise’ boards top box office despite COVID’s concerns
“In this pandemic-challenged market place, it overperformed,” said Paul Dergarabedian, the senior media analyst for Comscore. “It didn’t really seem like the ...
Admissions at Ballad Health’s COVID-19 exceed 100 |  News
Admissions at Ballad Health’s COVID-19 exceed 100 | News
“Given the severe national shortage of nurses, and the resources required to care for patients with COVID-19, it is highly likely the public can expect ...
Donate Blood to Vitalant and Mid-South Food Bank Receives Money
Donate Blood to Vitalant and Mid-South Food Bank Receives Money
Type O blood in short supplyBlood usage by patients has increased as people take care seek medical care they put off during the height of the pandemic and as ...
Sensata Technologies Reports First Quarter 2021 Financial Results
Money and the Law: What is an Insurance Score and How Does it Affect Your Auto Insurance Premium? | The business
Although insurance companies are convinced good credit equates to lower risk, this remains controversial. For example, if you don’t always pay your MasterCard ...
Kraken revises Grubauer’s agreement after CBA violation
Kraken revises Grubauer’s agreement after CBA violation
Grubauer’s deal appears to be a minor miscalculation, unlike New Jersey’s initial contract with Ilya Kovalchuk 11 years ago that was rejected for attempted ...
Show next
Compsmag - Latest News from tech, business and health
Logo