TORONTO – Electronics manufacturing services provider SMTC Corp. reported third-quarter revenue of $44.1 million, down 32.6% year-over-year.

The firm posted a net loss of $1.5 million for the period, compared to net profit of $2.6 million last year.

Revenues declined as demand reductions and end-of-life programs from certain customers during the period resulted in what is expected to be SMTC’s lowest revenue and profit quarter of 2011.

During the quarter, new management eliminated 11 corporate positions simultaneous with an increase in labor headcount by 550 employees (to 1,750).
One-time charges of $1.1 million included severance costs, the write-off of financing costs related to the previous credit facility, and foreign exchange forward losses.

For the fourth quarter, the company expects one-time charges, including those related to the closing of ZF Array, to be less than the amount incurred in the third quarter.

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