SMTC Corporation Announces Third Quarter Results

TORONTO, Nov. 04, 2020 (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 third quarter 2020 results.

Business Highlights

  • Third quarter 2020 revenue of $99.5 million, up 10.1% vs. the prior quarter and 12.3% vs. the prior year
  • EPS was $0.04 and Adjusted EPS was $0.13, compared to $0.03 and $0.08 in the prior quarter, respectively
  • Net Income was $1.2 million, EBITDA was $5.3 million, compared to $1.0 million and $5.8 million in the prior quarter, respectively
  • Adjusted Net Income was $3.8 million, Adjusted EBITDA was $7.5 million, compared to $2.4 million and $6.4 million in the prior quarter, respectively
  • $46 million of awards and orders booked in the third quarter, from new and existing customers
  • All facilities remain open, in operation and in compliance with applicable COVID-19 health and safety measures
  • Subject to debt covenants, the Company had access to additional borrowing capacity of $30.5 million under SMTC’s asset-based lending credit facility and reduced its debt-to-adjusted EBITDA ratio to 2.55 (excluding leases) as of September 27, 2020
  • With ongoing sales momentum, recent customer awards, strong bookings-backlog, and planned operating efficiencies, the Company currently expects revenue and Adjusted EBITDA for the full year 2021 are expected to range between $430 million and $450 million in revenue and adjusted EBITDA to range between $33.0 million and $37.0 million                               
$s millions (except EPS) Q3 2020 Q2 2020 Change Q3 2019 Change
Revenue$99.5$90.410.1%$88.712.3%
GAAP     
Gross Profit$11.1$10.73.9%$8.924.7%
Gross Profit Percentage11.2%11.8% 10.0% 
Net Income (Loss)$1.2$1.030.2%($5.7) 
EPS$0.04$0.030.0%($0.20) 
Non-GAAP     
Adjusted Gross Profit$12.5$11.76.8% $10.8 16.7 %
Adjusted Gross Profit Percentage 12.6% 13.0%   12.1%  
Adjusted Net Income $3.8 $2.4 57.4 % $2.1 80.8 %
Adjusted EPS $0.13 $0.08 56.6 % $0.08 71.2 %
Adjusted EBITDA $7.5 $6.4 17.5 % $6.3 20.2 %
Adjusted EBITDA Percentage 7.6 % 7.1 %   7.1 %  
Net Debt $85.9 $84.6 1.5 % 84.4  

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