Please wait while we load the requested 10-K report or click the link below:
FOR IMMEDIATE RELEASE
Wednesday, March 9, 2011
SMTC Reports Fourth Quarter Results and Record Performance for 2010
Strong Cash Flows Result in All-time Low Debt Levels
TORONTO March 9, 2011 SMTC Corporation (Nasdaq: SMTX, TSE: SMX), a global electronics manufacturing services provider, today reported 2010 fourth quarter unaudited results. Revenue for the quarter was $64.6 million; $13.4 million or 26.2% higher compared with $51.2 million in the fourth quarter of 2009 and marginally lower than the 2010 third quarter. Net income for the quarter of $4.5 million increased 110.0% or $2.3 million over the fourth quarter of 2009 (excluding discontinued operations) and up $1.9 million over the 2010 third quarter. Net income for the fourth quarter included the recording of a favorable $2.8 million income tax adjustment related to the expected future usage of certain income tax loss carry-forwards.
Gross profit for the fourth quarter was $6.9 million or 10.7% of revenue compared with $7.9 million or a record 12.1% for the previous quarter and $5.9 million or 11.5% for the fourth quarter of 2009.
Revenue for the entire fiscal 2010 increased 46.3% to $262.6 million; up from $179.5 million in fiscal 2009. For fiscal 2010, net income increased by $10.0 million or over 400% over 2009 excluding discontinued operations in 2009 to a record $12.4 million. Gross profit also increased to 11.2% from 9.8% of revenues.
SMTC had a superb 2010 with revenue growth from both new and longstanding customers. Our cost effective operational footprint and tight cost containment resulted in earnings growth significantly outpacing the strong increase in revenue, stated John Caldwell, President and Chief
The following information was filed by Smtc Corp (SMTX) on Friday, March 11, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Smtc Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Smtc Corp.