TORONTO – SMTC reported fiscal third quarter revenue of $34.4 million, a decrease of 19.4% year-over-year and an increase of 4.2% sequentially.
The electronics manufacturer posted a net loss of $551,000 for the quarter ended Oct. 1, compared to a net loss of $19,000 million in the third quarter of 2016.
Adjusted EBITDA was $1.1 million, down 15.4% year-over-year.
“I am encouraged by the revenue growth from the second quarter of 2017 and a return to positive Adjusted EBITDA when compared to the two prior quarters,” said CFO Roger Dunfield. “We now have benefited from a full quarter of cost savings as a result of the global restructuring plan, which has contributed to our positive Adjusted EBITIDA.”
“We have shown incremental revenue growth quarter-over-quarter as a result of new opportunities with both existing customers and some great new customers we are partnering with,” said CEO Edward Smith. “We are optimistic we will continue our positive revenue and financial momentum for the fourth quarter.”