Electronics Production | September 12, 2012

SigmaTron CEO: economy “choppy and volatile”

SigmaTron had a “decent” quarter from an operational perspective, CEO Gary R. Fairhead said, despite a “choppy and volatile” economy.
SigmaTron International's revenues increased to 47.6 million USD in first quarter of fiscal 2013, up from 38.9 million USD for the same quarter in the prior year. A net loss of 93,144 USD was recorded for the period ended July 31, 2012 compared to net income of 240,961 USD for the same period in the prior year.

Commenting on SigmaTron's first quarter fiscal 2013 results, Gary R. Fairhead, President, Chief Executive Officer and Chairman of the Board, said, "In reporting our results for the quarter, I look at them in the context of the Spitfire acquisition and the Tijuana relocation. During the quarter, SigmaTron incurred $589K of one-time expenses related to the acquisition and $392K of one-time expenses related to the relocation. When looking at our results in light of those expenses, the quarter was decent from an operational perspective. The majority of these non-recurring expenses are behind us, but there will be some one-time expenses in the second quarter related to the Spitfire acquisition.

"We continue to see a choppy and volatile general economy. International events and our upcoming election in the United States have caused the economy to be managed cautiously, and we are taking the same approach. Until the economy strengthens, we expect continuing margin pressures and we plan to focus on opportunities to add new revenue and control expenses. Our results, given the one-time expenses incurred during the quarter, lead us to believe we are heading in the right direction, strategically and operationally."


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