Fri, March 9, 2012
Thu, March 8, 2012
[ Thu, Mar 08th 2012 ]: Market Wire
Suntech Ramps up Power

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:
12/31/1112/31/1012/31/1112/31/10
Net Sales$85,487,000$78,587,000$22,010,000$19,270,000
Earnings from operating activities(*)2,933,0003,965,000708,000899,000
Income for Period1,771,0002,306,000600,000525,000
Total comprehensive income for the period1,952,0001,905,000104,000337,000
Earnings per share
Basic$0.16$0.20$0.05$0.05
Diluted$0.16$0.20$0.05$0.05
Shares outstanding11,334,30011,334,30011,334,30011,334,300
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.