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©roza-dreamstime.com Electronics Production | March 08, 2012

SMTC: "Solid fourth quarter"

SMTC presented its 2011 fourth quarter and full year unaudited results yesterday. Revenue increased over the last quarter.
Revenue for the quarter was $71.1 million increased over third quarter revenues due to increased demand from both existing and new customers, as well as from the recently completed ZF acquisition the company said in a statement. Gross margins increased from 8.7% to 10.9%.

"Despite solid fourth quarter results, we see room for improvement on both the revenue and margin front moving forward. These results reflect the efforts made during our first six months to right size costs, drive new business, and make our culture more customer-centric," stated Co-Chief Executive Officer, Alex Walker. "We expect to leverage our fixed cost infrastructure as we grow to further improve gross and operating margins and to effectively manage working capital and reduce our debt through free cash generation."

Summary
- Fourth quarter results of $71.1 million in revenue, $4.3 million in adjusted EBITDA, $2.9 million in net income, $5.5 million operating cash flow, and $0.18 EPS
- Presents Q1 guidance of $72-$74 million of revenue, $4.3 to $4.5 million of adjusted EBITDA, and $0.17-$0.19 adjusted EPS
- Raises 2012 guidance to $14-16 million adjusted EBITDA, $250-270 million revenue, and $0.53 - $0.65 EPS, up from $13-15 million adjusted EBITDA, $240-260 million revenue, and $0.47 - $0.59 EPS prior guidance

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