SigmaTron Takes Q4 Hit
Published: 15 July 2008
by Mike Buetow
The net loss was $8.2 million, versus a net profit of $822,000 last year. The company recorded a previously announced $9.3 million charge for goodwill during the quarter.
For the year, revenues rose 1.1% to $167.8 million, while net losses fell to $6.46 million versus a profit of $1.7 million in 2007.
President and chief executive Gary R. Fairhead said, “We continued to see positive results from our Elk Grove Village, Acuna, Hayward and Wujiang operations. Tijuana continued to make progress, but is not yet profitable. However, we do expect new revenue from existing Tijuana customers, transferred revenue from Hayward, and revenue from new customers to come to Tijuana during fiscal 2009 and believe it will allow Tijuana to continue its progress.”
During the quarter, some programs moved from Elk Grove Village to Acuna, which resulted in a May staff downsizing. The company added it would roughly double expand its manufacturing floor space in Wujiang, China.
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