Science & Technology
Science and Technology
Science and Technology
Fri, March 9, 2012
Thu, March 8, 2012 Hammond Manufacturing Company Limited Announces Financial Results for the Year and Fourth Quarter Ended December 31, 2011
March 08, 2012 11:39 ET
Hammond Manufacturing Company Limited Announces Financial Results for the Year and Fourth Quarter Ended December 31, 2011
GUELPH, ONTARIO--(Marketwire - March 8, 2012) - HAMMOND MANUFACTURING COMPANY LIMITED (TSX:HMM.A) announces financial results for the year and fourth quarter ended December 31, 2011:
| Year ending: | Three months ending: | ||||||||||||
| 12/31/11 | 12/31/10 | 12/31/11 | 12/31/10 | ||||||||||
| Net Sales | $ | 85,487,000 | $ | 78,587,000 | $ | 22,010,000 | $ | 19,270,000 | |||||
| Earnings from operating activities(*) | 2,933,000 | 3,965,000 | 708,000 | 899,000 | |||||||||
| Income for Period | 1,771,000 | 2,306,000 | 600,000 | 525,000 | |||||||||
| Total comprehensive income for the period | 1,952,000 | 1,905,000 | 104,000 | 337,000 | |||||||||
| Earnings per share | |||||||||||||
| Basic | $ | 0.16 | $ | 0.20 | $ | 0.05 | $ | 0.05 | |||||
| Diluted | $ | 0.16 | $ | 0.20 | $ | 0.05 | $ | 0.05 | |||||
| Shares outstanding | 11,334,300 | 11,334,300 | 11,334,300 | 11,334,300 | |||||||||
| Net Book value per share | $ | 2.60 | $ | 2.45 | $ | 2.59 | $ | 2.42 | |||||
| (*) Earnings from operations is before interest, foreign exchange, equity interest, other income and taxes |
| NOTE: All numbers have been stated under IFRS |
| The interim financial results have not been reviewed by an auditor |
We would like to announce that we earned 5 cents per share on sales of $22.0 million in the fourth quarter as compared to 5 cents per share on sales of $19.3 in the same quarter last year.
Full year earnings per share of 16 cents on sales of $85.5 million were down from 20 cents per share on sales of $78.6 million in 2010.
Our lower earnings per share for 2011 on higher sales is a direct result of intense competition and a high Canadian Dollar. Our focus going forward must be on cost reduction through employee involvement and service excellence as our key sales philosophy.
Hammond Manufacturing Company Limited manufactures a broad range of products for the electronic and electrical products industry, including metallic and non-metallic enclosures, racks, small cases, outlet strips, surge suppressors and electronic transformers.
