SigmaTron reports $52.7 million increase of revenues for Q2

Revenues increased to USD 52.7 million for the second quarter of fiscal 2013 from USD 39.9 million for the same quarter in the prior year. Net income increased to USD 482,834 in the second fiscal quarter compared to USD 158,267 for the same period in the prior year. Basic and diluted earnings per share were USD 0.12 for the quarter ended October 31, 2012, compared to USD 0.04 for the same quarter in fiscal 2012. For the six months ended October 31, 2012, revenues increased to USD 100.4 million compared to USD 78.8 million for the same period ended October 31, 2011. Net income for the same period in fiscal 2013 was USD 389,690, compared to USD 399,228 for the same period in the prior year. Commenting on SigmaTron's second quarter fiscal 2013 results, Gary R. Fairhead, President, Chief Executive Officer and Chairman of the Board, said, "I am pleased to report that SigmaTron was profitable for the second quarter of fiscal 2013, tripling our earnings per share from the same quarter in fiscal 2012. These results are after incurring an additional USD 179,156 in one-time transaction costs related to the Spitfire acquisition. We expect these costs to end during the third quarter of this fiscal year. "Speaking of the Spitfire acquisition, we are pleased with the results to date. Customers have accepted and welcomed our combined structure, and we continue to believe that we will have more opportunities in the electronic appliance control market because of the acquisition. The assimilation of Spitfire into SigmaTron continues on schedule, and we expect that all operations will be fully assimilated by the end of fiscal 2013.