SigmaTron International revenues up, profit down in 2014

ELK GROVE VILLAGE, - SigmaTron International reported revenues and earnings for the fiscal year ended April 30 were up over the same period in 2014, although profits declined during that time due to soft market conditions,

The electronic manufacturing services company said revenues increased to $230.2 million in fiscal year 2015 from $222.5 million in the prior fiscal year. However, net income decreased to $903,412 in fiscal year 2015 compared to $2.91 million in fiscal year 2014.

For the fourth quarter of fiscal year 2015, revenues increased to $60 million compared to $55.6 million for the same quarter in the prior fiscal year.

"The profits for the fourth quarter and the year were both disappointing in comparison to the same periods in the prior fiscal year. The results reflect the choppy economy we are dealing with both in the United States and globally," said Gary R. Fairhead, SigmaTron President, Chief Executive Officer and Chairman. "The first quarter gross domestic product for the United States actually contracted, which we believe caused our customers to adjust their orders and requirements which negatively impacted our results.

"We saw modest revenue increases for fiscal year 2015 and for the fourth quarter when comparing to equivalent periods of fiscal year 2014," he added. "The rescheduling of orders negatively impacted what we thought would be a much stronger quarter ending the fiscal year."

Fairhead said despite margin pressures from both vendors and customers, "we have done a good job of addressing those pressures from a manufacturing and supply chain perspective."