SMTC Corporation Announces Third Quarter Results



Consolidated Statements of Cash Flows       
(Unaudited)       
    
(Expressed in thousands of U.S. dollars) Three months ended  Nine months ended
Cash provided by (used in): September 27,
2020
  September 29,
2019
  September 27,
2020
  September 29,
2019
Operations:       
Net income (loss)$1,243  $(5,734) $2,973  $(6,991)
Items not involving cash:       
Depreciation on property, plant and equipment 1,545   1,649   4,767   4,902 
Amortization of acquired intangible assets 354   1,844   2,718   5,532 
Unrealized foreign exchange gain on unsettled forward exchange contracts   (261 )     -       (720 )     -  
Deferred income taxes   (82 )     (81 )     (15 )     14  
Write down of property, plant and equipment   -       261       -       261  
Amortization of deferred financing fees   304       755       892       1,300  
Stock-based compensation   158       353       475       538  
Change in fair value of warrant liability   133       (858 )     15       (919 )
Change in fair value of contingent consideration   -       -       -       (3,050 )
               
Change in non-cash operating working capital:              
Accounts receivable   (8,335 )     3,743       (3,487 )     11,778  
Unbilled contract assets   (4,089 )     829       (16,465 )     (6,385 )
Inventories   (1,412 )     (3,386 )     (3,711 )     3,668  
Prepaid expensesand other assets   249       33       480       (1,095 )
Income taxes payable   (13 )     (319 )     (63 )     (116 )
Accounts payable   7,055       285       3,678       (9,845 )
Accrued liabilities   3,089       1,458       11,964       (265 )
Restructuring liability   (314 )     1,879       (1,233 )     2,736  
Net change in operating lease right of use asset and liability   183       (51 )     184       414  
    (193 )     2,660       2,452       2,477  
Financing:              
Repayments of revolving credit facility   413       21,092       (345 )     9,820  
Repayments of long-term debt   (312 )     (22,000 )     (937 )     (22,625 )
Debt issuance and deferred financing fees   (62 )     (321 )     (137 )     (371 )
Principal repayments of finance lease obligations   (321 )     (390 )     (997 )     (1,199 )
Proceeds from issuance of common stock rights offerings   -       -       -       14,044  
Proceeds from issuance of stock options   -       45       -       45  
    (282 )     (1,574 )     (2,416 )     (286 )
Investing:              
Purchase of property, plant and equipment   333       (1,119 )     (1,235 )     (3,191 )
    333       (1,119 )     (1,235 )     (3,191 )
Decrease in cash   (142 )     (33 )     (1,199 )     (1,000 )
Cash, beginning of period   311       634       1,368       1,601  
Cash, end of the period $ 169     $ 601     $ 169     $ 601  

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