GUELPH, ONTARIO--(Marketwire - July 23, 2009) - Hammond Manufacturing Company Limited (TSX:HMM.A) -
Six months ending: Three months ending: 7/3/09 6/27/08 7/3/09 6/27/08 Net Sales $ 36,717,000 $ 38,484,000 $ 16,957,000 $ 19,976,000 Earnings from operations $ 1,494,000 $ 822,000 $ 562,000 $ 440,000 Net Earnings $ 451,000 $ 2,138,000 $ 13,000 $ 104,000 Earnings per share $ 0.04 $ 0.19 $ 0.00 $ 0.01 Shares outstanding 11,334,300 11,334,300 Net Book value per share $ 2.40 $ 2.12
The second quarter has brought us into the recessionary times full force. We have seen a significant softening in all our markets and have taken actions to adjust to the conditions. Second quarter net sales are down 14.2% from the first quarter of 2009. We have taken steps to reduce our capacity and cost levels on a short-term basis. Earnings from operations are up over prior year comparative periods primarily due to the foreign exchange impact from the US dollar.
We continue to position the company for a market recovery through upgrades to our factory with such initiatives as the realignment of our paint and assembly line, the addition of pour in place gasketing and investment in new product development. We are committed to continue our plans to defend and expand 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Hammond Manufacturing Company Limited
Robert F. Hammond
Chairman and CEO
(519) 822-7289 (FAX)