$SGMA
SIGMATRON INTERNATIONAL INC

2013 Q1 Form 10-Q Financial Statement

#000119312513108965 Filed on March 15, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $46.76M $38.10M
YoY Change 22.73% 3.17%
Cost Of Revenue $42.64M $34.58M
YoY Change 23.3% 3.16%
Gross Profit $4.122M $3.522M
YoY Change 17.06% 2.97%
Gross Profit Margin 8.82% 9.24%
Selling, General & Admin $4.381M $3.126M
YoY Change 40.15% 16.2%
% of Gross Profit 106.26% 88.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.140M $1.080M
YoY Change 5.56% 4.85%
% of Gross Profit 27.65% 30.67%
Operating Expenses $4.381M $3.126M
YoY Change 40.15% 16.2%
Operating Profit -$258.1K $395.9K
YoY Change -165.2% -45.77%
Interest Expense $221.0K $262.5K
YoY Change -15.81% -182.02%
% of Operating Profit 66.29%
Other Income/Expense, Net $0.00 $2.602K
YoY Change -100.0%
Pretax Income -$479.1K $136.0K
YoY Change -452.19% -65.99%
Income Tax -$262.3K $50.39K
% Of Pretax Income 37.04%
Net Earnings -$216.8K $85.66K
YoY Change -353.08% -65.74%
Net Earnings / Revenue -0.46% 0.22%
Basic Earnings Per Share -$0.06 $0.02
Diluted Earnings Per Share -$0.06 $0.02
COMMON SHARES
Basic Shares Outstanding 3.930M shares 3.875M shares
Diluted Shares Outstanding 3.930M shares 3.895M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.300M $5.000M
YoY Change -14.0% 66.67%
Cash & Equivalents $4.267M $4.991M
Short-Term Investments
Other Short-Term Assets $3.400M $2.600M
YoY Change 30.77% -10.34%
Inventory $47.65M $36.20M
Prepaid Expenses
Receivables $16.96M $28.00M
Other Receivables $1.500M $500.0K
Total Short-Term Assets $73.94M $72.30M
YoY Change 2.27% -3.47%
LONG-TERM ASSETS
Property, Plant & Equipment $27.30M $24.90M
YoY Change 9.65% -7.09%
Goodwill $3.612M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $500.0K
YoY Change 60.0% -28.57%
Total Long-Term Assets $37.78M $25.50M
YoY Change 48.17% -7.94%
TOTAL ASSETS
Total Short-Term Assets $73.94M $72.30M
Total Long-Term Assets $37.78M $25.50M
Total Assets $111.7M $97.80M
YoY Change 14.24% -4.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.10M $15.50M
YoY Change 55.48% 2.65%
Accrued Expenses $2.093M $4.000M
YoY Change -47.67% -6.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $400.0K
YoY Change -75.0% -69.23%
Total Short-Term Liabilities $29.58M $19.90M
YoY Change 48.66% -4.33%
LONG-TERM LIABILITIES
Long-Term Debt $22.55M $24.10M
YoY Change -6.43% -17.75%
Other Long-Term Liabilities $3.900M $700.0K
YoY Change 457.14% 16.67%
Total Long-Term Liabilities $30.56M $24.80M
YoY Change 23.24% -17.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.58M $19.90M
Total Long-Term Liabilities $30.56M $24.80M
Total Liabilities $60.15M $47.50M
YoY Change 26.62% -10.71%
SHAREHOLDERS EQUITY
Retained Earnings $31.26M
YoY Change
Common Stock $20.32M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.58M $50.30M
YoY Change
Total Liabilities & Shareholders Equity $111.7M $97.80M
YoY Change 14.24% -4.68%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$216.8K $85.66K
YoY Change -353.08% -65.74%
Depreciation, Depletion And Amortization $1.140M $1.080M
YoY Change 5.56% 4.85%
Cash From Operating Activities -$930.0K $7.810M
YoY Change -111.91% 111.08%
INVESTING ACTIVITIES
Capital Expenditures -$2.770M -$370.0K
YoY Change 648.65% -26.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$2.770M -$370.0K
YoY Change 648.65% -26.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 380.0K -5.900M
YoY Change -106.44% 86.12%
NET CHANGE
Cash From Operating Activities -930.0K 7.810M
Cash From Investing Activities -2.770M -370.0K
Cash From Financing Activities 380.0K -5.900M
Net Change In Cash -3.320M 1.540M
YoY Change -315.58% 5033.33%
FREE CASH FLOW
Cash From Operating Activities -$930.0K $7.810M
Capital Expenditures -$2.770M -$370.0K
Free Cash Flow $1.840M $8.180M
YoY Change -77.51% 94.76%

Facts In Submission

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dei Trading Symbol
TradingSymbol
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dei Entity Registrant Name
EntityRegistrantName
SIGMATRON INTERNATIONAL INC
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dei Entity Filer Category
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CY2012Q2 sgma Number Of Restricted Common Stock Which Will Vest On Third Anniversary
NumberOfRestrictedCommonStockWhichWillVestOnThirdAnniversary
12500 shares
CY2012Q2 sgma Number Of Share Vested Upon Transaction Closing
NumberOfShareVestedUponTransactionClosing
12500 shares
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
395903
CY2012Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
38099493
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
157000
us-gaap Gross Profit
GrossProfit
14231445
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-401776
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
74997
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
793009
us-gaap Restricted Stock Expense
RestrictedStockExpense
60625
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3995678 shares
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2781759
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-120423
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4185386
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-378
us-gaap Interest Paid
InterestPaid
594405
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
337566
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
11024
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2003224
us-gaap Net Income Loss
NetIncomeLoss
172914
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
500
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13725684
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
3611960
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-293337
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Management Estimates and Uncertainties</i> &#x2013; The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (&#x201C;U.S. GAAP&#x201D;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made in preparing the consolidated financial statements include depreciation and amortization periods, the allowance for doubtful accounts, reserves for inventory and valuation of long-lived assets. Actual results could materially differ from these estimates.</font></p> </div>
CY2012Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
42982683
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
19858 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2012Q1 us-gaap Gross Profit
GrossProfit
3521580
CY2012Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-265851
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
85656
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
206453
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.08
us-gaap Interest Expense
InterestExpense
626684
sgma Relocation Expenses
RelocationExpenses
424000
sgma Indefinite Lived Intangible Asset Useful Life
IndefiniteLivedIntangibleAssetUsefulLife
Indefinite
sgma Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Period
BusinessAcquisitionPurchasePriceAllocationGoodwillExpectedTaxDeductiblePeriod
P15Y
sgma Non Cash Or Non Part Cash Acquisition Value Of Account Receivable Trade Forgiven
NonCashOrNonPartCashAcquisitionValueOfAccountReceivableTradeForgiven
15312904
sgma Non Cash Or Non Part Cash Acquisition Value Of Contingent Consideration
NonCashOrNonPartCashAcquisitionValueOfContingentConsideration
2320000
sgma Non Cash Or Non Part Cash Acquisition Value Of Foreign Account Receivable Trade Forgiven
NonCashOrNonPartCashAcquisitionValueOfForeignAccountReceivableTradeForgiven
1142392
sgma Non Cash Or Non Part Cash Acquisition Value Of Issuance Of Restricted Stock
NonCashOrNonPartCashAcquisitionValueOfIssuanceOfRestrictedStock
169011
sgma Number Of Days Of Warranty Provided For Workmanship
NumberOfDaysOfWarrantyProvidedForWorkmanship
P90D
sgma Percentage For Discounting Trading Price For Calculating Value Of Restricted Stock
PercentageForDiscountingTradingPriceForCalculatingValueOfRestrictedStock
0.15 pure
sgma Percentage Of Weighted Average Cost Of Capital For Discounting Expected Payments
PercentageOfWeightedAverageCostOfCapitalForDiscountingExpectedPayments
0.115 pure
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3895111 shares
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
136042
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3875253 shares
CY2012Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
34577913
CY2012Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2602
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3125677
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
50386
CY2012Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.07
CY2012Q1 us-gaap Interest Expense
InterestExpense
262463
CY2012Q3 us-gaap Line Of Credit Facility Covenant Compliance
LineOfCreditFacilityCovenantCompliance
The Company was in violation of certain of its financial covenants at July 31, 2012 and received a waiver for the financial covenant violations.
CY2012Q3 sgma Relocation Expenses
RelocationExpenses
417000
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-258147
CY2013Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
46758568
CY2013Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.06
CY2013Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
46758568
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3930402 shares
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-479124
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3930402 shares
CY2013Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
42636191
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
32160
CY2013Q1 us-gaap Gross Profit
GrossProfit
4122377
CY2013Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-216776
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-216776
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4380524
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-262348
CY2013Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.06
CY2013Q1 us-gaap Interest Expense
InterestExpense
220977

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