Hammond Manufacturing Company Limited

Hammond Manufacturing Company Limited

July 19, 2005 10:26 ET

Hammond Manufacturing Company Limited Announces Financial Results For The Second Quarter Ending July 1, 2005:

GUELPH, ONTARIO--(CCNMatthews - July 19, 2005) - Hammond Manufacturing Company Limited (TSX:HMM.SV.A) -

Six Three
months ending: months ending:
7/1/05 7/2/04 Change 7/1/05 7/2/04 Change
Net sales 33,253,000 30,456,000 9.2% 16,773,000 15,053,000 11.4%
operations 682,000 1,478,000 355,000 846,000
earnings 180,000 522,000 129,000 330,000
per share $0.02 $0.05 $0.01 $0.03

standing 11,307,300 11,302,300
Net book
value per
share $1.86 $1.87

We are pleased to report continued strong growth in sales volume, and positive earnings for then second quarter of 2005, achieved against a backdrop of tighter margins due to material costs and exchange impacts.

Net sales increased 11.4% for the quarter and 9.2% year-to-date 2005 over the comparable periods for 2004. Net earnings for the quarter were $129,000, up from the $51,000 reported in the first quarter, achieved through improved earnings from operations and better results from our equity investment in Moloney Electric Inc.

The Company commenced manufacturing operations in its US facility in the second quarter. This added production capacity will assist in meeting strong demand for the Company's products.

The Company is managing through a growth phase in a challenging global economy and competitive marketplace. We remain committed to improving profits through focused sales initiatives, appropriate capital expansion, better capacity utilization, and continued cost reduction and productivity improvements.

The balance sheet remains strong, net book value per share ending the quarter at $1.86.

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

  • Hammond Manufacturing Company Limited
    Robert F. Hammond
    Chairman and CEO
    (519) 822-2960
    (519) 822-7289 (FAX)