ELK GROVE VILLAGE, IL -- SigmaTron today reported revenues for its fiscal fourth quarter ended Apr. 30 rose 31% year-over-year to $99.2 million.

Net income fell 63% to $600,000, while pretax income was $14.2 million.

Pretax profits were $1.9 million. During the quarter, the contract electronics manufacturer absorbed the operating costs of Wagz.

For the year, revenues increased 36% to $378.9 million. Net income was $9.9 million, up from compared $1.5 million in fiscal 2021. The fiscal year results include four months of Wagz operations.

Gary R. Fairhead, chief executive Officer and chairman, SigmaTron, called the past 12 months "one of the strongest, if not the strongest, fiscal years in SigmaTron’s history."

“During fiscal 2022, we closed on the acquisition of Wagz. Wagz recently launched their Freedom 1.2 Collar and the initial feedback is positive. We are most excited about the product roadmap we have laid out for the next 12-18 months and we think the opportunity for Wagz continues to grow every day. We believe we have the technology and the team to make our products best in class and Wagz the preeminent Pet Tech company in the industry.

“The unprecedented marketplace for electronic components continues with no end in sight. Demand continues to exceed supply, which results in price increases and missed deliveries from the supply chain. I am not aware of any predictions of this ending in calendar 2022 and most of the experts have it extending until late calendar 2023 at a minimum. This continues to increase revenues through increased raw material cost, causes inventories to grow and puts pressure on working capital."

SigmaTron has closed an agreement with TCW Asset Management to provide $40 million in split lien subordinated debt, and increased its line of credit with JPMorgan Chase by $10 million, to $70 million. The additional working capital is expected to support inventory growth under the current market conditions, new opportunities and Wagz's product launch.

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