Hammond Manufacturing Company Limited
TSX : HMM.A

Hammond Manufacturing Company Limited

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:
12/31/11 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

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