SIGMATRON
INTERNATIONAL, INC.
ANNUAL REPORT 2022
About the Company
For nearly three decades, SigmaTron
International, Inc. (SII) continues as an
Electronic Manufacturing Services (EMS)
provider of printed circuit board assemblies
(PCBAs) and complete box-build electronic
products to customers in three diverse
end-user markets: Industrial, Consumer and
Medical/Life Sciences. In addition the Company
provides IoT-enabled EMS for the pet
technology market. We offer differentiated
services through a global network of seven
manufacturing facilities in the United States,
Mexico, China and Vietnam, with a company-
wide International Procurement Office
(IPO) in Taiwan. The Company provides
superior EMS value from engineering and
design services to component sourcing,
manufacturing, test and fulfillment.
SIGMATRON INTERNATIONAL
Y-TO-Y GROWTH
Dollars in Millions
PRE-TAX
INCOME
SALES
REVENUES
RESILIENT
SigmaTron reports banner financial results for FY22, despite geopolitical and
industry issues that confronted the EMS industry as a whole. We acknowledge
our tenured leadership and teams who responded with resiliency to our
customers from the five countries where we operate and embraced our
long-held operating principles.
$281M$278MFY21FY20$1MFY20$14MFY22$2MFY21$379MFY22 To Our Stockholders,
SigmaTron International, Inc. (SII) proudly reports that
fiscal year 2022 (FY22) was a banner year with record
financial results for the Company. With commitment forged
at every level of the organization, our talented people
applied our long-held operating principles to achieve this
benchmark while facing formidable economic, supply
chain, and geopolitical uncertainties that affected all
electronic manufacturing services (EMS).
From this year’s rigorous environment, SII served a
highest ever number of finished products and technically
sophisticated customer programs, and made many a
foray into exciting new industrial markets: clean energy,
industrial internet of things (IIoT), safety sensors, and
pet technology (“pet tech”).
SII’S RECORD FY22 FINANCIAL RESULTS
For FY22, revenues increased to $379 million from $278
million in the prior fiscal year; net income increased to $9.9
million in FY22 compared with $1.5 million in FY21. Basic
and diluted earnings per share (EPS) for the fiscal year
were $2.04 and $1.92, respectively, compared to basic and
diluted EPS of $0.36 each in FY21. These year-end results
built upon positive trends that emerged in Q4 FY21 and
accelerated throughout FY22.
OUR Q3 ACQUISITION OF WAGZ INC.
SII acquired Wagz Inc. (“Wagz”), a pet tech company, as
a wholly-owned subsidiary on December 31, 2021. FY22
includes four months of operating results for Wagz which,
as an emerging company, is continuing steps toward
profitability. Following completion of the Wagz acquisition,
the Company’s number of shares increased by 1.6 million.
An innovator in the pet tech market, Wagz focuses on
modernizing pet containment with its patented product
array. Our combined companies drive synergies from
Wagz’ expert, innovative pet tech products from which
flow dedicated EMS revenues to SII. Longer-term, Wagz’
internet of things (IoT) infrastructure—when combined
with SII’s total EMS solution—is expected to drive other
income potential from industrial and consumer customers
who require manufacturing expertise for the latest IoT
and Internet 3.0-enhanced products.
FY22 LEADERSHIP ANNOUNCEMENTS:
BUILDING OUR FUTURE
Amid significant growth and continuity in our commitment
toward next generation EMS, SII made leadership
announcements in FY22.
Following over 30 years of dedicated service to the
Company, most recently as CFO, Linda K. Frauendorfer
announced her retirement in Q2, while maintaining her
role as a SII Board of Directors member. Her replacement,
James J. Reiman, CFO, was announced concurrently.
In Q2, James E. Barnes, Executive Vice President and an
18-year Company veteran, was promoted to President of SII
to lead our traditional EMS business. Also, in Q3 post-Wagz
acquisition and to keep pace with growth and expansion,
Gary R. Fairhead was named as Chairman of the Board of
Wagz Inc., while continuing as CEO and Chairman of the
Board of SII. Wagz founder, Terry B. Anderton, remains the
subsidiary’s CEO and President.
SII MANAGES INDUSTRYWIDE
CHALLENGES IN FY22
With operating resilience, SII mitigated no fewer than four
industrywide challenges.
■ Supply Chain Constraints – Demand, primarily in the
semiconductor segment of the electronic component
marketplace, continued to significantly exceed supply,
creating pricing and availability issues.
■ The U.S. Economy – In FY22, the U.S. economy grew
moderately as COVID-19 cases declined overall but was
offset by the GDP’s sharp contraction. By Q3, inflation
rose by +1.5% to 7.9%—a 40-year high. By Q4, the Federal
Reserve tightened its sell-off with U.S. stimulus relief
funding expected to drive unknown outcomes well into
FY23. For this, SII plans to manage any volatility or
risks posed to our customers and business.
■ Geopolitical Events – Certain global business disruptions
followed Russia’s invasion of Ukraine and resulting sanctions.
Currently, our main concerns are the impacts of war on
our supply chain, namely neon and other noble gases
essential to semiconductors, and other raw materials such
as Russian-produced palladium.
■ COVID-19 and Variants – SII continued essential business
status, complied with all local guidelines for our operations,
and addressed global pandemic hotspots. In FY22, SII
China faced its worst COVID-19 outbreak in two years
with intensified lockdowns in multiple cities, especially
Shanghai, a global transportation hub. In Q2 FY22, Asia’s
lockdowns included SII Vietnam. Then in Q3, SII Mexico
saw a temporary reduction in its operations.
Going forward, should any of these industry factors persist,
SII will respond accordingly.
FY22 AR SIGMATRON INTERNATIONAL | 1
EMS MARKET’S STEADY GROWTH AND
SII’S DIFFERENTIATION WITHIN IT
The EMS market size grew at a CAGR of 7-8% in FY22 to
reach $576 billion. Amid market dynamism in EMS and
despite known challenges and purchase price variances
(PPV), SII’s core strengths fueled Company growth above
7-8%, driving benefits to customers and employees alike.
These strengths include:
■ High Quality, Reliable EMS – For our customers, it bears
repeating that it is not our goal to be the largest EMS but
to be the globally reliable EMS with the highest standards
of personalized service for our customers.
■ Our Committed Teams – SII’s record year of financial
growth and stockholder value is attributable to our
highly-skilled and diverse workforce, our suppliers,
supply chain partners, and professional networks.
■ Operating Flexibility – For nearly 30 years, we offer an
agile production philosophy and technological efficiency
from the seven places where we operate.
■ Differentiated Services – SII again advanced best-in-class
technologies within our critically important Supply Chain,
Design Services, Quality, and IT Systems (U.S. and Taiwan)
—in direct response to market-leading customers’ most
technically demanding programs in our history.
■ Diversified End Markets – We continued efforts to further
balance our market mix, growing Industrial EMS to its largest
segment by revenue in FY22. As a result, SII deepened
our foray into EMS for renewable energy, safety sensors,
IoT and Internet 3.0 applications.
SIGMATRON'S DIVERSE END-USER MARKETS
Providing manufacturing options to diverse markets is our reality
today and for the future. Whether new or established, our customers
represent industry sectors that are crucial in today’s global
EMS and design services markets valued at $576 billion and
growing. Below is the percentage of SII’s net sales
to the principal end-user customer
markets served
in FY22.
55.2%
INDUSTRIAL
Gaming, controls,
smart grid connectivity,
IoT connectivity.
CONSUMER
Appliances/white goods,
automotive vision systems,
carbon monoxide detectors,
pet technology.
MEDICAL/
LIFE SCIENCES
Operating tables, battery
packs, dental equipment,
sterilizers, dialysis.
2 | FY22 AR SIGMATRON INTERNATIONAL
OUR GLOBALLY CONNECTED
SERVICE ARRAY
FY22 was characterized by persistent volatility in the
electronic component marketplace, resulting in significant
supply chain issues. Also, Russia’s war with Ukraine and
other economic and geopolitical issues, many of which are
systemic, are expected to continue through FY23. In such
a year, SII’s agile, proprietary, and globally responsive IT,
Supply Chain, and Design Services proved of ever-increasing
value to customers, suppliers, and employees alike.
SII Information Technology
SII IT drove investments this year in numerous best-of-class
systems that streamlined communications and helped
secure materials, inventory, and ordering visibility for
supply chain management (SCM), while deepening our
interteam, remote meeting platforms. Our proprietary tools
empowered our specialist teams to flexibly manage an
increased volume of exception-driven programs, meeting
customers’ time-to-market goals.
As specific constraints developed in FY22, SII’s value chain
of upgraded IT services signaled trends and sped shortage
warnings to net greater efficiency for all EMS programs.
This year, SII IT also enhanced purchasing automation,
consignment inventory, iScoreTM and MRP Share data
fields. We also upgraded Tango, our Manufacturing
Execution System (MES).
SII’s Decades-Experienced Supply Chain
Responds Amid FY22 Challenges
SII’s mission for customers focuses on helping them
navigate uncertainty especially resonant in FY22’s periods
of challenges. For a company its size and as the industry
faces record supply and demand constraints, SII offers
customers first-rate Supply Chain Management (SCM)
and International Procurement Office (IPO) benefiting
all divisions 24/7.
Our SCM’s Dedicated Teams and Proprietary Tools
SII continued as a valued SCM collaborator with a range
of critically connected customer solutions every step of
the way:
■ International Procurement Office, Taiwan – SII’s
decades-experienced SCM teams liaise with Asian based
suppliers to source high-quality supplies of globally
allocated parts. Our SCM teams link supplier networks
with customers’ needs, limiting production impacts.
38.7%6.1% SigmaTron helps empower
GAMECHANGE SOLAR'S
significant growth in
North America with EMS
for Genius Tracker
TM.
Established in 2012, GameChange Solar (GCS)
has emerged as a North American leader in
the dynamic solar photovoltaic (PV) tracker and
fixed-tilt panel manufacturing market, now sized
at $170 billion. Amid current explosive market
expansion, GCS reports a continued increase in
its market share and geographic footprint.
GCS’ UL-listed and cost-effective solar tracker sys-
tems provide up to 30 GW of production capacity,
delivering over 3.5 GW in 2021 installations for
customers in seven countries. Operating just 10
years, GCS already ranks fifth globally in market
share, according to Wood Mackenzie.
In 2018, GCS selected SII citing its exceptional
manufacturing flexibility, reliability, and consistency.
For the Genius Tracker’sTM master and node
controllers—the satellite-empowered “brains” that
mechanize the solar table—our Acuña, Mexico,
facility relentlessly delivers high quality, low- to
high-volume manufacturing.
GameChange Solar’s Genius Tracker
Since 2018, SII’s scalable EMS solutions produce
TM node
controllers. Our shipments are timed to arrive in
the field on their precise date of installation.
With EMS support that commences up to a year
preceding an installation’s needs, GCS lauds SII’s
production reliability as one key to success. Also,
our Supply Chain and IT systems customize the
steady flow and replenishment of components
and materials. Vis-à-vis SII’s custom in-circuit
and functional tests, GCS also met its goal of
Six Sigma’s “Five Nines” reliability.
Finally, SII’s just-in-time deliveries of GCS’ finished
goods, dropped directly to its global matrix of
installation sites, are of immediate and ongoing value;
it ensures GCS’ “peace of mind” and untethers the
Company to focus on new innovations and the
operations itself. Ahead, SII plans EMS that helps
support GCS renewable energy goals to expand
customers served and heightened volumes
of power generated.
Photos: © 2022, GameChange Solar, Inc. Used with permission. All rights reserved.
SII's full-service EMS helps
secure an on-time launch
for KNOX SAFETY’S smart
Carbon Monoxide Detector
with TRIOTM Warning System.
KNOX SAFETY, INC. (KSI) is a subsidiary and the
residential-facing, life safety division of The Knox
Company (KC), the American-designed innovator
of rapid access solutions for first responders since
1975. More than 15,000 U.S. fire, emergency medical,
and law enforcement personnel gain fast, safe,
and secure entry into over one million properties
using KC products.
In 2020, KSI chose SigmaTron (SII) to initially help
plan and subsequently manufacture its latest, most
innovative carbon monoxide alarms with TRIOTM
Warning Systems. SII offered comprehensive EMS
from new product introduction (NPI) and supply
chain to cost effective, to scaled UL-compliant
manufacturing and test at SII’s Acuña, Mexico, facility.
KSI gained speed-to-market with quality that
exceeds federal agency requirements while
optimizing costs.
The Knox Safety Carbon Monoxide Alarm is the
only one available with the TRIOTM Warning
System that offers more than 20 visual and voice
alerts in English or Spanish.
Despite a condensed development cycle and
aggressive start-up goals, SII delivered product
on time for KSI’s Fall 2021 launch and chainwide
promotion of these products at the world’s
largest retailer: Walmart.
With regional centers in common, SII’s decades-long,
manufacturing in Acuña, Mexico, and logistics
acumen and subsequent customs administration
from SII’s Del Rio, Texas, warehouse led smooth,
efficient product flows to KSI’s distribution center
in the U.S.
Ahead in FY23, SII’s reliable, expert assembly will
allow KSI to confidently meet target for these and
any future generations of product lines ongoing.
Photos: © 2022, Knox Safety, Inc. Used with permission. All rights reserved.
Our SCM Teams and Tools (continued)
Engineering Expertise, Alternative Sourcing –
Our flexible engineering teams intervene and support
customers’ ongoing design cycles. Following design
for manufacturability and test (DFx) evaluations and
redesigns, SII identifies alternate materials, alleviating
any residual needs. Our global network secures spot
market inventories for certain unavailable parts.
■ Management Support – SII’s purchasing power is backed
by the resources of SII management who communicate
directly with our supply chain partners as a situation warrants
and coordinate investment in pre-emptive inventory to
ultimately mitigate the effects of known challenges.
■ Corporate Material Specialist Group – Amid expanded
program requests, SII added purchasing agents who
help locate one-off or difficult-to-source materials for all
North American divisions.
■ Sustainability and Compliance Center (SCC) – Our
SCC teams continue to facilitate immense quantities of
requirements to ensure customers’ compliance with
environmental, social, and government regulations.
The following is a list of technologies, supplier relationships,
or other service/leadership contributions that drive
supply chain value to customers.
■ Forecasted Order Reliability – Placed orders for customers’
full, forecasted components demand. This occurs at the
time of forecast and often 12 to 18 months preceding need.
This process is expected to continue into FY23.
■ Communications and Contingency Planning – We offer
collaborative and personalized customer service. Any
supply challenges are conveyed to the customer and OEM
partners, including assistance to secure alternate parts.
■ Real-Time Systems Visibility – The Company’s effective
combination of ERP systems and its customer portal,
Score, drives 24/7 customer visibility.
■ Supplier Identification and Auditing – We offer our
customers a global list of alternative sources.
NEAR-TERM OUTLOOK IN FY23
Many known industrywide supply chain issues are systemic,
others fast changing, and still others unknown. In FY23,
SII will continue to work with suppliers and customers
to timely address challenges, close supply gaps for our
customers and keep production running.
SII DESIGN SERVICES CENTER,
ELGIN, ILLINOIS
This year, our Design Services Center (DSC) continued its
decades-long reputation for high-quality services across
the EMS lifecycle. In FY22, customers across markets
increased their reliance on SII’s time-tested array of specialist
engineering design and test development expertise. We
empower analytical and enablement tools and service to
bring optimal EMS results. While price competitive,
DSC’s focus is to consistently deliver best-in-class design
support, especially resonant for customers who value
high field reliability over the long term.
In FY22, DSC faced the same industrywide materials
uncertainties, labor shortages, and geopolitical challenges
as other EMS. Amid a tough business environment, many
customers elected a survival versus a new product
introduction (NPI) mindset. This year, DSC invested in latest
3D imaging technologies and increased the depth and
breadth of DFx assessment and custom test development.
Our engineers’ roles further expanded beyond the OEM
consumer appliance market to nine industrial subcategories:
automotive, commercial cooking, fluid controls, LED
lighting, marine, pools, safety, monitoring sensors, and
smart grid connectivity.
SIGMATRON NORTH AMERICA
SII’S STRENGTHS FUEL GLOBAL
CUSTOMER EXPANSION
SII North America (N.A.) targeted and significantly
expanded its value-added services and complete box-build
programs for customers across markets—many the most
technologically complex in our history. Our long-held
reputation for highly personalized, flexible, and reliable
EMS is enhanced by our IT and Supply Chain systems that
identify, manage, and respond to materials changes in
mid-volumes and higher mix program demand, with timely
progress updates to customers.
Resilient to industrywide challenges, SII N.A. delivered
a successful FY22, while fulfilling the robust program
backlog predicted in FY21. In the U.S., each operation
continued as essential businesses, managed any lingering
effects of COVID-19 variant outbreaks, and maintained
production. In Mexico, SII fully complied with strict federal
guidelines for self-quarantining. Even as certain restrictions
were winding down at year-end, we remained vigilant.
While not a factor in FY22, we plan to monitor any
potential logistical challenges that may arise on the
U.S-Mexico border.
Photos: © 2022, Knox Safety, Inc. Used with permission. All rights reserved.
FY22 AR SIGMATRON INTERNATIONAL | 5
The SIGMATRON-WAGZ®
merger creates synergies for
both companies amid rapid
expansion of the global pet
tech market.
Founded in 2015, Wagz Inc. has emerged as
a leading-edge technology company in the
burgeoning global pet tech market expected to
grow to $24 billion by 2024. (Business Insider,
2021). In FY17, SigmaTron International, Inc. (SII)
initiated electronic manufacturing services and
the Wagz relationship, which culminated in the
Company acquiring Wagz in Q3, FY22.
Long known as an innovator, Wagz holds a
noteworthy portfolio of patents and intellectual
property that differentiates and speeds its strategic
vision in pet tech. The Wagz® Freedom Smart
Dog CollarTM is its centerpiece, through which
future products are expected to evolve.
For Lacie's owner and an expanding subscriber
base, patented technologies developed by
Wagz® use a cell phone to integrate with loT
global platforms for a no-shock solution to pet
containment and wellness.
The Freedom Collar delivers a complete,
satellite-connected pet lifestyle to a fast-growing
subscriber base, tracking and humanely
enforcing a dog’s location, feeding, and health.
The Wagz acquisition enables SII to take advantage
of the entire margin stream flowing from its pet
tech hardware sales. As an IoT and Internet 3.0
product, these sales generate predictable, recurring
revenue. Also, SII’s manufacturing footprint in four
countries expedites Wagz time-to-market and aligns
international sales opportunities. In parallel with
their Wagz counterparts, SII’s decades-experienced
engineering team helps optimize next-level design
for manufacturing and test including RF products.
SII’s global, supply chain systems support every
aspect of Wagz business. Net/net, SII and Wagz
unique postmerger synergies are expected to fuel
innovation and competitive advantages in the
vibrant pet tech market, now and well into FY23.
Photos: © 2022. Photos (top) licensed by Getty Images and Wagz Inc.
Used with permission. Photo (bottom) by Peter Cade Photography.
A hallmark of personalized service, our N.A. divisions
meet frequently to confirm schedules and priorities, adopt
design engineering changes to circumvent less available
parts, or adjust lead time expectations accordingly. Despite
supply chain issues, N.A. remained ahead or on pace
of program needs and proudly delivered a significant
increase in finished-goods SKUs. Ahead in FY23, N.A.
will continue to proactively flag and hedge any materials
shortages with alternative components and spot buys
to close any gaps.
SIGMATRON UNITED STATES
In FY22, our U.S. locations in our Elk Grove Village, Illinois
(EGV) headquarters and manufacturing site and our
West Coast operations in Union City, California (UC),
provided world-class design service, rapid prototyping,
and complete-build manufacturing through fulfillment.
Building on prior years’ goals, EGV logged noteworthy
customer gains: a deepened foray into industrial; clean
energy EMS for solar and wind turbine pitch energy
modules; and medium-to-higher volume assemblies for
agriculture equipment. With FY22’s growth trajectory
reported in these markets comes positive implications
for SII in the near term. The division drove process
efficiencies this year with expansion of its Tango MES
system and several capital investments.
For FY22, UC logged a significantly increased customer
mix and volume across markets, but with a further lean into
industrial and medical/life sciences. For one, UC gained
a leading IIoT and global, semiconductor chip producer,
growing it from initial consignment prototyping to full,
turnkey production EMS. For its numerous divisions, UC
led DFx and developed custom in-circuit tests (ICT)—
each monitored remotely via the internet.
SIGMATRON MEXICO
In FY22, SII’s three manufacturing locations in Acuña,
Chihuahua and Tijuana, Mexico, continue over three
decades of EMS experience with skilled labor and technical
acumen that align well with customers headquartered in
N.A. The region has earned a track record of excelling in
onboarding and quickly scaling new high-to-low production
volumes and a mix of models, regardless of complexity.
Mexico continues complete product build EMS including
customized lots of packaged products shipped on
schedule to varied third-party locations.
With an excellent transport corridor and mature customs
infrastructure, the region saw continued strength
in customer business amid FY22’s reshoring trends.
As SII Mexico’s programs deliver close to their point
of consumption, added benefits flow from our critically
aligned time zones and work schedules.
The region faced the same industrywide issues as other
divisions, but SII’s full suite of proprietary tools and our
efficient Supply Chain processes minimized production
impacts, with premium costs paid as warranted.
In FY22, Mexico continues its valued full-service programs
in OEM appliances, but saw expansion in equally desirable
Industrial EMS: gaming, clean energy, and agricultural
and commercial food equipment. In response, the region
expanded its senior managers and engineering teams
and honed its Lean Six Sigma process efficiency training
to optimum time, materials, manufacturing, and packaging
capacities. Engineering developed customized tests to
support multiple, customer-driven product configurations,
shipping them to individual global facilities. These
customers gain standardization benefits, along with our
worldwide purchasing power.
The region increased its certification portfolio with
U.K.’s Intertek product listing required to manufacture
industrial (ballast) lighting. Also, a third location in
Mexico achieved IATF 16949:2016 automotive systems
compliance certification.
Ahead, as of Q4 FY22, Mexico’s customer program
demands were steadily building, which bodes well for
continued revenue growth in FY23 and beyond.
SIGMATRON ASIA
Beginning in Q2 FY22, Asia’s expanded lockdowns brought
challenges to its domestic economy and proffered risk to
already strained supply chains. Amid this scenario, Asia
leveraged SII’s global strengths and resiliency. This includes
our Supply Chain teams who mitigated materials delays with
spot-sourced goods and increased “safety stock,” supported
by flows of working capital from SII Corporate. Also, SII saw
certain air freight costs double, with a 500% increase
in export container costs in just 18 months.
In Asia, program managers’ personal and timely communications
among customers and suppliers succeeded in meeting
material requirements to maintain production. Adaptively,
certain customers saw advantages from components
sourced in SII Asia while flexibly availing of N.A.’s
manufacturing footprint.
Photos: © 2022. Photos (top) licensed by Getty Images and Wagz Inc.
Used with permission. Photo (bottom) by Peter Cade Photography.
FY22 AR SIGMATRON INTERNATIONAL | 7
In FY22, SII Suzhou, China, leveraged its formidable
reputation for EMS excellence, competitive pricing, and
technically experienced engineering and manufacturing
teams to gain new and expanded customers, especially
in the industrial market. Highly experienced and with SII
resiliency, Suzhou doubled programs for domestic sales
and key customers including an existing multibillion-dollar
sensing technology company while gaining new
manufacturing for global connectivity and semiconductor
customers. In response this year, China invested in the
latest automated equipment, next-level manufacturing
execution systems, and other tools to optimize processes
and maximize volumes.
In FY22, SII Biên Hòa City, Vietnam (VN), continued its
decades-long manufacturing operation within the country’s
favorable business and regulatory environment. Valued
within SII’s “Global Options,” SII VN’s strategic location
offers a track record of cost-effective, high-quality EMS.
In Q4 FY22, the government reopened Vietnam to visitors
following Q2’s recurrence of COVID-19 and its Omicron
variants, with lockdowns enforced off and on through Q3.
Throughout, SII VN observed strict government measures
to protect our employees’ health. SII lauds the commitment
of employee groups who remained plant side during the
division’s three-month lockdown, meeting all production.
SII’s suite of IT tools and systems ensured connectedness
among global work teams and customers. This year, the
division maintained all quality certifications while further
diversifying its program mix in industrial and expanded
its range of solutions to continue specialized PCBAs.
Building on SII VN’s reputation for personalized, flexible,
and reliable manufacturing, the division drove new efficiencies
to its production lines and balance. As in prior years, SII
VN’s engineering teams collaborate in parallel with their
U.S. counterparts to optimize DFx, streamline customized
tests, and keep pace with production runs.
CLOSING THOUGHTS AND A LOOK AHEAD
From a founding strategy established decades ago and
as we approach our 30th year of operation as a public
company, SII today leverages an orchestrated ecosystem
of valued services and reputation for collaborative,
personalized EMS—one that vitally supports customers
across the entire lifespan of their programs.
In summary for FY22, SII’s operating philosophy,
technologically advantaged services, and complete
manufacturing for a targeted customer mix netted a
banner year of accomplishments despite the myriad of
economic and geopolitical events faced by all EMS.
For this important benchmark, we acknowledge the
ongoing support and commitment of our Board of
Directors, management, employees, and supply chain
professionals around the world.
IN MEMORIAM
On behalf of our entire Company, as we express gratitude
to these stakeholders, we also commemorate the loss
in Q4 FY22 of our Corporate Counsel Henry (“Hank”)
J. Underwood. Hank was a consummate attorney who
worked with countless companies, including SigmaTron.
Across nearly four decades, we benefited from Hank’s
legal expertise, respected his business acumen, and
valued his support and friendship.
CONTINUING OUR STRENGTHS AND
RESILIENCY IN FY23
Ahead, SII is well poised to monetize new business
opportunities and capture our share of our booming
market potential—especially for increasingly complex
engineering and in performance requirements including
IoT-enhanced EMS. In this rigorous business environment,
we plan to recommit to further transformation as a
company—steadily moving toward a more resilient,
innovative, and intelligent program mix.
Given signals of ramping market demand, SII expects in
FY23 to continue a growth path in the five countries where
we operate. We expect opportunities to remain strong for
both our traditional EMS and pet tech businesses—each
aligned to deliver increased stockholder value.
Sincerely,
Gary R. Fairhead,
Chief Executive Officer
James E. Barnes,
President
SigmaTron International, Inc.
August 22, 2022
8 | FY22 AR SIGMATRON INTERNATIONAL
For an EMS provider its size, SigmaTron provides an extraordinary global footprint. With
globally aligned locations in the U.S. and lower-cost manufacturing options in Asia and
Mexico, our right blend of talent and technology tackles the most complex OEM programs,
yet is flexible enough to partner closely with customers to meticulously drive programs
from beginning to end. Our rapid response provides single-source efficiency that relentlessly
meets the market demands of our increasingly sophisticated customers.
MEXICO
Manufacturing
SigmaTron International, Inc.
Mexico Operations:
• Acuña Operations
• Chihuahua Operations
• Tijuana Operations
UNITED STATES
Manufacturing/Design
SigmaTron International, Inc.
Corporate Headquarters
Midwest Operations
Elk Grove Village, Illinois
West Coast Operations
Union City, California
Wagz Inc.
Portsmouth, New Hampshire
Design Services Center
Elgin, Illinois
Warehouses
• Del Rio, Texas
• El Paso, Texas
• San Diego, California
ASIA
Manufacturing/
Value-Added Services
SigmaTron International, Inc.
China Operations
Suzhou, China
SigmaTron International, Inc.
Vietnam Operations
Biên Hòa City, Vietnam
International
Procurement Offices
SigmaTron International, Inc.
Taiwan Procurement Office
Taipei City, Taiwan
Sustainability and Compliance Center
Taipei City, Taiwan
Information Technology Offices
SigmaTron International, Inc.
U.S. Information Technology
Elk Grove Village, Illinois
SigmaTron International, Inc.
Asia Information Technology
Taichung City, Taiwan
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Firm: Ackerly Communications, LLC Copywriting/Art Direction: Mary Ackerly Design: Tatjana Jovancevic Proofreading: Deborah Livingstone Printer: Dreamworks GC, LLC
ONE SOURCE. GLOBAL OPTIONS. ®
CORPORATE OFFICES
SigmaTron International, Inc.
SigmaTron International, Inc.
2201 Landmeier Road
2201 Landmeier Road
Elk Grove Village, IL 60007
Elk Grove Village, IL 60007
Tel Tel 847.956.8000
847.956.8000
847.956.9801
FaxFax 847.956.9801
INVESTOR RELATIONS
800.700.9095
800.700.9095
www.sigmatronintl.com
Daniel P. Camp*
Vice President,
Vice President,
Acuña Operations
Acuña Operations
Rajesh B. Upadhyaya*
Executive Vice President,
Executive Vice President,
West Coast Operations
West Coast Operations
Hom-Ming Chang*
Vice President, China Operations
Vice President, China Operations
Curtis W. Campbell
Vice President of Sales,
Vice President of Sales,
West Coast Operations
West Coast Operations
Dennis P. McNamara
Vice President, Engineering
Vice President, Engineering
Thomas F. Rovtar
Vice President,
Vice President,
Information Technology
Information Technology
Keith D. Wheaton
Vice President,
Vice President,
Business Development
Business Development
West Coast Operations
West Coast Operations
*Executive Officers
*Executive Officers
Member of the Audit Committee
1 Member of the Audit Committee
Member of the Compensation Committee
2 Member of the Compensation Committee
Member of the Nominating Committee
3 Member of the Nominating Committee
Lead Director
4 Lead Director
Bruce J. Mantia2
Retired Partner
Retired Partner
Ernst & Young LLP
Ernst & Young LLP
Paul J. Plante 1,2
Director, Cardinal Vending
Director, Cardinal Vending
and Markets, LLC
and Markets, LLC
Thomas W. Rieck 1,3
Of Counsel, Rieck and Crotty, P.C.
Of Counsel, Rieck and Crotty, P.C.
Dilip S. Vyas 2,3,4
Independent Consultant
Independent Consultant
OFFICERS
Gary R. Fairhead*
Chairman of the Board
Chairman of the Board
and Chief Executive Officer
and Chief Executive Officer
James E. Barnes*
President
President
James J. Reiman*
Chief Financial Officer, Vice President,
Chief Financial Officer, Vice President,
Finance, Treasurer and Secretary
Finance, Treasurer and Secretary
Gregory A. Fairhead*
Executive Vice President
Executive Vice President
and Assistant Secretary
and Assistant Secretary
John P. Sheehan*
Vice President, Director of Supply Chain
Vice President, Director of Supply Chain
and Assistant Secretary
and Assistant Secretary
BOARD OF DIRECTORS
Gary R. Fairhead
Chairman of the Board
Chairman of the Board
and Chief Executive Officer,
and Chief Executive Officer,
SigmaTron International, Inc.
SigmaTron International, Inc.
Linda K. Frauendorfer
Independent Consultant
Independent Consultant
Barry R. Horek1,3
Retired Partner
Retired Partner
Ernst & Young LLP
Ernst & Young LLP
CORPORATE INFORMATION
SEC Counsel
Greenberg Traurig, LLP
Greenberg Traurig, LLP
77 West Wacker Drive
77 West Wacker Drive
Chicago, Illinois 60601
Chicago, Illinois 60601
Corporate Counsel
Howard & Howard
Howard & Howard
Attorneys PLLC
Attorneys PLLC
200 South Michigan Avenue
200 South Michigan Avenue
Chicago, Illinois 60604
Chicago, Illinois 60604
IN MEMORIAM:
IN MEMORIAM:
Henry J. Underwood
Henry J. Underwood
March 09, 2022
March 09, 2022
Corporate Counsel
Corporate Counsel
and Assistant Secretary,
and Assistant Secretary,
1982-2022
1982-2022
Independent
Public Accountants
BDBDOO USA, LLP
USA, LLP
330 North Wabash Avenue
330 North Wabash Avenue
Chicago, Illinois 60611
Chicago, Illinois 60611
Form 10-K
If you would like a free copy of
If you would like a free copy of
the Form 10-K report filed with
the Form 10-K report filed with
the Securities and Exchange
the Securities and Exchange
Commission, please call
Commission, please call
James J. Reiman at the
James J. Reiman at the
SigmaTron corporate office,
SigmaTron corporate office,
1.800.700.9095.
1.800.700.9095.
Stock Transfer Agent
and Registrar
American Stock Transfer
American Stock Transfer
& Trust Company, LLC
& Trust Company, LLC
6201 15th Avenue
6201 15th Avenue
Brooklyn, New York 11219
Brooklyn, New York 11219
Stock Information
The Company’s common stock
The Company’s common stock
has been trading on the Nasdaq
has been trading on the Nasdaq
System under the symbol SGMA
System under the symbol SGMA
since the Company’s initial
since the Company’s initial
public offering in February 1994.
public offering in February 1994.
The Company has 6 million
The Company has 6 million
shares of common stock
shares of common stock
outstanding.
outstanding.
The Company has not paid
The Company has not paid
cash dividends on its common
cash dividends on its common
stock since completing its
stock since completing its
February 1994 initial public
February 1994 initial public
offering and does not intend
offering and does not intend
to pay any dividends in the
to pay any dividends in the
foreseeable future.
foreseeable future.