GUELPH, ONTARIO--(Marketwire - Oct. 20, 2011) - HAMMOND MANUFACTURING COMPANY LIMITED (TSX:HMM.A) announces financial results for the third quarter ended September 30, 2011:
| Nine months ending: | Three months ending: | |||||||||||||
| 9/30/11 | 10/1/10 | 9/30/11 | 10/1/10 | |||||||||||
| Net Sales | $ | 63,477,000 | $ | 59,317,000 | $ | 21,011,000 | $ | 19,726,000 | ||||||
| Earnings from operating activities(*) | 2,225,000 | 3,066,000 | 430,000 | 1,247,000 | ||||||||||
| Profit for Period | 1,171,000 | 1,781,000 | 103,000 | 853,000 | ||||||||||
| Total comprehensive income for the period | 1,848,000 | 1,568,000 | 971,000 | 596,000 | ||||||||||
| Earnings per share | ||||||||||||||
| Basic | $ | 0.10 | $ | 0.16 | $ | 0.01 | $ | 0.08 | ||||||
| Diluted | $ | 0.10 | $ | 0.16 | $ | 0.01 | $ | 0.08 | ||||||
| Shares outstanding | 11,334,300 | 11,334,300 | 11,334,300 | 11,334,300 | ||||||||||
| Net Book value per share | $ | 2.59 | $ | 2.42 | $ | 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 | ||||||||||||||
To all employees and shareholders:
New orders in Q3 exceeded our forecasts and taxed our capacity in our Guelph factory.
Operating earnings reflect the costs of responding to this surge in backlog level with increased staffing and capacity. Moreover, production was disrupted by a very hot July and August that resulted in lower outputs.
Our focus for Q4/11 is on the recovery of our service levels at normalized productivity levels.
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.
Contact Information:
Robert F. Hammond
Chairman and CEO
(519) 822-2960
(519) 822-7289 (FAX)
ir@hammfg.com