Sigma Industries Reports Fiscal 2018 Fourth Quarter and Year-End Results

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SAINT-ÉPHREM-DE-BEAUCE, Québec, June 13, 2018 (GLOBE NEWSWIRE) -- Sigma Industries Inc. (TSX-V:SSG), a manufacturing company specializing in the production of composite components, announces results for the fourth quarter and fiscal year ended April 28, 2018.

“Sigma Industries Inc. recorded higher sales, EBITDA and net income in fiscal 2018. Revenues increased 7.9% to $59.0 million, mainly attributable to higher sales in the bus and industrial markets. EBITDA increased 37% to reach $5.0 million, up from $3.7 million last year. This increase is primarily attributable to higher sales, efficiency gains as well as a foreign exchange gain, partially offset by increased labour costs due to a labour shortage. As a result, we concluded fiscal 2018 with net income of $3.2 million, or $0.27 per basic share, as compared to $1.8 million, or $0.15 per basic share, last year.

During the year, we signed an important long-term contract to manufacture components for a new vehicle program and also closed a financing for the investment required for this contract. After the end of the fiscal year, we acquired a facility in Surgoinsville, Tennessee in order to expand our operations in the U.S. The new facility is expected to be operational by the end of the second quarter of calendar 2019.

Looking forward we are excited about the future. Over the next few years, our capital expenditures will increase as we will make investments to modernize our existing facilities and equipment, prepare for the important long-term contract announced last December and expand our operations in the U.S. In parallel, we will continue to look for new ways to increase our productivity,” said Denis Bertrand, President and Chief Executive Officer of Sigma Industries.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) amounted to $892,223, or 5.7% of revenues, in the fourth quarter of fiscal 2018, versus $485,086, or 3.1% of revenues, in the fourth quarter of fiscal 2017. This increase reflects higher sales, a more favorable product mix, increased efficiency gains and a favourable foreign exchange variation as compared to last year.

Sigma Industries concluded the fourth quarter of fiscal 2018 with net income of $1,002,925, or $0.09 per basic share ($0.03 per diluted share), versus net income of $645,749, or $0.05 per basic share ($0.02 per diluted share), in the fourth quarter of fiscal 2017. 

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Globe Newswire: 22:01 GMT Wednesday 13th June 2018

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