SMTC Corporation Reports Third Quarter Results


 
Consolidated Statements of Cash Flows 
(Unaudited)
  Three months ended   Nine months ended 
(Expressed in thousands of U.S. dollars)           
Cash provided by (used in): September 29,
2019
   September 30,
  2018
   September 29,
  2019
    September 30,
  2018
 
Operations:           
Net income (loss)$  (5,734) $  864  $  (6,991) $  775 
Items not involving cash:           
Depreciation on property, plant and equipment1,649  883  4,902  2,426 
Amortization of acquired Intangible assets1,844  -  5,532  - 
Unrealized foreign exchange gain on unsettled forward              
exchange contracts -     (108 )   -     (338 )
Write down of property, plant and equipment 261     -     261     -  
Loss on disposal of property, plant and equipment -     3     -     3  
Deferred income taxes (recovery) (81 )   (145 )   14     (191 )
Amortization of deferred financing fees 755     13     1,300     34  
Stock-based compensation 353     75     538     278  
Change in fair value of warrant liability (858 )   -     (919 )   -  
Change in fair value of contingent consideration -     -     (3,050 )   -  
                       
Change in non-cash operating working capital:                      
Accounts receivable 3,743     (9,081 )   11,778     (12,096 )
Unbilled contract assets 829     (1,695 )   (6,385 )   (8,183 )
Inventories (3,386 )   (3,158 )   3,668     (6,009 )
Prepaid expenses and other assets 33     435     (1,095 )   (1,002 )
Income taxes payable (319 )   16     (116 )   (32 )
Accounts payable 285     7,587     (9,845 )   16,582  
Accrued liabilities 1,458     1,088     (265 )   2,449  
Restructuring liability 1,879     -     2,736     -  
Net change in operating lease right of use asset and liability (51 )   -     414     -  
  2,660     (3,223 )   2,477     (5,304 )
Financing:                      
Net advances of revolving credit facility 21,092     4,725     9,820     4,515  
Repayments of long-term debt (22,000 )   (500 )   (22,625 )   (1,500 )
Principal repayments of finance lease obligations (390 )   (95 )   (1,199 )   (189 )
Advance of equipment facility -     735     -     2,629  
Proceeds from issuance of stock options 45     -     45     361  
Proceeds from issuance of common stock through rights offering       12,587     14,044     12,587  
Debt issuance and deferred financing fees (321 )   -     (371 )   (48 )
  (1,574 )   17,452     (286 )   18,355  
Investing:                      
Purchase of property, plant and equipment (1,119 )   (1,493 )   (3,191 )   (3,898 )
  (1,119 )   (1,493 )   (3,191 )   (3,898 )
Decrease in cash (33 )   12,736     (1,000 )   9,153  
Cash, beginning of period 634     1,953     1,601     5,536  
Cash, end of the period $   601     $   14,689     $   601     $   14,689  
                       

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