SMTC moving closer towards black

Revenue for the first quarter was USD 48.7 million compared to USD 58.0 million in the prior year. The decrease in revenue was mainly due to reduced volumes from two large prior customers. This was partially offset by increased revenues from existing customers and a new customer, the company explains in its fiscal report. Chief Executive Officer Sushil Dhiman stated, "While our first quarter revenue declined from the prior year, I expect to see growth from both existing and new customers driving improved revenue and factory utilization for the remainder of 2015. We are optimistic regarding our pipeline of potential new customers going forward, as the late stage customer pipeline is up versus last year." During the quarter the company recorded USD 1.4 million or 2.9% in adjusted EBITDA, a 14.2% increase compared to the same quarter last year of USD 1.2 million or 2.1%. Net loss was reduced to USD 0.4 million compared to a net loss of USD 0.8 million in the prior year. When excluding the effects of the unrealised portion of foreign exchange on derivative financial instruments, the net loss was USD 0.1 million compared to a net loss of USD 1.0 million in the first quarter of the prior year, despite the significant decrease in revenue compared to the prior year. Chief Financial Officer Jim Currie stated, "Our cost reduction initiatives allows us to achieve an improved bottom line compared to the prior year despite lower revenue."