TORONTO -- Electronics manufacturing services provider SMTC Corp. reported third-quarter net income of $6.1 million on revenue of $65.7 million for its third quarter ended Oct. 1, aided by $5 million in gains from one-time items. Last year, the company had earnings of $700,000 on sales of $64.6 million. Sequentially, net income was $1.3 million on $61.1 million in sales.
The one-time gains came from an income tax refund, proceeds on a sale of surplus real estate, final proceeds from operations discontinued in 2002 and a net adjustment to restructuring accruals.

For the quarter gross profit was $5.9 million, or 9% of revenue, compared with $6.8 million (11.1% of revenue) sequentially and $5.5 million (8.5% of revenue) in the third quarter of 2005.

"Once again our results for this quarter demonstrate consistent execution of our plan to improve SMTC's financial performance as both revenue and earnings grew on a sequential and year over year basis," stated John Caldwell, president and chief executive.

Caldwell said in a press statement that fourth quarter results are expected to "demonstrate continuing improvement."

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