Business

SigmaTron reports decrease in revenue

Posted September 08, 2020 11:00 pm

ELK GROVE VILLAGE - SigmaTron International Inc., an electronic manufacturing services company, Wednesday reported revenues decreased to $60.5 million for the fiscal quarter ended July 31, down from $74 million for the same quarter in the prior year.

The company incurred a net loss of $900,666 for the quarter, compared to net income of $361,025 for the same period in the prior year.

"As disappointing as the first quarter was, the second quarter is as encouraging," said Gary R. Fairhead, president, chief executive officer and chairman of the board. "During the first quarter results were negatively affected by the revenue decline and manufacturing inefficiencies caused by COVID, especially in Mexico. Several of our plants were shut down while we were required to incur continuing labor costs and as they reopened, we experienced significant inefficiencies. None of this is a surprise given the far-reaching effects of the pandemic."

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