SigmaTron Reports Q3 Revenue Up 21%
ELK GROVE VILLAGE, IL – Electronics manufacturing services provider SigmaTron International reported revenues of $36.9 million for the third quarter fiscal 2011, up 21% year-over-year.
Net income dropped 39% to $254,818 compared to the same period last year.
For the nine months ended Jan. 31, revenues increased 29.4% to $113.2 million compared to the same period in 2010. Net income was $1.7 million, up 221% year-over-year.
“The weakening of the US dollar had an unexpected and significant negative effect on the quarter. We incurred a pre-tax expense of $229,459 during the quarter due to currency exchange rates driven primarily by the relationship to the New Taiwan Dollar. Our international purchasing office in Taiwan sources components for all of our locations,” said president and CEO Gary R. Fairhead.
"Many new programs with existing and new customers were delayed for various reasons, resulting in lower revenue than anticipated.”
The firm expects continued pressure on margins, as raw material costs continue upward going forward.
