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Hammond Manufacturing Company Limited Announces Financial Results for the Year and Fourth Quarter Ended December 31, 2011(March 08, 2012)
GUELPH, ONTARIO -- (Marketwire) -- 03/08/12 -- 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(i) 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 (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
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.
Hammond Manufacturing Company Limited
Robert F. Hammond
Chairman and CEO
(519) 822-7289 (FAX)
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