From Yahoo:
Thursday July 31 6:30 AM EDT
Company Press Release
Source: Sigma Circuits Inc.
Sigma Circuits Reports Fiscal 1997 Fourth Quarter and Year-End Results
Returns to Profitability in Fourth Quarter
SANTA CLARA, Calif., July 31 /PRNewswire/ -- Sigma Circuits, Inc. (Nasdaq:SIGA) today announced financial results for its fiscal fourth quarter and year ended June 30, 1997.
For the fourth quarter of fiscal 1997, net sales were $20.8 million, up nominally from the $20.6 million reported in the same quarter a year ago when the Company's operations included results from its southern California rigid printed circuit board (PCB) facility. The closure and consolidation of the southern California facility was announced in May 1996. The current period results are from the Company's four remaining northern California divisions.
Gross profit and margin during the quarter improved to $4.1 million and 19.6 percent, respectively, aided by modest contribution from the Systems Integration division and solid performance from the two PCB divisions. Although the Flexible Circuits division lagged the performance of other divisions during the quarter, bookings outpaced sales entering fiscal 1998. For the comparable quarter one year ago, Company gross profit and margin was $1.9 million and 9.0 percent, respectively, resulting from a combination of lower sales, higher costs, and inefficiencies associated with operating two quick-turn facilities during the depressed market of early calendar 1996.
Net income for the fourth quarter was $413,000, or $0.09 per share, on 4.4 million equivalent shares outstanding. This compares with a net loss of $3.9 million, or $0.99 per share, on 3.9 million shares during the same quarter last fiscal year. The fiscal 1996 fourth quarter loss included non-recurring charges totaling $4.2 million, or $0.74 per share after tax, primarily associated with closing the Company's southern California PCB facility.
As recently announced in May, Sigma completed a significant long-term refinancing by entering into a $25 million line of credit agreement with The CIT Group/Business Credit, Inc. As a result, the Company has improved its working capital position as of June 30, 1997 compared to June 30, 1996 and repaid a significant portion of its debt obligations associated with the September 1995 acquisition of Stockton-based Citation Circuits and its related companies.
B. Kevin Kelly, President and Chief Executive Officer, stated, ``We are pleased to report our return to profitable operations in the fourth quarter. We believe the progress made this quarter signals the initial success of our disciplined and refocused efforts to build revenues and earnings. By consolidating manufacturing operations and increasing productivity, we have made major strides toward improving gross margins. Additionally, with the refinancing, we strengthened our balance sheet, met debt obligations, and enhanced our financial flexibility.'' |
