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SMTC reports third quarter loss
EMS-provider SMTC Corporation saw its profit slip during the company's third quarter.
Chief Executive Officer Sushil Dhiman stated, "We experienced margin challenges during the quarter due to product mix, additional costs related to new customer production ramp and realized foreign exchange losses on derivative instruments. However, I am pleased with our new customer revenue of USD 13.1 million this quarter and respective year to date revenue of USD 24.9 million. These new customers continue to ramp and are expected to fully replace the revenues lost from two long standing customers by the year end. We are continuing to add to a healthy sales funnel and our new customer wins are expected to contribute to revenue growth in 2016." The EMS-provider saw its third cover revenues decline to USD 53.4 million, compared to USD 55.5 million in the prior year. The company reported gross profit of USD 3.1 million compared to USD 4.6 million in the prior year. The decrease was due to lower revenue, product mix and initial investments required to ramp new customer revenue. This was partially offset by reduced direct labour and overhead charges. SMTC reported a net loss of USD 1.3 million compared to a net loss of USD 0.8 million in the prior year. This was mitigated with a reduction in administrative expenses, which were reduced by USD 0.4 million or 9.1% over prior year. Administrative expenses also included USD 0.4 million in professional services related to the merger and acquisition activities.
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