|
| Press Release - April 26, 2007 |
| |
Hammond Manufacturing Company Limited,
394 Edinburgh Road North,
GUELPH , Ontario N1H 1E5.
Tel # ( 519 ) 822 - 2960
Fax # ( 519 ) 822 - 8987 |
| |
| TSE: HMM.A |
HAMMOND MANUFACTURING COMPANY LIMITED
announces financial results for
the first quarter ending March 30, 2007:
|
| |
| |
Three months ending: |
| |
Mar 30, 2007 |
Mar 31, 2006 |
| |
|
|
| Net Sales |
18,259,000 |
18,296,000 |
| Earnings
from Operations |
348,000 |
758,000 |
| Net Earnings |
174,000 |
307,000 |
| |
|
| Earnings (loss) per Share |
$0.02 |
$0.03 |
| Shares Outstanding |
11,329,300 |
11,307,300 |
| Net book value per share |
$1.92 |
$1.83 |
|
| |
GUELPH, ONTARIO – April 26, 2007– We are pleased to report an increase in net sales in the
first quarter ending March 30, 2007 of 6.8% from the fourth quarter of 2006. Net sales for the
current quarter were basically unchanged (down 0.2%) from the first quarter of the prior year.
Our gross margins decreased by 1.8% in the first quarter of 2007 from the same quarter in 2006.
Margins were impacted by higher prices for commodities such as stainless steel and copper. We
also had lower loading in our manufacturing operations as a result of softer electrical markets.
We generated positive cash from operations of $170,000 during the quarter including an
investment in net working capital of $509,000. Our balance sheet remains strong and we continue
to focus on investing cash in order to improve productivity, develop product niches and increase our
market share.
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.
|
| |
| Information Contacts:
Robert F. Hammond, Chairman and CEO
Tel: (519) 822.2960
Fax: (519) 822.8987
Email: ir@hammfg.com |
| Guelph, Ontario, April 25, 2006 |
|