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ELK GROVE VILLAGE, Ill., Dec. 20, 2024 (GLOBE NEWSWIRE) -- SigmaTron International, Inc. (NASDAQ: SGMA), an electronic manufacturing services company (the “Company”), today reported revenues and earnings for the fiscal quarter ended October 31, 2024. For the three month period ended October 31, 2024, revenues decreased $24 million, or 24 percent, to $74.7 million compared to $98.7 million for the same quarter in the prior year. Net income/(loss) for the three month period ended October 31, 2024 was a loss of $9.5 million compared to break even for the same period in the prior year. Approximately $3.3 million of expenses were recorded during the second quarter related to debt modification, expensing of deferred financing costs and lender warrants after remeasurement. Basic and diluted income/(loss) per share for the three month period ended October 31, 2024 was a loss of $1.55, compared to $0.00 income per share for the same period in the prior year. For the six month period ended October 31, 2024, revenues decreased $37.3 million, or 19 percent, to $159.5 million, compared to $196.8 million for the same period in the prior year. Net income/(loss) for the six month period ended October 31, 2024, was a net loss of $12.8 million, compared to net income of $0.3 million for the same period in the prior year. Approximately $3.3 million of expenses were recorded during the second quarter related to debt modification, expensing of deferred financing costs and lender warrants after remeasurement. Basic and diluted income/(loss) per share for the six month period ended October 31, 2024 was a loss of $2.08, compared to $0.05 income per share for the same period in the prior year. Commenting on SigmaTron International Inc.’s second quarter fiscal 2025 results, Gary R. Fairhead, Chief Executive Officer and Chairman of the Board, said “Unfortunately the softness we’ve seen in our revenue stream has continued during the second quarter. Sequentially, our first quarter for fiscal 2025 revenue was $84.8 million and for the second quarter, our revenue was $74.7 million. We currently expect the depressed revenue levels to continue for our third fiscal quarter, in part because of the holidays in December for North America and at the end of January in Asia. As you would expect, this level of revenue resulted in another loss for the second quarter, which included a non-cash charge for deferred financing and warrant expenses that totaled approximately $3.3 million. On a positive note, the Company reported an operating profit in October, demonstrating that our restructuring efforts are now showing a significant impact. We continue to right-size our Company offering significant upside for the operations. The softness we continue to encounter was tied to the general economy and exacerbated by the supply chain volatility in the electronic component marketplace, with customers having overordered in the recent past because of the uncertainty related to acquiring certain components for the electronic assemblies. We believe that the excess inventory that was the result of this behavior has in large part been consumed, which should lead to overall demand increasing in 2025. “In the short term, we continue to see soft revenue in terms of our backlog. However, most of our customers are starting to indicate that they view calendar 2025 as a stronger and growing economy and expect the current trend to have bottomed out. We have seen this with several customers where some modest orders have been pulled in and there has been increased activity with new opportunities. It will still take a while to get to where we want to be but at least the current trend appears to be positive after the third quarter. In addition to right-sizing the Company, we have continued to remain focused on reducing inventory further. We made modest progress in that area in the second quarter, but we fully expect to see significant gains in our reduction efforts during the third quarter. “In our first quarter press release, I also mentioned that we were focused on activities to de-lever our balance sheet. I’m pleased to announce that on December 13, 2024, SigmaTron entered into a sale/leaseback of our Elk Grove Village property. We have signed a three-year lease with two one-year options on the property. From an accounting perspective, not only have we reduced our bank debt, but we will have a one-time capital gain of approximately $7 million to report in our third quarter results. We continue to look at other options for the Company strategically, with the assistance of Lincoln International. We continue to enjoy good relationships with our customers and supply chain and expect that to continue as we continue to go through the process.” About SigmaTron International, Inc. Headquartered in Elk Grove Village, Illinois, SigmaTron International, Inc. operates in one reportable segment as an independent provider of electronic manufacturing services (“EMS”). The EMS segment includes printed circuit board assemblies, electro-mechanical subassemblies and completely assembled (box-build) electronic products. The Company and its wholly-owned subsidiaries operate manufacturing facilities in Elk Grove Village, Illinois; Acuna, Chihuahua, and Tijuana Mexico; Union City, California; Suzhou, China; and Biên Hòa City, Vietnam. In addition, the Company maintains an International Procurement Office and Compliance and Sustainability Center in Taipei, Taiwan. The Company also provides design services in Elk Grove Village, Illinois, U.S. Forward-Looking Statements Note: This press release contains forward-looking statements. Words such as “continue,” “anticipate,” “will,” “expect,” “believe,” “plan,” and similar expressions identify forward-looking statements. These forward-looking statements are based on the current expectations of the Company. Because these forward-looking statements involve risks and uncertainties, the Company’s plans, actions and actual results could differ materially. Such statements should be evaluated in the context of the direct and indirect risks and uncertainties inherent in the Company’s business including, but not necessarily limited to, the Company’s continued dependence on certain significant customers; the continued market acceptance of products and services offered by the Company and its customers; pricing pressures from the Company’s customers, suppliers and the market; the activities of competitors, some of which may have greater financial or other resources than the Company; the variability of the Company’s operating results; the impact of material weaknesses in internal controls over financial reporting; the results of long-lived assets and goodwill impairment testing; the risks inherent in any merger, acquisition or business combination, including the ability to achieve the expected benefits of acquisitions as well as the expenses of acquisitions; the collectability of aged account receivables; the variability of the Company’s customers’ requirements; the impact of inflation on the Company’s operating results; the availability and cost of necessary components and materials; the impact acts of war may have to the supply chain; the ability of the Company and its customers to keep current with technological changes within its industries; regulatory compliance, including conflict minerals; the continued availability and sufficiency of the Company’s credit arrangements; the costs of borrowing under the Company’s senior and subordinated credit facilities, including under the rate indices that replaced LIBOR; increasing interest rates; the ability to meet the Company’s financial and restrictive covenants under its loan agreements; changes in U.S., Mexican, Chinese, Vietnamese or Taiwanese regulations affecting the Company’s business; the turmoil in the global economy and financial markets; public health crises, including COVID-19 and variants; the continued availability of scarce raw materials, exacerbated by global supply chain disruptions, necessary for the manufacture of products by the Company; the stability of the U.S., Mexican, Chinese, Vietnamese and Taiwanese economic, labor and political systems and conditions; global business disruption caused by the Russian invasion of Ukraine and related sanctions and the Israel-Hamas conflict; currency exchange fluctuations; and the ability of the Company to manage its growth. These and other factors which may affect the Company’s future business and results of operations are identified throughout the Company’s Annual Report on Form 10-K, and as risk factors, may be detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These statements speak as of the date of such filings, and the Company undertakes no obligation to update such statements in light of future events or otherwise unless otherwise required by law. For Further Information Contact: SigmaTron International, Inc. Frank Cesario 1-800-700-9095

A Los Angeles-based firm has announced the completion of the world’s first fully automated hover at the swipe of a finger in a fully-conforming production aircraft. Developed by Skyryse, the aircraft performed a textbook-perfect seamless and stable hover. ‍In a feat akin to the first time a car autonomously pulled out of a parking spot, the fully-conforming production Skyryse One executed the stable, fully automated hover with just a simple swipe of the finger. Triply-redundant production unit The accomplishment was then successfully validated numerous times, including with Skyryse CEO Dr. Mark Groden at the controls. While not the first time Skyryse has achieved hover with the swipe of a finger – having accomplished it countless times in test aircraft, it is the first time it’s been achieved in a fully-conforming, triply-redundant production unit without any backup conventional controls in the cockpit . Dr. Mark Groden, CEO of Skyryse, stated that until today, every helicopter ever built has taken off using basically the same mechanical controls that Igor Sikorsky used in his first flight 85 years ago. “This latest accomplishment – following our successful achievement of the world’s first fully-automated autorotation, the world’s first aircraft flown with a single control stick, and the world’s first engine-start with the swipe of a finger – will allow any pilot, regardless of experience level, to achieve a perfect takeoff, every time, with just the swipe of a finger,” said Groden. Years of rigorous flight testing The company claims that its success, after years of rigorous flight testing on multiple test platforms, demonstrates the company’s progress toward its mission to make flying simpler and safer and allowing anyone to fly any aircraft. Skyryse One empowers pilots with a triply redundant, fly-by-wire system controlled by a single control stick and two touchscreens. Skyryse claims that Skyryse One is built on a Rolls Royce-powered Robinson R66 platform. The company completely reimagined the cockpit design from a blank slate to create the most capable, integrated and simplified aircraft in the world. Skyryse One is the first inherently stable and safe IFR capable aircraft, which powers on with a single swipe, according to the company. Powered by SkyOS, Skyryse One’s fly-by-wire technology keeps the pilot in control at all times, working continuously to reduce task saturation and maintaining the aircraft in a safe flight profile. Skyryse One has fully-automated autorotation, dynamic envelope protection, 3D synthetic vision with TAWS automated, continuous engine and rotor system protection and inherent hands-free stability . SkyOS eliminates hundreds of parts and potential points of failure by replacing antiquated mechanical components with Skyryse-designed smart actuators. Skyryse One quickly recognizes a power failure and automatically enters into an autorotation, automating the glide, flare, and set-down – with the pilot in control.

How to Watch Top 25 Women’s College Basketball Games – Friday, November 22Despite a resounding defeat at the hands of Ronald Reagan in 1980, the Democrat forged a new path promoting causes such as electoral probity abroad, social justice and drives to rid the world of medical conditions. His first foreign visit as president was to the UK where then prime minister James Callaghan, as well as the usual visits in London, took his guest to the North East with a visit to Newcastle, Sunderland and Washington – the village bearing the name of the first ever president. Mr Carter delighted crowds in the North East by saying “Howay the lads” during a speech to the assembled throng. He also received a miner’s lamp from 12-year-old Ian McEree in Washington. The 39th US president also carried out more traditional presidential duties, including meetings with western European leaders during his time in London while the Cold War was still ongoing. The practising Baptist continued his globetrotting ways after leaving power, even without Air Force One as his vehicle. He was also part of the Elders, a group of experienced statesmen and women drawn from all corners of the world.

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The vigorous Venezuelan opposition movement that could have dethroned Nicolás Maduro in this year’s presidential election has evaporated. About 100 leaders and many more activists from the Plataforma Unitaria have fled the country since Maduro unleashed an intense wave of repression after his disputed victory on July 28. Edmundo González Urrutia, now called president-elect by the United States, fled to Spain in September. Popular opposition leader María Corina Machado has been in hiding since early August, supposedly within Venezuelan borders, although the government says she is in Colombia. All this is because Maduro has made his enemies fear for their lives. The homes of his detractors were spray-painted with the letter X and visited by security force agents in the framework of the so-called “Tun-Tun” operation. At least 25 arrest warrants against opposition leaders were issued in the first month after the election. Dozens of passports were cancelled. Many were publicly identified and threatened on state television. The situation reached a deadly climax in late October, when Apure state opposition leader Edwin Santos was found dead after being detained by security forces for two days, according to his party. The government never acknowledged his arrest and said he died in a motorcycle accident. The ruling party and its allies have also been considering several laws that ultimately seek to eliminate all traces of opposition within the country. Maduro is scheduled to be sworn in on January 10, and parliamentary and regional elections for governors, mayors, and other lawmakers will be held later in the year. “On July 29, Maduro swept away the electoral system as we knew it,” said University of Navarra professor and political consultant Carmen Beatriz Fernández. “If elections were to take place next year,” he added, “it would be a very convenient election where each candidate must have the placebo, the approval of the dominant nomenclature, in order to be able to enter the ring.” At the most oppressive moment of his autocratic rule so far, Maduro is on track to get what he wants: a Venezuela with no-one to question his authority. Even if the United States refuses to recognise his presidency, it won’t make much of a material difference, given that the once-fervent opposition is only a shadow of its former self. The government did not respond to a request for comment. Had things been different, Viviana Save Torres would have considered running as a candidate in the opposition primaries for any of next year’s elections. However, the party organiser is thousands of miles from home after the government launched a manhunt against her. She asked Bloomberg News not to publish her location for fear of her safety. The 34-year-old helped organise the opposition primary last year and coordinated González Urrutia’s campaign in her home state of Trujillo. González Urrutia, a former diplomat, ran with the support of Machado, who was barred from running for public office. Having her help on the campaign trail was key: Machado won the opposition primary with 93 percent of the vote, and Venezuelans came to see her almost as a messianic figure who promised to reform the economy and reunite families separated by the largest diaspora in the Western Hemisphere. The opposition eventually offered evidence showing González Urrutia would likely have won nearly 70 percent of the presidential vote. But for Save, the intimidation began in the weeks before the election, when security forces stationed themselves outside her home. As a precaution, she changed her location and even her car up to three times a day. It all got worse in the days after the vote. The ruling party governor in Trujillo shared wanted posters for Save and six other local opposition leaders on his social media account. Security forces found the place where they were staying the next day and arrested one of them. Save managed to escape while agents questioned neighbors. On August 4, she learned that the government had issued an arrest warrant for her and decided to leave. She didn’t even have time to tell her family. That night at 2am, she crossed the border into Colombia on a motorcycle. She was barefoot, wearing only her pajamas, and pretended to be sick. “It was a week of terror,” she said. “When I got to Cúcuta, I felt relieved.” Sadly, her journey was far from over. Shortly afterward, the governor of Trujillo addressed her on regional television, telling her that the government knew where she was and that they would find her and deport her to Venezuela. Save barely went outside in Colombia; she was too afraid to even go to the grocery store, so she left. “This whole wave of terror is the reaction of some defeated people who want to perpetuate themselves in power,” she said in a telephone interview. “My call is to the international community: you cannot be complacent.” While González Urrutia is the most prominent leader to have left so far, there are many others like Save who were instrumental in enabling the opposition to reach out to its supporters and carry out a campaign against the ruling socialists. There are also those who served as vote-counting witnesses and polling station employees, who have also received direct threats from Maduro’s security forces. Of course, some remain in hiding within Venezuelan borders. And there are six close Machado aides who remain holed up in Argentina’s Embassy in Caracas, now under Brazilian control. Over the weekend, the opposition said the government had resumed its siege of the Embassy by cutting off electricity and placing signal jammers. The onslaught has been especially harsh against Machado’s Vente Venezuela party, but this has happened to others before. Most of the leaders of the once-powerful opposition groups Voluntad Popular and Primero Justicia are in exile, and some of their most prominent leaders have faced the possibility of prison time. Many of those who fled after the July election refused to share their testimonies for fear that any clues to their identity could lead to reprisals. Another young opposition leader, who asked to remain anonymous, left after an arrest warrant was issued and security forces raided his home. The individual had helped organise opposition primaries in 2023 and, like Save, hoped to run for office next year. The situation is expected to worsen in the coming weeks, and Maduro’s government may pass electoral reforms seeking to exclude the opposition and its parties before the December 15 deadline. Simultaneously, authorities are investigating more than 300 people, mostly politicians, for what it says was the theft of Citgo Petroleum Corp, the US arm of Venezuela’s state oil company. In 2019, the Venezuelan government lost control of Citgo to an ad hoc opposition-led board. The company is now being auctioned off in the United States “Hopefully all those involved in the blatant Citgo theft will be prosecuted, captured, and brought to trial,” Maduro said on the October 28 episode of his weekly television show. The latest wave of persecution against Maduro does not appear to be over yet. He is also promoting a law to counter the US “Bolívar Law,” which provides for sanctions such as lifetime bans from holding public office, trials , and 30-year prison sentences for those who support actions against Venezuela. The legislation was pushed by Florida Congressman Mike Vals, who is US president-elect Donald Trump’s nominee for national security adviser. The repercussions of this and the electoral reforms will be felt for years to come. “While some opposition forces will likely participate in the elections anyway, it is hard to imagine the opposition remaining completely unified in its approach to the election after the blatant fraud in July,” said Risa Grais-Targow, an analyst at Eurasia Group. “It is always in Maduro’s interest to have a divided and demoralized opposition, especially in the run-up to a vote.” by Bloomberg News Ads Space Ads Space

Nov 28 (Reuters) - A look at the day ahead in Asian markets. Investors were grappling with fresh U.S. inflation data and its implications for Federal Reserve policy along with continued fallout from Donald Trump's tariff pledges as trading in the U.S. was thinning out ahead of the Thanksgiving holiday. Asian markets were waking up to a tepid day for U.S. equities, with technology shares leading major indexes lower. Shares of Dell (DELL.N) , opens new tab and HP (HPQ.N) , opens new tab sank after weak forecasts from the personal computer makers, weighing on the tech sector (.SPLRCT) , opens new tab . Data showed the personal consumption expenditures (PCE) price index -- an inflation gauge followed by the Fed -- rose 2.3% in the 12 months through October, a slight uptick from the prior month. Traders were still expecting another interest rate cut when the Fed meets in mid-December, with Fed futures showing that expectations of a 25 basis point reduction remained intact following the PCE data. Investors were trying to sort through the potential fallout from Trump's pledge earlier this week of big tariffs on Canada, Mexico and China, which has rattled assets including currencies and auto shares . For example, Goldman Sachs economists estimated the tariffs, if implemented, would increase U.S. core PCE inflation by 0.9%. Meanwhile, Mexico's president warned the country would retaliate if Trump followed through with his 25% across-the-board tariff, a move her government warned could kill 400,000 U.S. jobs. With tariffs as a continued specter, major Asian indexes posted mixed sessions on Wednesday. Japan's Nikkei (.N225) , opens new tab ended lower, with automakers leading the losses, amid concerns about the impact of Trump's tariff plans and a stronger yen. But key China equity gauges gained more than 1%, as data showed a less sharp decline in the country's industrial profits and traders bet that Beijing will provide stimulus to counter risks from the U.S. tariffs. In India, a Reuters poll of equity analysts found that equity markets will take time to recover from their recent sell-off because they remain overvalued, with last week's Adani indictments only adding to the pain. Beyond the U.S., central bank policy was in focus elsewhere globally. New Zealand's central bank cut rates on Wednesday for a third time in four months, and flagged more substantial easing. The Bank of Korea is up next. The BOK is expected to keep its key policy rate at 3.25% on Thursday to support the Korean won against a strong U.S. dollar, according to a Reuters poll of economists, who forecast at least three rate cuts next year. The end of the week is expected to bring more eventful data in Asia, with GDP figures due in India and Taiwan on Friday, along with Tokyo CPI data. "Black Friday" -- the day after Thanksgiving -- also marks the unofficial start of U.S. holiday shopping season . The extent to which inflation-challenged shoppers flock to deals will be of interest to markets, with consumer spending making up more than two-thirds of U.S. economic activity. Here are key developments that could provide more direction to markets on Thursday: - Bank of Korea monetary policy meeting - Australia capex data (Q3) - Germany CPI (Nov) Sign up here. Reporting by Lewis KrauskopfEditing by Bill Berkrot Our Standards: The Thomson Reuters Trust Principles. , opens new tabHuefner 1-6 2-2 5, Sakho 1-3 1-3 3, Boykin 4-13 3-4 11, Finister 4-7 1-2 10, Wilkerson 9-23 3-3 22, Hammons 0-1 0-0 0, Scroggins 4-5 0-0 8, Burns 1-3 0-0 2, Ford 1-3 0-0 2. Totals 25-64 10-14 63. Huntley 2-9 1-2 6, Beaubrun 2-3 3-4 7, Conners 4-9 9-10 19, Tate 6-14 2-4 17, Threadgill 4-11 2-2 11, Wilson 0-0 0-0 0, Muttilib 2-5 0-0 4, Dodd 0-1 0-0 0, Marcus 1-1 0-0 2. Totals 21-53 17-22 66. Halftime_Sam Houston St. 33-30. 3-Point Goals_Sam Houston St. 3-14 (Finister 1-1, Huefner 1-3, Wilkerson 1-8, Boykin 0-1, Hammons 0-1), Appalachian St. 7-24 (Tate 3-6, Conners 2-5, Threadgill 1-3, Huntley 1-5, Beaubrun 0-1, Dodd 0-1, Muttilib 0-3). Rebounds_Sam Houston St. 35 (Finister 7), Appalachian St. 33 (Beaubrun 9). Assists_Sam Houston St. 9 (Boykin 5), Appalachian St. 11 (Tate 4). Total Fouls_Sam Houston St. 20, Appalachian St. 15. A_2,519 (6,100).