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SMTC Reports Q1 Results
Written by Tracy Heffner
Monday, 14 May 2007
MARKHAM, Ontario, Canada – SMTC Corp. reported its results for the first quarter ended April 1, 2007 which are depicted in U.S. dollars.
Revenue was $69.5 million and net income of $2.8 million for the first quarter ended April 1, 2007, compared with revenue of $59.9 million and net income of $1 million for the first quarter of 2006.
Gross profit for the first quarter of 2007 was $6.5 million, or 9.3% of revenue, compared with $6.1 million, or 10.1% of revenue, for the same period in 2006. Operating earnings in the quarter increased by 35% to $2.9 million from $2.2 million last year. Net income for the first quarter of 2007 was $2.8 million, which included a one-time non-cash tax recovery of $1.5 million, compared with $1 million in first quarter of 2006.
"Our strong first quarter performance reflects continuing solid execution of our growth strategy premised on improving our customers' cost competitiveness by providing high quality manufacturing and outstanding service responsiveness,” said President and CEO John Caldwell. “We are committed to continuing to deliver revenue and earnings growth as we scale our business and benefit from higher productivity and facility utilization.”
"Our strategy for growth also focuses on our balance sheet. In addition to growing revenue and earnings we are also managing our business to generate positive cash flow to lower debt levels. Although inventory remains at an unsatisfactory level, we still generated $4 million in cash in the quarter which was used primarily to reduce debt," staid Jane Todd, senior vice president and CFO. "Additionally, we are in encouraging discussions to refinance our total debt which will have the effect of extending the term, lowering interest costs and increasing flexibility."
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