ELK GROVE VILLAGE, IL -- SigmaTron today swung to a July quarter profit on an 18% year-over-year jump in revenues. The electronics manufacturing services company reported revenues of $56.2 million for its first quarter of fiscal 2014, which ended July 31.

Revenue was up 9.4% sequentially.

Net income was $967,464, up from a net loss of $93,144 in the same period last year, when the EMS firm bought Spitfire Control.

President and chief executive Gary R. Fairhead said, "The first quarter was an excellent quarter. Comparisons to the first quarter of fiscal 2013 are difficult, as one-third of the way through that quarter we acquired Spitfire Control, and had significant one-time expenses during the quarter related to the acquisition as well as the relocation of our Tijuana facility.

"During the quarter we saw increased revenue from existing customers and the launch of several new programs that had previously been delayed. We saw improved performance from the two plants we acquired in 2013 and steady performance from our other operations. All of these factors combined to produce this strong quarter.

Fairhead said the company has seen "some indication" of a slowdown in the current quarter and it continues to expect the economy to be volatile and without sustained growth.

TAGS: Gary Fairhead, Sigmatron, EMS, contract assembly

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