ELK GROVE VILLAGE, IL -- SigmaTron International reported third-quarter revenues fell 34% to $27 million, while the net loss dropped to $265,458 from a profit of $312,464 for the period ended Jan. 31.

Gary R. Fairhead, president and chief executive, said, "As noted in our last press release on Dec. 9, we experienced a drop in revenue of approximately 30% the first week of our third quarter when compared to the prior month's run rate, and that trend continued through the entire quarter. Current indications are that our revenue will continue at approximately the same rate for the short term. Beyond that, the uncertainty associated with the worldwide economy in general and the US economy specifically make forecasting close to impossible. All of our customers' markets remain volatile, and I believe we will continue to see lower revenues and volatility until at least the fall of 2009."

At the end of January the company laid off 72 employees in its US operations and has implemented salary reductions for all remaining non-union US payroll employees.

• Prev
• Next