SMTC Corporation Announces Third Quarter Results



Consolidated Statements of Operations and Comprehensive Income (Loss)  
(Unaudited)       
  Three months ended   Nine months ended
(Expressed in thousands of U.S. dollars, except number of shares and per share amounts) September 27,
2020
  September 29,
2019
  September 27,
2020
  September 29,
2019
        
Revenue$99,547  $88,682  $285,091  $282,267 
Cost of sales 88,445   79,776   253,664   255,740 
Gross profit 11,102   8,906   31,427   26,527 
Selling, general and administrative expenses 6,710   6,549   21,036   19,908 
Gain on contingent consideration -   -   -   (3,050)
Restructuring charges 871   6,454   525   8,624 
Operating earnings 3,521   (4,097)  9,866   1,045 
Fair value loss (gain) on warrant liability 133   (858)  15   (919)
Interest expense 1,941    2,679       6,021       8,349  
Net income (loss) before income taxes   1,447       (5,918 )     3,830       (6,385 )
Income tax expense (recovery)              
Current   286       (103 )     872       592  
Deferred   (82 )     (81 )     (15 )     14  
    204       (184 )     857       606  
Net income (loss) and comprehensive income (loss) $ 1,243     $ (5,734 )   $ 2,973     $ (6,991 )
               
Basic income (loss) per share $ 0.04     $ (0.20 )   $ 0.11     $ (0.28 )
Diluted income (loss) per share $ 0.04     $ (0.20 )   $ 0.10     $ (0.28 )
               
Weighted average number of shares outstanding              
Basic   28,214,800       28,057,763       28,207,943       24,954,875  
Diluted   29,636,319       28,057,763       29,629,462       24,954,875  

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