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As Of Filer Filing For·On·As Docs:Size Issuer Agent 9/11/08 Sigmatron International Inc 10-Q 7/31/08 6:170K Bowne Boc/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 119K 2: EX-10.17 Material Contract HTML 30K 3: EX-31.1 Certification per Sarbanes-Oxley Act (Section 302) HTML 13K 4: EX-31.2 Certification per Sarbanes-Oxley Act (Section 302) HTML 13K 5: EX-32.1 Certification per Sarbanes-Oxley Act (Section 906) HTML 8K 6: EX-32.2 Certification per Sarbanes-Oxley Act (Section 906) HTML 8K
e10vq |
Delaware | 36-3918470 | |
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
|
2201 Landmeier Road, Elk Grove Village, Illinois 60007 | ||
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller reporting company þ | |||
(Do not check if a smaller reporting company) |
July 31, | ||||||||
2008 | April 30, | |||||||
(Unaudited) | 2008 | |||||||
Current assets: |
||||||||
Cash |
$ | 3,283,971 | $ | 3,833,627 | ||||
Accounts receivable, less allowance for doubtful
accounts of $186,894 at July 31, 2008
and $213,000 at April 30, 2008 |
22,648,118 | 26,747,552 | ||||||
Inventories, net |
43,298,592 | 42,146,770 | ||||||
Prepaid expenses and other assets |
1,016,619 | 1,039,607 | ||||||
Deferred income taxes |
1,458,137 | 1,453,007 | ||||||
Other receivables |
109,713 | 38,783 | ||||||
Total current assets |
71,815,150 | 75,259,346 | ||||||
Property, machinery and equipment, net |
28,602,192 | 29,354,623 | ||||||
Other assets |
1,019,710 | 1,034,155 | ||||||
Intangible assets, net of amortization of $1,917,051
at July 31, 2008 and $1,811,931 at April 30, 2008 |
852,949 | 958,069 | ||||||
Total assets |
$ | 102,290,001 | $ | 106,606,193 | ||||
Liabilities and stockholders’ equity: |
||||||||
Current liabilities: |
||||||||
Trade accounts payable |
$ | 17,485,488 | $ | 19,722,175 | ||||
Accrued expenses |
2,156,824 | 2,297,601 | ||||||
Accrued wages |
1,598,408 | 2,583,379 | ||||||
Income taxes payable |
509,055 | 555,380 | ||||||
Notes payable — bank |
1,000,000 | 1,000,000 | ||||||
Notes payable — buildings |
232,737 | 326,935 | ||||||
Capital lease obligations |
1,372,292 | 1,595,931 | ||||||
Total current liabilities |
24,354,804 | 28,081,401 | ||||||
Notes payable — banks, less current portion |
27,121,797 | 27,876,255 | ||||||
Notes payable — buildings, less current portion |
2,626,375 | 2,661,437 | ||||||
Capital lease obligations, less current portion |
1,878,730 | 2,125,692 | ||||||
Deferred income taxes |
2,300,858 | 2,446,449 | ||||||
Total long-term liabilities |
33,927,760 | 35,109,833 | ||||||
Total liabilities |
58,282,564 | 63,191,234 | ||||||
Commitments and contingencies: |
||||||||
Stockholders’ equity: |
||||||||
Preferred stock, $.01 par value; 500,000 shares
authorized, none issued and outstanding |
— | — | ||||||
Common stock, $.01 par value; 12,000,000 shares
authorized, 3,822,556 shares issued and
outstanding at July 31, 2008 and April 30, 2008 |
38,226 | 38,226 | ||||||
Capital in excess of par value |
19,612,655 | 19,599,501 | ||||||
Retained earnings |
24,356,556 | 23,777,232 | ||||||
Total stockholders’ equity |
44,007,437 | 43,414,959 | ||||||
Total liabilities and stockholders’ equity |
$ | 102,290,001 | $ | 106,606,193 | ||||
3
Three Months Ended | Three Months Ended | |||||||
July 31, | July 31, | |||||||
2008 | 2007 | |||||||
Net sales |
$ | 38,478,118 | $ | 39,843,813 | ||||
Cost of products sold |
33,828,920 | 34,627,152 | ||||||
Gross profit |
4,649,198 | 5,216,661 | ||||||
Selling and administrative expenses |
3,192,503 | 3,217,370 | ||||||
Operating income |
1,456,695 | 1,999,291 | ||||||
Other (income) expense — net |
(42,819 | ) | 10,137 | |||||
Interest expense |
521,611 | 713,058 | ||||||
Income from operations before income tax expense |
977,903 | 1,276,096 | ||||||
Income tax expense |
398,579 | 449,112 | ||||||
Net income |
$ | 579,324 | $ | 826,984 | ||||
Earnings per share — basic |
$ | 0.15 | $ | 0.22 | ||||
Earnings per share — diluted |
$ | 0.15 | $ | 0.21 | ||||
Weighted average shares of common stock outstanding |
||||||||
Basic |
3,822,556 | 3,794,956 | ||||||
Weighted average shares of common stock outstanding |
||||||||
Diluted |
3,884,075 | 3,889,274 | ||||||
4
Three | Three | |||||||
Months Ended | Months Ended | |||||||
July 31, | July 31, | |||||||
2008 | 2007 | |||||||
Operating activities: |
||||||||
Net income |
$ | 579,324 | $ | 826,984 | ||||
Adjustments to reconcile net income
to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
1,026,296 | 992,885 | ||||||
Stock-based compensation |
13,154 | 4,353 | ||||||
Provision for doubtful accounts |
(26,106 | ) | 44,800 | |||||
Provision for inventory obsolescence |
8,459 | (111,910 | ) | |||||
Deferred income taxes |
(5,130 | ) | (1,698 | ) | ||||
Amortization of intangibles |
105,120 | 152,694 | ||||||
Changes in operating assets and liabilities, net of acquisition |
||||||||
Accounts receivable |
4,125,540 | (1,384,887 | ) | |||||
Inventories |
(1,160,281 | ) | 877,319 | |||||
Prepaid expenses and other assets |
(33,497 | ) | 210,658 | |||||
Trade accounts payable |
(2,236,687 | ) | (650,240 | ) | ||||
Accrued expenses and wages |
(1,125,748 | ) | (855,374 | ) | ||||
Deferred income taxes payable |
(145,591 | ) | — | |||||
Income taxes payable |
(46,325 | ) | 143,176 | |||||
Net cash provided by operating activities |
1,078,528 | 248,760 | ||||||
Investing activities: |
||||||||
Purchases of machinery and equipment |
(273,865 | ) | (383,487 | ) | ||||
Net cash used in investing activities |
(273,865 | ) | (383,487 | ) | ||||
Financing activities: |
||||||||
Payments under capital lease obligations |
(470,601 | ) | (410,409 | ) | ||||
Payments under term loan |
(250,000 | ) | (250,000 | ) | ||||
Payments under lines of credit |
(504,458 | ) | — | |||||
Proceeds under lines of credit |
— | 1,044,768 | ||||||
Payments under building notes payable |
(129,260 | ) | (129,759 | ) | ||||
Net cash (used in) provided by financing activities |
(1,354,319 | ) | 254,600 | |||||
Change in cash |
(549,656 | ) | 119,873 | |||||
Cash at beginning of period |
3,833,627 | 2,769,653 | ||||||
Cash at end of period |
$ | 3,283,971 | $ | 2,889,526 | ||||
Supplementary disclosures of cash flow information |
||||||||
Cash paid for interest |
$ | 584,311 | $ | 1,067,196 | ||||
Cash paid for income taxes, net of (refunds) |
552,616 | 259,785 |
5
July 31, | April 30, | |||||||
2008 | 2008 | |||||||
Finished products |
$ | 19,716,981 | $ | 18,735,846 | ||||
Work-in-process |
2,593,092 | 2,542,762 | ||||||
Raw materials |
20,988,519 | 20,868,162 | ||||||
$ | 43,298,592 | $ | 42,146,770 | |||||
6
Three Months Ended | ||||||||
July 31, | July 31, | |||||||
2008 | 2007 | |||||||
Net income |
$ | 579,324 | $ | 826,984 | ||||
Weighted-average shares |
||||||||
Basic |
3,822,556 | 3,794,956 | ||||||
Effect of dilutive stock options |
61,519 | 94,318 | ||||||
Diluted |
3,884,075 | 3,889,274 | ||||||
Basic earnings per share |
$ | 0.15 | $ | 0.22 | ||||
Diluted earnings per share |
$ | 0.15 | $ | 0.21 |
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(a) | Exhibits: | |
10.17 | Seventeenth Amendment to Loan and Security Agreement between SigmaTron International, Inc. and LaSalle Bank National Association, dated June 25, 2008. | |
31.1 | Certification of Principal Executive Officer of the Company Pursuant to Rule 13a-14(a) under the Exchange Act, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of Principal Financial Officer of the Company Pursuant to Rule 13a-14(a) under the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification by the Principal Executive Officer of SigmaTron International, Inc. Pursuant to Rule 13a-14(b) under the Exchange Act and Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | |
32.2 | Certification by the Principal Financial Officer of SigmaTron International, Inc. Pursuant to Rule 13a-14(b) under the Exchange Act and Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). |
15
SIGMATRON INTERNATIONAL, INC. |
||||||
/s/ Gary R. Fairhead
|
September 11, 2008
|
|||||
Date | ||||||
President and CEO (Principal Executive Officer) |
||||||
September 11, 2008 | ||||||
Date | ||||||
Chief Financial Officer, Secretary and
Treasurer |
||||||
(Principal Financial Officer and Principal Accounting Officer) |
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This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
4/30/13 | 10-K | |||
6/30/11 | ||||
9/30/10 | ||||
9/30/09 | ||||
4/30/09 | 10-K | |||
12/15/08 | ||||
Filed on: | 9/11/08 | |||
For Period End: | 7/31/08 | |||
6/25/08 | ||||
4/30/08 | 10-K | |||
7/31/07 | 10-Q | |||
5/1/06 | ||||
11/19/03 | ||||
1/1/02 | ||||
6/1/01 | ||||
List all Filings |