SMTC Corporation Reports Third Quarter Results

 
Consolidated Statements of Operations and Comprehensive Income 
(Unaudited)
  Three months ended    Nine months ended 
            
(Expressed in thousands of U.S. dollars, except number of
shares and per share amounts)

September 29,
2019
    September 30,
2018
    September 29,
2019
   September 30,
2018
 
            
Revenue$  88,682  $  53,677  $  282,267  $  135,276 
Cost of sales79,776  48,440  255,740  121,906 
Gross profit8,906  5,237  26,527  13,370 
Selling, general and administrative expenses6,549  3,682  19,908  10,838 
Change in fair value of contingent consideration-  -    (3,050 )   -  
Change in fair value of warrant liability (858 )   -     (919 )   -  
Write-down of property,plant and equipment -     -     -     -  
Loss on disposal of property,plant and equipment -     3     -     3  
Restructuring charges 6,454     58     8,624     154  
                       
Operating earnings (loss) (3,239 )   1,494     1,964     2,375  
Interest expense 2,679     485     8,349     1,195  
Income (loss) before income taxes (5,918 )   1,009     (6,385 )   1,180  
Income tax expense (recovery)                      
Current (103 )   290     592     596  
Deferred (81 )   (145 )   14     (191 )
  (184 )   145     606     405  
Net income (loss) and comprehensive income (loss) $   (5,734 )   $   864     $   (6,991 )   $   775  
                       
Basic income (loss) per share $   (0.20 )   $   0.04     $   (0.28 )   $   0.04  
Diluted income (loss) per share $   (0.20 )   $   0.04     $   (0.28 )   $   0.04  
                       
Weighted average number of shares outstanding                      
Basic 28,057,763     19,335,253     24,954,875     17,866,399  
Diluted 28,057,763     19,986,756     24,954,875     18,517,902  
                       

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