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Hammond Manufacturing Company Limited Announces Financial Results for the Third Quarter Ended September 30, 2011(October 20, 2011)
GUELPH, ONTARIO -- (Marketwire) -- 10/20/11 -- HAMMOND MANUFACTURING COMPANY LIMITED (TSX:HMM.A) announces financial results for the third quarter ended September 30, 2011:
Nine months ending: Three months ending: 9/30/11 10/1/10 9/30/11 10/1/10 Net Sales $63,477,000 $59,317,000 $21,011,000 $19,726,000 Earnings from operating activities((i)) 2,225,000 3,066,000 430,000 1,247,000 Profit for Period 1,171,000 1,781,000 103,000 853,000 Total comprehensive income for the period 1,848,000 1,568,000 971,000 596,000 Earnings per share Basic $ 0.10 $ 0.16 $ 0.01 $ 0.08 Diluted $ 0.10 $ 0.16 $ 0.01 $ 0.08 Shares outstanding 11,334,300 11,334,300 11,334,300 11,334,300 Net Book value per share $ 2.59 $ 2.42 $ 2.59 $ 2.42 ((i)) 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:
New orders in Q3 exceeded our forecasts and taxed our capacity in our Guelph factory.
Operating earnings reflect the costs of responding to this surge in backlog level with increased staffing and capacity. Moreover, production was disrupted by a very hot July and August that resulted in lower outputs.
Our focus for Q4/11 is on the recovery of our service levels at normalized productivity levels.
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.
Hammond Manufacturing Company Limited
Robert F. Hammond
Chairman and CEO
(519) 822-7289 (FAX)
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