SMTC Corporation Reports Strong Second Quarter Growth

About  SMTC Corporation

SMTC Corporation, founded in 1985, is a mid-size provider of end-to-end electronics manufacturing services (EMS) including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, as well as product design, sustaining engineering and supply chain management services. SMTC manufacturing facilities span a broad footprint in the United States, China and Mexico. SMTC services extend over the entire electronic product life cycle from the development and introduction of new products through to the growth, maturity and end-of-life phases. SMTC offers fully integrated contract manufacturing services with a distinctive approach to global original equipment manufacturers (OEMs) and emerging technology companies primarily within industrial, networking and computing, power and energy and medical market segments. SMTC is a public company incorporated in Delaware with its shares traded on the Nasdaq National Market System under the symbol SMTX. For further information on SMTC Corporation, please visit our website at www.smtc.com ( http://www.smtc.com/).

      
Consolidated Statements of Operations and Comprehensive Income (Loss)     
(Unaudited)           
   Three months ended  Six months ended 
            
(Expressed in thousands of U.S. dollars, except number of shares and per share amounts) July 1,  
2018
  April 1,  
2018
  July 2,  
2017
  July 1,  
2018
  July 2,  
2017
 
            
Revenue $  44,479  $  37,120  $  32,995  $  81,599  $  66,173  
Cost of sales    40,196     33,270     31,575     73,466     61,196  
Gross profit    4,283     3,850     1,420     8,133     4,977  
Selling, general and administrative expenses     3,647     3,509     4,110     7,156     7,872  
Impairment of property,plant and equipment    -     -     1,601     -     1,601    
Restructuring charges       96         -         1,351         96         1,351    
Operating earnings (loss)       540         341         (5,642 )       881         (5,847 )  
Interest expense       403         307         217         710         396    
Earnings (loss) before income taxes       137         34         (5,859 )       171         (6,243 )  
Income tax expense (recovery)                      
Current       196         110         168         306         295    
Deferred       38         (84 )       (14 )       (46 )       (148 )  
        234         26         154         260         147    
Net earnings (loss), also being comprehensive income (loss) $   (97 )   $   8     $   (6,013 )   $   (89 )   $   (6,390 )  
                       
Basic earnings (loss) per share   $   (0.01 )   $ 0.00     $   (0.36 )   $   (0.01 )   $   (0.38 )  
Diluted earnings (loss) per share   $   (0.01 )   $ 0.00     $   (0.36 )   $   (0.01 )   $   (0.38 )  
                       
Weighted average number of shares outstanding                      
Basic       17,222,439         17,041,504         16,807,333         17,131,971         16,734,117    
Diluted       17,222,439         17,523,890         16,807,333         17,131,971         16,734,117    
                       
         

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