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 | $90.4 | 10.1 | % | $88.7 | 12.3 | % |
| GAAP | |||||||
| Gross Profit | $11.1 | $10.7 | 3.9 | % | $8.9 | 24.7 | % |
| Gross Profit Percentage | 11.2% | 11.8% | 10.0% | ||||
| Net Income (Loss) | $1.2 | $1.0 | 30.2 | % | ($5.7) | ||
| EPS | $0.04 | $0.03 | 0.0 | % | ($0.20) | ||
| Non-GAAP | |||||||
| Adjusted Gross Profit | $12.5 | $11.7 | 6.8 | % | $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 | ||
