Welcome to our dedicated page for Sigmatron International news (Ticker: SGMA), a resource for investors and traders seeking the latest updates and insights on Sigmatron International stock.
Sigmatron International Inc (NASDAQ: SGMA), established in 1994, is a premier independent provider of electronic manufacturing services (EMS). The company offers a wide array of services, including printed circuit board assemblies, completely assembled electronic products, both automatic and manual assembly and testing of products, material sourcing and procurement, and manufacturing and test engineering support. Additional services include warehousing and distribution, catering to various industries such as industrial electronics, consumer electronics, and medical sciences.
Headquartered in Elk Grove Village, Illinois, Sigmatron International operates manufacturing facilities across the globe, including in the United States, Mexico, China, and Vietnam. This extensive network enables the company to offer both nearshore and offshore manufacturing solutions.
Sigmatron's strategic International Purchasing Office (IPO) in Taiwan, along with skilled procurement professionals at each facility, ensures a highly competitive materials management strategy. The company's diverse market focus spans appliance, consumer electronics, gaming, fitness, industrial electronics, medical/life sciences, semiconductor, telecommunications, and automotive sectors.
The company's quality standards are certified to ISO 9001:2008, ISO 13485:2003, and AS9100C, and it is registered under the International Traffic in Arms Regulations (ITAR). This underscores their commitment to maintaining the highest quality and compliance standards.
In recent news, Sigmatron reported an increase in revenues from continuing operations for the fiscal year ending April 30, 2023, up by 10% to $414.4 million compared to the previous year. However, net income from continuing operations saw a decrease to $14.2 million from $18.4 million in the prior year. The company sold a majority stake in its wholly-owned subsidiary, Wagz, Inc., effective April 1, 2023, resulting in a significant impact on financial results due to discontinued operations.
Looking into fiscal 2024, Sigmatron faces mixed signals from the market with uncertainties in customer requirements and economic conditions. Despite these challenges, the company remains optimistic, focusing on reducing inventory and leveraging its global manufacturing footprint to meet customer demands.
With a focus on long-term growth, Sigmatron continues to serve its customers by providing customized and scalable manufacturing solutions, ensuring high-quality delivery, and maintaining a strong position in the competitive EMS market.
SigmaTron International (SGMA) reported impressive financial results for the fiscal quarter ending October 31, 2021, with revenues rising 44% to $100.2 million compared to the previous year. Net income surged to $3.15 million from $626,858, and earnings per share (EPS) reached $0.73 for the quarter. For the six-month period, revenues increased 43% to $186 million, and net income was nearly $12 million, a significant turnaround from a net loss in the prior year. However, challenges persist in the electronic component marketplace, impacting production and supply chain reliability.
On November 9, 2021, SigmaTron International, Inc. (NASDAQ: SGMA) announced the appointment of James J. Reiman as Chief Financial Officer, succeeding Linda K. Frauendorfer after her retirement following a 30-year tenure. Reiman brings substantial experience in senior finance roles and international business. CEO Gary R. Fairhead expressed confidence in Reiman's capabilities to support the company's growth. SigmaTron specializes in electronic manufacturing services and operates facilities across the U.S., Mexico, China, and Vietnam.
SigmaTron International, Inc. (NASDAQ: SGMA) reconvened its Special Meeting of stockholders on October 22, 2021, after earlier postponement due to insufficient quorum. A quorum was achieved with proxies representing 54.62% of outstanding shares. Both key proposals received strong support: 87.3% voted in favor of issuing shares to Wagz as merger consideration, and 83.4% supported the 2021 Employee Stock Option Plan. The closing of the Wagz transaction remains pending, expected by year-end, subject to all conditions in the merger agreement being satisfied.
SigmaTron International (NASDAQ: SGMA) announced a leadership transition on October 13, 2021. Gary R. Fairhead stepped down as President but remains Chairman and CEO. The Board appointed James E. Barnes, previously Executive VP, Operations, as the new President. Fairhead emphasized this move aligns with the company's strategic vision, particularly in relation to the forthcoming Wagz transaction. Barnes expressed enthusiasm over the EMS market opportunities. SigmaTron, headquartered in Elk Grove Village, Illinois, specializes in electronic manufacturing services across multiple global locations.
SigmaTron International, Inc. (NASDAQ: SGMA) announced the adjournment of its special stockholders' meeting due to insufficient votes for a quorum. Originally scheduled for September 29, 2021, the meeting will reconvene on October 22, 2021, at 10:00 a.m. CDT to vote on the proposals in the proxy statement filed on September 8, 2021. Stockholders of record as of August 24, 2021, are eligible to vote. The Company continues to solicit proxies and encourages all eligible stockholders to participate. No changes were made to the proposals.
SigmaTron International, Inc. (NASDAQ: SGMA) reported a strong fiscal Q1 2022, with revenues of $85.7 million, up from $60.5 million year-over-year. Net income reached $8.8 million, reversing a net loss of $900,666 in Q1 2021. Basic earnings per share were $2.06, compared to a loss of $0.21 in the prior year. The results highlight a record quarter driven by strong demand and a significant backlog, despite ongoing supply chain challenges. The company anticipates continued growth, especially in safety and renewable energy sectors, and is pursuing a merger with Wagz, Inc.
SigmaTron International (NASDAQ: SGMA) announced the planned retirement of CFO Linda K. Frauendorfer after 27 years in the role, effective October 31, 2021. Frauendorfer will assist in the transition until her successor is appointed and will remain a director thereafter. Her retirement marks the end of a significant tenure that began in 1994. The company appreciates her contributions and is commencing the search for a new CFO immediately. SigmaTron, headquartered in Elk Grove Village, Illinois, specializes in electronic manufacturing services and operates multiple production facilities across North America and Asia.
SigmaTron International, Inc. (SGMA) reported fiscal year 2021 revenues of $277.7 million, slightly down from $281.0 million in fiscal 2020. However, net income surged to $1.54 million compared to $443,102 the previous year. Fourth-quarter revenues increased to $76.0 million with a net income of $1.57 million, rebounding from a net loss of $362,067 in the same quarter of 2020. Despite facing challenges from electronic component shortages and non-recurring expenses, SigmaTron announced a strong backlog and new customer opportunities for fiscal 2022.
SigmaTron International, Inc. (SGMA) has entered a definitive Agreement to merge with Wagz, Inc., a pet technology company. SigmaTron will issue 2,443,870 shares, allowing Wagz shareholders to own approximately 28% of SigmaTron. The merger is expected to close by September 2021, subject to certain conditions. SigmaTron plans to leverage Wagz's IoT capabilities to enhance its product offerings, particularly with the upcoming Wagz Freedom Smart Dog Collar. Market analysts continue to predict growth in the pet technology sector, driven by increased pet ownership due to the pandemic.
FAQ
What is the current stock price of Sigmatron International (SGMA)?
What is the market cap of Sigmatron International (SGMA)?
What services does Sigmatron International Inc provide?
Where are Sigmatron International's manufacturing facilities located?
Which markets does Sigmatron International serve?
What quality certifications does Sigmatron International hold?
How did Sigmatron perform financially in the fiscal year ending April 30, 2023?
What was the impact of selling Wagz, Inc. on Sigmatron's financials?
What are Sigmatron’s plans for fiscal 2024?
How does Sigmatron manage its materials?
What are the recent challenges faced by Sigmatron?
Who is the CEO of Sigmatron International?
