Thom,
I quoted 0.23 from Zack's and this is for the quarter. In any case if the estimate for the quarter was 0.53 we have a disaster here as I just checked the quarterly earnings report again (see below) and they have come at 0.23.
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4/17/96 - SIGMA CIRCUITS ANNOUNCES HIGHER THIRD QUARTER SALES AND EARNINGS
TEXT
SANTA CLARA, Calif., April 17 /PRNewswire/ -- Sigma Circuits, Inc. (Nasdaq:SIGA ) today announced
increased sales and earnings for both the quarter and nine months ended March 31, 1996.
For the third quarter, sales were $24.3 million, up 85.1% from $13.1 million reported in the same quarter a year
ago. Including pro forma results from the Citation acquisition completed September 30, 1995, sales for the
quarter increased 23.9%. The Systems Integration division contributed approximately 15% of total sales, up from
6% during the same quarter last year. The Flexible Circuit division contributed approximately 6% of total sales,
up from 3% during the same quarter last year. Net income for the quarter was $1.1 million or 23 cents per share
on 4.8 million equivalent shares outstanding. This compares to net income of $189,000, or 5 cents per share on
3.7 million equivalent shares outstanding, in the third quarter of last fiscal year.
Gross profit for the quarter increased 94.2% to $4.9 million from $2.5 million, and gross margin increased to
20.3% from 19.3% in the prior year quarter. Both Printed Circuit Board (PCB) and Flexible Circuit margins and
gross profit during the March quarter improved from a year ago. However, the Systems Integration division"s
gross profit was negatively impacted by the consolidation of the Company"s two backplane operations, the
rescheduling of a major backplane order and an increase in staffing to support projected growth of the division.
Selling, general and administrative expenses were $2.6 million for the quarter ended March 31, 1996 or 10.8% of
sales, compared with $2.0 million or 15.4% of sales, during the third fiscal quarter last year. Approximately half
of this dollar increase was the result of the Citation acquisition while the balance included higher commissions on
increased sales and the additional infrastructure to support the Systems Integration and Flexible Circuit
divisions. As a result of lower SG&A expenses as a percentage of sales and increased gross margin, the March
quarter operating margin increased to 8.9% of sales from 3.5% of sales one year ago.
For the nine months ended March 31, 1996, sales were $67.1 million, an increase of 93.6% over the $34.7 million
recorded during the same period last fiscal year. Including pro forma results from the Citation acquisition, sales
increased 41.5% for this same nine month period. Gross profit for the nine months ended March 31, 1996
increased to $14.4 million from $6.0 million for the same time last year. Gross margin improved to 21.4% from
17.3% driven by improved capacity utilization. For the nine months ended March 21, 1996, net income was $2.8
million or 62 cents per share on 4.6 million equivalent shares outstanding. This compares to a net loss of $64,000,
or 2 cents per share on 3.4 million equivalent shares outstanding during the comparable period last year.
"Sigma continues to experience significant year-over-year growth as a result of the Citation acquisition and
higher sales levels at its Systems Integration and Flexible Circuit divisions. However, we do not believe that
Sigma performed up to its full potential in the third quarter in terms of sales and profitability," said Kevin Kelly,
President and CEO. "The December quarter had two significant PCB quick-turn orders which were not
replicated during the March quarter. In addition, several key customers exhibited some softness in demand for
PCBs and several backplane orders were rescheduled. As a result, we fell short of our sales goals. These scheduling
challenges notwithstanding, we are pleased with the progress we have made over the past year and remain
excited about the opportunities for the Company in the future."
The forward looking statements included in this news release reflect management"s best judgment based on
factors currently known. Expectations involve risks and uncertainties including the continued growth of demand
and the successful integration of the operations of Citation. Readers are encouraged to refer to the risk disclosures
outlined in the company"s current prospectus filed with the SEC. Actual results may vary materially.
Sigma Circuits, Inc. is a leading quick-turn manufacturer of electronic interconnect products including
multilayer printed circuit boards, backplane assemblies and flexible circuits. The Company focuses on the
time-to-market and time-to-volume requirements of its fast growing OEM and contract manufacturing
customers in the data communications, telecommunications, computers, peripherals, instrumentation and
medical segments of the electronics industry. Headquartered in Silicon Valley, Sigma"s shares are traded on the
Nasdaq National Market under the symbol: SIGA.
NOTE: For more information regarding Sigma Circuits via fax at no cost, dial 1-800-PRO-INFO, ticker
symbol SIGA. SIGMA CIRCUITS, INC. STATEMENTS OF OPERATIONS (In thousands, except per share
amounts) Three Months Ended Nine Months Ended March 30, March 30, (unaudited) (unaudited) 1996 1995
1996 1995 Net sales $ 24,330 $ 13,145 $ 67,117 $ 34,666 Cost of sales 19,394 10,603 52,736 28,669 Gross profit
4,936 2,542 14,381 5,997 Selling, general and
administrative expenses 2,616 2,030 8,275 5,702 Amortization of goodwill 157 50 364 150 Operating income
2,163 462 5,742 145 Interest expense, net 497 106 1,171 244 Income (loss) before
income taxes 1,666 356 4,571 (99) Provision (benefit)
for income taxes 546 167 1,736 (35) Net income (loss) $ 1,120 $ 189 $ 2,835 $ (64) Net income (loss)
per share $ 0.23 $ 0.05 $ 0.62 $ (0.02) Number of shares used
in computing per share information 4,845 3,678 4,587 3,420 SIGMA CIRCUITS, INC. BALANCE SHEETS (In
thousands) March 30, June 30, 1996 1995 (unaudited) ASSETS Current assets $ 21,444 $ 11,181 Property and
equipment, net 19,587 10,789 Goodwill 8,223 2,154 Deposits and other assets 145 276 Total assets $ 49,399 $
24,400 LIABILITIES & STOCKHOLDERS" EQUITY Current liabilities $ 13,540 $ 6,060 Long-term debt
18,210 5,774 Deferred taxes 1,115 1,579 Stockholders" equity 16,534 10,987 Total liabilities and
stockholders" equity $ 49,399 $ 24,400 -0- 4/17/96 /CONTACT: Philip Bushnell, Sr. V.P. Finance &
Administration of Sigma, 408-727-9169, ext. 222; or General Info, Lise Needham, or Analysts, Susan Caulton
Dooley, 415-986-1591, both of Financial Relations Board, for Sigma/
(SIGA) CO: Sigma Circuits Inc. ST: California IN: CPR SU: ERN |
