SigmaTron International grows revenue

ELK GROVE VILLAGE - SigmaTron International Inc., an electronic manufacturing services company, said revenues increased to $85.7 million in its fiscal year first quarter, up from $60.5 million for the same quarter in 2020.

Net income for the first quarter ended July 31 was $8.8 million, compared to a net loss of $900,666 for the same period in the prior year.

Pretax profits were $9.5 million and included the forgiveness of the company's Small Business Administration Paycheck Protection Program Loan in the amount of $6.3 million.

"As previously reported, our backlog had hit an all time high and these results are driven by the significant increase we have experienced in top-line growth," said Gary R. Fairhead, president, chief executive officer and chairman of the board. "Each of our customers was affected differently by the COVID pandemic. Some experienced significant and unanticipated increases in demand while others are still recovering.

SigmaTron makes printed circuit board assemblies and completely assembled electronic products.