ELK GROVE VILLAGE, IL -- SigmaTron today reported revenues for its fiscal fourth quarter ended Apr. 30 increased 17% year-over-year to $76 million.
Net income swung to a profit of $1.57 million, up from a loss of $362,067 in fiscal 2020.
Pretax profits were $1.9 million, and backlogs remain at an all-time high.
“SigmaTron is pleased to report a very strong fourth quarter for fiscal 2021," said Gary R. Fairhead, president, chief executive and chairman, SigmaTron. "This is one of the strongest quarters in recent memory for SigmaTron. It continued the positive trend that we saw starting in our second quarter and accelerating in our third quarter of fiscal 2021. We have several new customers of significance that are starting in the first half of fiscal 2022 that are expected to result in continued revenue growth like we experienced in the fourth quarter of fiscal 2021."
For the fiscal year, revenue ticked down 1.2% year-over-year to $277.7 million. Net income rose 248% to $1.54 million. Pretax profits were $2.1 million.
SigmaTron also received full forgiveness of a Small Business Administration Paycheck Protection Program loan in the amount of approximately $6.3 million.
“These results were obtained after incurring significant non-recurring expenses during the year," Fairhead said. "These were related to changing our bank, Covid-related expenses including reconfiguring our operations to provide a safe environment, and expenses related to our proposed acquisition of Wagz. Furthermore, the continuing electronic component shortages in the marketplace have certainly led to a lower productivity on occasion, as the marketplace has remained volatile. Putting all that together and remembering where we were a year ago, it is satisfying to end the year on such a strong note and to have a profitable fiscal 2021."
Fairhead said demand remains strong across the vast majority of SigmaTron's markets and customers. He said components remain volatile in terms of supply and price and could affect the EMS company's ability to ship backlogs on time. "This is a problem faced by almost every customer and competitor in the EMS industry, and we do not see it getting better anytime soon. Our supply chain and operations teams have risen to the occasion day after day but challenges continue for the foreseeable future and it would seem they will remain for fiscal 2022. We do not see any signs of weakening in the semiconductor demand across all markets, nor do we see any additional capacity coming online anytime soon."
The firm signed an agreement on Jul. 19 to acquire Wagz, and expects to close the transaction by Sept. 30.
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