GUELPH, ONTARIO--(Marketwire - May 5, 2011) -HAMMOND MANUFACTURING COMPANY LIMITED (TSX:HMM.A) announces financial results for the first quarter ended April 1, 2011:
| Three months ending: | ||
| 4/1/11 | 4/2/10 | |
| Net Sales | $21,731,000 | $19,617,000 |
| Earnings from operations(*) | 1,558,000 | 911,000 |
| Net Earnings | 767,000 | 129,000 |
| Earnings per share | $0.07 | $0.01 |
| Shares outstanding | 11,334,300 | 11,334,300 |
| Net Book value per share | $2.49 | $2.32 |
| (*) | 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:
Our first quarter was busy as sales increased 10.8% from the first quarter 2010 to $21.7 million.
Earnings reflected the higher level of capacity utilization and grew to $767,000 or 7 cents per share.
Going forward we will be facing headwinds from the high value of the Canadian dollar and the requirement for investments in new capacity.
Special appreciation is due to all staff that made this quarter possible. Our quality products and service excellence is our strength.
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