SigmaTron International Inc. (SGMA, Financial) filed Quarterly Report for the period ended 2012-10-31.
Sigmatron International has a market cap of $16.2 million; its shares were traded at around $4.6 with a P/E ratio of 20.1 and P/S ratio of 0.1.
Gross profit increased during the three month period ended October 31, 2012 to $5,403,170 or 10.2% of net sales, compared to $3,571,407 or 9.0% of net sales for the same period in the prior fiscal year. Gross profit increased for the six month period ended October 31, 2012 to $10,109,068 or 10.1% of net sales, compared to $7,113,915 or 9.0% of net sales for the same period in the prior fiscal year. The increase in gross profit for the three and six month periods ended October 31, 2012 was primarily the result of sales to customers arising out of the Spitfire acquisition, as well as, increased sales revenue from our existing customers and product mix. The increase in gross profit for the six month period ended October 31, 2012 was partially offset by relocation expenses of approximately $397,000 for the Tijuana, MX move and a foreign currency loss of $148,358.
Selling and administrative expenses increased to $4,679,755 or 8.9% of net sales for the three month period ended October 31, 2012, compared to $3,032,310 or 7.6% of net sales for the same period in the prior fiscal year. The net increase for the three month period ended October 31, 2012 totaled $1,647,445. $1,429,322 of the increase was for salaries and other administrative expenses as a result of the Spitfire Transaction and $179,156 was related to one time transaction costs for the Spitfire Transaction. In addition, amortization expense and general insurance expenses increased by approximately $121,000 for the three month period ended October 31, 2012 compared to the same period in the prior fiscal year. Selling and administrative expenses increased to $9,345,160, or 9.3% of net sales for the six month period ended October 31, 2012 compared to $5,941,446, or 7.5% of net sales for the same period in the prior fiscal year. $2,071,672 of the increase for the six month period
Net income from operations increased to $482,834 for the three month period ended October 31, 2012 compared to $158,267 for the same period in the prior fiscal year. Net income from operations decreased to $389,690 for the six month period ended October 31, 2012 compared to $399,228 for the same period in the prior fiscal year. Basic and diluted earnings per share for the second fiscal quarter of 2013 were each $0.12 compared to basic and diluted earnings per share of $0.04 for the same period in the prior fiscal year. Basic and diluted earnings per share for the six month period ended October 31, 2012 were each $0.10 compared to basic and diluted earnings per share of $0.10 for the same period in the prior fiscal year.
Cash flow used in operating activities was $3,237,533 for the six months ended October 31, 2011. During the first six months of fiscal year 2012, cash flow used in operating activities was primarily the result of an increase in accounts receivable and a decrease in accounts payable. The increase in accounts receivable of $4,147,764 is due to increased sales volume and timing of cash receipts from a significant customer. The decrease in accounts payable of $6,209,216 is due to timing of payments in the ordinary course of business. Net cash used in operating activities was partially offset by net income, exclusive of depreciation and amortization and a decrease in inventory. The decrease in inventory of $4,347,162 was the result of improving inventory management practices.
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Sigmatron International has a market cap of $16.2 million; its shares were traded at around $4.6 with a P/E ratio of 20.1 and P/S ratio of 0.1.
Highlight of Business Operations:
Net sales increased for the three month period ended October 31, 2012 to $52,729,395 from $39,902,653 for the three month period ended October 31, 2011. Net sales increased for the six month period ended October 31, 2012 to $100,358,624 from $78,794,664 for the same period in the prior fiscal year. Sales volume increased for the three and six month periods ended October 31, 2012 as compared to the same period in the prior fiscal year in the appliance, industrial and consumer electronics, medical/life sciences, and fitness marketplaces. The increase in sales for these marketplaces was partially offset by a decrease in sales in the telecommunications and gaming marketplaces. The increase in revenue for the three and six month periods ended October 31, 2012 is a result of sales to customers arising out of the Spitfire acquisition, as well as our existing customers increased demand for product.Gross profit increased during the three month period ended October 31, 2012 to $5,403,170 or 10.2% of net sales, compared to $3,571,407 or 9.0% of net sales for the same period in the prior fiscal year. Gross profit increased for the six month period ended October 31, 2012 to $10,109,068 or 10.1% of net sales, compared to $7,113,915 or 9.0% of net sales for the same period in the prior fiscal year. The increase in gross profit for the three and six month periods ended October 31, 2012 was primarily the result of sales to customers arising out of the Spitfire acquisition, as well as, increased sales revenue from our existing customers and product mix. The increase in gross profit for the six month period ended October 31, 2012 was partially offset by relocation expenses of approximately $397,000 for the Tijuana, MX move and a foreign currency loss of $148,358.
Selling and administrative expenses increased to $4,679,755 or 8.9% of net sales for the three month period ended October 31, 2012, compared to $3,032,310 or 7.6% of net sales for the same period in the prior fiscal year. The net increase for the three month period ended October 31, 2012 totaled $1,647,445. $1,429,322 of the increase was for salaries and other administrative expenses as a result of the Spitfire Transaction and $179,156 was related to one time transaction costs for the Spitfire Transaction. In addition, amortization expense and general insurance expenses increased by approximately $121,000 for the three month period ended October 31, 2012 compared to the same period in the prior fiscal year. Selling and administrative expenses increased to $9,345,160, or 9.3% of net sales for the six month period ended October 31, 2012 compared to $5,941,446, or 7.5% of net sales for the same period in the prior fiscal year. $2,071,672 of the increase for the six month period
Net income from operations increased to $482,834 for the three month period ended October 31, 2012 compared to $158,267 for the same period in the prior fiscal year. Net income from operations decreased to $389,690 for the six month period ended October 31, 2012 compared to $399,228 for the same period in the prior fiscal year. Basic and diluted earnings per share for the second fiscal quarter of 2013 were each $0.12 compared to basic and diluted earnings per share of $0.04 for the same period in the prior fiscal year. Basic and diluted earnings per share for the six month period ended October 31, 2012 were each $0.10 compared to basic and diluted earnings per share of $0.10 for the same period in the prior fiscal year.
Cash flow used in operating activities was $3,237,533 for the six months ended October 31, 2011. During the first six months of fiscal year 2012, cash flow used in operating activities was primarily the result of an increase in accounts receivable and a decrease in accounts payable. The increase in accounts receivable of $4,147,764 is due to increased sales volume and timing of cash receipts from a significant customer. The decrease in accounts payable of $6,209,216 is due to timing of payments in the ordinary course of business. Net cash used in operating activities was partially offset by net income, exclusive of depreciation and amortization and a decrease in inventory. The decrease in inventory of $4,347,162 was the result of improving inventory management practices.
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