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| Press Release - July 19, 2005 |
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Hammond Manufacturing Company Limited,
394 Edinburgh Road North,
GUELPH , Ontario N1H 1E5.
Tel # ( 519 ) 822 - 2960
Fax # ( 519 ) 822 - 8987 |
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| TSE: HMM.SV.A |
Hammond Manufacturing Company Limited announces financial
results for the second quarter ending July 19, 2005 |
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Six months ending: |
Three months ending: |
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7/1/05 |
7/2/04 |
Change |
7/1/05 |
7/2/04 |
Change |
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| Net Sales |
33,253,000 |
30,456,000 |
9.2% |
16,773,000 |
15,053,000 |
11.4% |
| Earnings from Operations |
682,000 |
1,478,000 |
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355,000 |
846,000 |
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| Net Earnings |
180,000 |
522,000 |
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129,000 |
330,000 |
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| Earnings per Share |
$0.02 |
$0.05 |
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$0.01 |
$0.03 |
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| Shares Outstanding |
11,307,300 |
11,302,300 |
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| Net book value per share |
$1.86 |
$1.87 |
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GUELPH, ONTARIO – July 19, 2005 –
We are pleased to report continued strong growth in sales volume, and positive earnings for the 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. |
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| Information Contacts:
Robert F. Hammond, Chairman and CEO
Tel: (519) 822.2960
Fax: (519) 822.8987
Email: ir@hammfg.com |
| Guelph, Ontario, July 19, 2005 |
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