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.
Contact Information:
Robert F. Hammond
Chairman and CEO
(519) 822-2960
(519) 822-7289 (FAX)
ir@hammfg.com