SMTC Corporation Announces Fourth Quarter and Full Year 2020 Financial Results

TORONTO, March 17, 2021 (GLOBE NEWSWIRE) -- SMTC Corporation (Nasdaq:SMTX), a global electronics manufacturing services provider and winner of Frost & Sullivan’s 2019 Best Practices Award for Customer Value Leadership in the Electronics Manufacturing Services Industry, today announced its fourth quarter and full year 2020 financial results.

Fourth Quarter Financial Highlights

  • Fourth quarter 2020 revenue was $101.3 million, up 12.3% vs. the prior year.
  • EPS was ($0.13) compared to $0.04 in the prior year.
  • Adjusted EPS was $0.12 compared to $0.10 in the prior year.
  • Net Loss was $3.6 million compared to $1.0 million net income in the prior year.
  • Adjusted Net Income was $3.4 million compared to $2.9 million in the prior year.
  • EBITDA was $0.6 million compared to $6.7 million in the prior year.
  • Adjusted EBITDA was $7.2 million compared to $7.0 million in the prior year. In calculating Adjusted EBITDA, primary addbacks to EBITDA included $3.6 million of restructuring charges associated with the Company’s Mexico site consolidation, in addition to, $1.3 million of merger and acquisitions related expenditures.

2020 Full Year Financial Highlights

  • 2020 revenue was $386.5 million, up 3.8% vs. the prior year.
  • EPS was ($0.02) compared to ($0.23) the prior year.
  • Adjusted EPS was $0.42 compared to $0.27 the prior year.
  • Net Loss was $0.6 million compared to $6.0 million the prior year.
  • Adjusted Net Income was $11.9 million compared to $6.9 million the prior year.
  • EBITDA was $17.9 million compared to $19.1 million the prior year.
  • Adjusted EBITDA was $27.4 million compared to $24.8 million the prior year.
$s millions (except EPS) Q4 2020 Q3 2020 Change Q4 2019 Change 
Revenue$101.3 $99.5 1.7%$90.2 12.3% 
GAAP      
Gross Profit$11.8 $11.1 6.7%$10.5 12.9% 
Gross Profit Percentage 11.7% 11.2%  11.6%  
Net Income (Loss)$(3.6$1.2 (385.9%)$1.0  (456.8 %)  
EPS $ (0.13 $ 0.04   0.0 % $ 0.04   (453.9 %)  
Non-GAAP            
Adjusted Gross Profit $ 12.8   $ 12.5   1.8 % $ 12.2   5.0 %  
Adjusted Gross Profit Percentage   12.6 %   12.6 %     13.5 %    
Adjusted Net Income $ 3.4   $ 3.8   (10.9 %) $ 2.9   17.6 %  
Adjusted EPS $ 0.12   $ 0.13   (6.9 %) $ 0.10   16.6 %  
Adjusted EBITDA $ 7.2   $ 7.5   (4.1 %) $ 7.0   3.9 %  
Adjusted EBITDA Percentage   7.1 %   7.6 %     7.7 %    
Net Debt $ 87.4   $ 85.9   1.8 %   82.1      
             
$s millions (except EPS)   2020     2019   Change      
Revenue $ 386.5   $ 372.5   3.8 %      
GAAP            
Gross Profit $ 43.3   $ 37.0   16.9 %      
Gross Profit Percentage   11.2 %   9.9 %        
Net Loss $ (0.6 ) $ (6.0 ) (90.3 %)      
EPS $ (0.02 ) $ (0.23 ) (91.2 %)      
Non-GAAP            
Adjusted Gross Profit $ 48.7   $ 44.2   10.2 %      
Adjusted Gross Profit Percentage   12.6 %   11.9 %        
Adjusted Net Income $ 11.9   $ 6.9   73.6 %      
Adjusted EPS $ 0.42   $ 0.27   58.3 %      
Adjusted EBITDA $ 27.4   $ 24.8   10.5 %      
Adjusted EBITDA Percentage   7.1 %   7.6 %        
Net Debt $ 87.4   $ 82.1   6.5 %      
             

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