Exhibit 99.1

SMTC Corporation Announces Second Quarter Results

 

TORONTO, Aug. 05, 2020 (GLOBE NEWSWIRE) -- SMTC Corporation (Nasdaq:SMTX), a global electronics manufacturing services provider and winners of Frost & Sullivan’s 2019 Best Practices Award for Customer Value Leadership in the Electronics Manufacturing Services Industry, today announced its second quarter 2020 results.

 

Business Highlights

 

 

Second quarter 2020 revenue of $90.4 million

 

EPS was $0.03 and Adjusted EPS was $0.08

 

Net Income was $1.0 million, EBITDA was $5.8 million and Adjusted EBITDA was $6.4 million

 

Continued to gain market share with over $130 million of new orders booked during the past three quarters, including $26 million in the second quarter, from new and existing customers

 

Installed equipment shipped from SMTC’s former Chinese manufacturing facility to provide increased capacity in North America facilities

 

All facilities are open and remain 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 $30.9 million under SMTC’s asset-based lending credit facility with debt-to-adjusted EBITDA ratio of 2.66 (excluding leases) as of June 28, 2020

 

Amended credit facilities to provide increased covenant flexibility to respond to COVID-19 related business conditions

 

Revenue and Adjusted EBITDA for the second half of 2020 are expected to range between $190 million to $205 million and $13.7 million and $15.0 million, respectively

 

 

$s millions (except EPS)

Q2 2020

 

Q1 2020

 

Change

 

Q2 2019

 

Change

 

Revenue

 

$90.4

 

 

$95.1

 

(5.0%)

 

 

$90.9

 

(0.6%)

 

GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

$10.7

 

 

$9.6

 

10.9%

 

 

$9.0

 

18.8%

 

Gross Profit Percentage

11.8%

 

10.1%

 

 

 

 

9.9%

 

 

 

 

Net Income (Loss)

 

$1.0

 

 

$0.8

 

23.2%

 

 

($2.5)

 

138.7%

 

EPS

 

$0.03

 

 

$0.03

 

0.0%

 

 

($0.10)

 

130.9%

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Gross Profit

 

$11.7

 

 

$11.7

 

0.7%

 

 

$10.8

 

8.3%

 

Adjusted Gross Profit Percentage

13.0%

 

12.3%

 

 

 

 

11.9%

 

 

 

 

Adjusted Net Income

 

$2.4

 

 

$2.2

 

9.6%

 

 

$1.1

 

115.9%

 

Adjusted EPS

 

$0.08

 

 

$0.08

 

3.6%

 

 

$0.05

 

72.5%

 

Adjusted EBITDA

 

$6.4

 

 

$6.2

 

3.2%

 

 

$6.1

 

5.5%

 

Adjusted EBITDA Percentage

7.1%

 

6.5%

 

 

 

 

6.7%

 

 

 

 

Net Debt

 

$84.6

 

 

$83.6

 

1.2%

 

95.9

 

 

 

 

 

Note: Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted Net Income, Adjusted Earnings Per Common Share (Adjusted EPS), EBITDA, Adjusted EBITDA, Adjusted EBITDA Percentage, and Net Debt (each as defined below) are non-GAAP measures. Please refer to the section below labeled “Non-GAAP Information” and the various reconciliations to the applicable most directly comparable GAAP measures shown below in this press release.

 

 

 


The following information was filed by Smtc Corp (SMTX) on Thursday, August 6, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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