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 1-800-700-9095The upcoming Winter Session of India's Parliament is set to be stormy, with opposition parties keen on addressing allegations of bribery against the Adani Group. In a violent turn of events, protests against a mosque survey in Uttar Pradesh led to three fatalities and numerous injuries. Political dynamics in Maharashtra are shifting, with leadership decisions pending ahead of the elections, while the INDIA bloc strategizes for parliamentary debates. (With inputs from agencies.)
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.
Miami's veteran safety has struggled since coming over from the Buffalo Bills, but coaches still like his impact on the defense as a whole. And Tyreek Hill says fans are ruining football by making it about fantasy and gambling.The AP Top 25 college football poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . LOS ANGELES (AP) — Southern California quarterback Miller Moss is entering the transfer portal after losing the Trojans’ starting job last month. Moss made his announcement on social media Monday. Moss started the Trojans ' bowl victory last season and their first nine games this season before coach Lincoln Riley replaced him with Jayden Maiava in early November. “Being a USC Trojan was a lifelong dream of mine,” Moss wrote. “Putting on the cardinal and gold and competing on behalf of my teammates and school is something I will forever take pride in. I poured everything I have into this — body, heart, mind and soul — and am humbled by and proud of what my teammates and I accomplished.” Moss, who was born in Los Angeles and went to high school in the San Fernando Valley, signed with USC before Riley arrived at the school. Moss also stayed with the Trojans after Caleb Williams transferred from Oklahoma to rejoin Riley, and he served as Williams’ backup for two seasons before getting his chance to play with six touchdown passes in last year’s Holiday Bowl. Moss completed 64.4% of his passes this season for 2,555 yards with 18 touchdowns and nine interceptions. After a spectacular 378-yard performance to beat LSU in the Trojans’ season opener, Moss didn’t play poorly as a starter, but he also wasn’t a difference-maker while USC stumbled to a 4-5 record. RELATED COVERAGE Ryan Poles to remain Bears general manager and lead search for new head coach Houston’s Al-Shaair apologizes for hit on Jacksonville’s Lawrence that led to concussion Chicago Bears could find working with interim coach Thomas Brown different than with Matt Eberflus Moss threw seven interceptions in his final five starts before losing the job to Maiava. The Trojans went 1-4 in that stretch under Moss, who plays as a more traditional pocket passer while Maiava has the mobility usually favored for quarterbacks in Riley’s spread offense. “Looking towards the future, I’m unwaveringly committed to becoming an even better quarterback and leader, and to achieving this at the next level,” Moss wrote. Moss has already graduated from USC, putting him in the portal as a graduate student. USC (6-6) is headed to a lower-tier bowl game again to finish this season, its third under Riley. ___ AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-footballReports: Yankees sign LHP Max Fried to 8-year, $218M deal
Drake Maye returns after a hit to the head, but same problems persist in Patriots' loss to ChargersTop eight advance directly to Round of 16. Teams ranked 9-24 will compete in knockout round play-offs to determine the remaining spots in the last 16. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get updates and player profiles ahead of Friday's high school games, plus a recap Saturday with stories, photos, video Frequency: Seasonal Twice a week
WASHINGTON , Nov. 21, 2024 /PRNewswire/ -- NASA has selected Sierra Lobo , Inc. of Fremont, Ohio , to provide for test operations, test support, and technical system maintenance activities at NASA's Stennis Space Center near Bay St. Louis, Mississippi . The NASA Stennis Test Operations Contract is fixed-price, level-of-effort contract that has a value of approximately $47 million . The performance period begins July 1, 2025 , and extends three years, with a one-year base period and two one-year option periods. The contract will provide test operations support for customers in the NASA Stennis test complex. It also will cover the operation and technical systems maintenance of the high-pressure industrial water, high-pressure gas, and cryogenic propellant storage support areas, as well as providing welding, fabrication, machining, and component processing capabilities. NASA Stennis is the nation's largest propulsion test site, with infrastructure to support projects ranging from component and subscale testing to large engine hot fires. Researchers from NASA, other government agencies, and private industry utilize NASA Stennis test facilities for technology and propulsion research and developmental projects. For information about NASA and other agency programs, visit: https://www.nasa.gov SOURCE NASAAdd the Dodgers to the list of teams with confirmed in-person meetings with highly sought-after international free agent Roki Sasaki. The meeting is not a surprise – the Dodgers are considered the favorite to sign the 23-year-old Japanese right-hander. When Sasaki was officially posted by his Nippon Professional Baseball team, the Chiba Lotte Marines, on Dec. 11, Dodgers president of baseball operations Andrew Friedman called it a “major priority” for the Dodgers to sign him. The Dodgers are the sixth team known to have had meetings with Sasaki and his agent, Joel Wolfe. Texas Rangers president of baseball operations Chris Young confirmed in mid-December that his team had met with Sasaki. There have also been reports of meetings between Sasaki and the New York Yankees, New York Mets, Chicago Cubs and San Francisco Giants. At the Winter Meetings earlier this month, Wolfe said he has been contacted by more than 20 teams interested in signing Sasaki. Sasaki is expected to shrink the number of teams he is considering and hold a second round of meetings with those teams in 2025. Sasaki’s posting window closes Jan. 24. He cannot sign before Jan. 15, when the 2025 international signing period begins. “The best I can say is he has paid attention to how the teams have done as far as overall success, both this year and in years past,” Wolfe said at the Winter Meetings. “He does watch a lot of Major League Baseball. He’s paid attention to what his (World Baseball Classic) teammates have done. He’s talked to a lot of players, foreign players that have been on his team with Chiba Lotte. He asked a lot of questions about weather, about comfortability, about pitching development and just watching what other Japanese players in the major leagues are doing and how they are doing.” Related Articles Unlike Yoshinobu Yamamoto (also a Wolfe client) who signed a record 12-year, $325 million contract with the Dodgers last winter, Sasaki is not able to auction his talents to the highest bidder. Because he is younger than 25, he is considered the same as an international amateur and can only be signed for an amount in a team’s international bonus pool, which ranges from $5 million to $7 million. The same rule applied to Shohei Ohtani when he signed with the Angels in 2017. The 23-year-old Sasaki is considered one of the best pitchers in the world. He became the youngest pitcher to throw a perfect game in NPB in 2022 and tied Ohtani for the fastest pitch recorded in NPB history (102.5 mph). In four NPB seasons, he was 29-15 with a 2.10 ERA and 11.5 strikeouts per nine innings. Last season, he had some injury issues but went 10-5 with a 2.35 ERA in 18 starts. Jeff Fletcher contributed to this story.The Center forthe Development of Cultural and Creative Industries (CreativeCenter), established by the Ministry of Culture, was inaugurated onDecember 28 with the participation of Leyla Aliyeva, Vice-Presidentof the Heydar Aliyev Foundation, reports. Minister of Culture Adil Karimli provided an overview of thefacilities at the Center, highlighting its mission to support youngtalents, enhance their professional skills, and foster therealization of creative potential. The Center aims to implement cultural and creative industryprojects, support the establishment and growth of newentrepreneurial ventures and startups, facilitate the creation andexport of local creative products and services, and attracttalented youth from various regions. The Creative Center is running several successful initiatives,including three incubation programs focused on Music, “Gametech,”and “Cultech,” resulting in 20 startups and over 50 activeresidents. Adil Karimli noted that since 2023, the Ministry has beenorganizing the "Creative Talks" project. This initiative promotesthe development of skills in culture and creativity in both thecapital and the regions, serving as an educational platform aimedat supporting the formation of creative entities. The Center also organizes masterclasses and training sessions onthe use of artificial intelligence in animation, music and filmindustries, design, and creative fields under the "Ai4Art" project.Over 200 young individuals participate in these educationalprograms. The Center encompasses the "Creative Market" marketplaceplatform and the "Creative Edu.az" educational center, providingadditional support and resources for creative development. The Center is equipped with advanced technology to supportdiverse creative endeavors, including studios for photo and videoproduction, sound recording, animation, dance, and more. The Creative Center collaborates with both local entities andinternational organizations as its partners. The establishment of the Center for the Development of Culturaland Creative Industries was approved by an order of the Presidentof Azerbaijan on July 22, 2022. Founded by the Ministry of Culturein 2024, it is part of the Action Plan for the “2022-2026 Socialand Economic Development Strategy of the Republic ofAzerbaijan.”
SNOWFLAKE students stuck their oar in after a university rowing club ranked members’ abilities by comparing them to willies. One struggler was dubbed “Mr Floppy”, while the top performer was named “Morning Wood”. Oxford Brookes University launched an investigation into its boat club after complaints over the use of comic names. Rowers were placed into categories which were also given names such as “The Semis” and “Rock Hard”. Woke students were even more furious after discovering rowers’ names had a column with recommendations, including calls to “toughen up”. One message on the sheet read: “Watching you row is like watching paint dry.” READ MORE ON UNIVERSITIES HISTORIC DAY OUT Eight things to do in England’s historic university town of Oxford UNI FEAR Fury as woke uni warns biology students may get upset by images of human body Another had the suggestion: “Put the pies down.” After the willy-related names and the messages were revealed, a leaked WhatsApp group chat showed a senior member of the coaching staff called for the mole to own up. But an Oxford Brookes spokesman said: “The material that has been circulated online has appalled us. “We are taking the concerns that have been raised about coaching practices at Oxford Brookes University Boat Club extremely seriously, and we are working with British Rowing to investigate and address those concerns. Most read in The Sun HIT AND RUN Car 'deliberately' ploughs into fans outside Premier League stadium after match PHIL THE HEAT Latest on Philippe Clement's future at Rangers amid swirling sack rumours TRAGIC FIND Body found on Scots island in search for missing woman, 28, as family informed REST EASY Andy Murray flooded with messages as he shares heart-breaking family update “We are writing to members of the boat club to provide support and encourage them to come forward and report any concerns they may have to the university.” British Rowing said: “British Rowing is aware of concerns being raised about coaching practices at Oxford Brookes University Boat Club. “We’re working with the club and university to understand and address the concerns. “Creating a safe and respectful environment for everyone in the rowing community is our priority.” The club is renowned for producing Olympic gold medal-winning rowers and world champions. We should tell woke uni students to grow a pair, but they’d burst into tears & call the cops, says Piers Morgan 1 Students complained after a university rowing club ranked members’ abilities by comparing them to willies (stock picture)
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