TORONTO – SMTC reported fourth quarter revenue of $38.6 million, down 2.8% year-over-year and up 12.2% sequentially.
The firm posted a net loss $900,000 for the quarter, compared to a net loss of $600,000 in the fourth quarter of 2016 and the third quarter of 2017. Adjusted EBITDA was $1.2 million, up 9% year-over-year and sequentially.
Gross profit was $2.9 million, or 7.5% of revenue, compared with $3.4 million, or 8.6% of revenue for the same period in 2016.
“While our net loss has fluctuated in part due to swings in unrealized foreign exchange gains and losses, we have stabilized our Adjusted EBITDA and improved over the prior quarter,” said CFO Roger Dunfield. “We will continue to focus on incremental improvements and the need to drive down our working capital, specifically with respect to collections of accounts receivable, which in turn will reduce our net debt.”
“There is momentum building with our company, as we have ended the year strong, with two quarters of incremental revenue growth,” said CEO Edward Smith. “While I do expect revenue to decrease in the first quarter of 2018 from the fourth quarter of 2017 due to seasonality, I am excited about our 2018 plan.”
For fiscal year 2017, revenue was $139.2 million, a decrease of 17.1% compared to 2016. The company experienced a net loss for the fiscal year of $7.9 million.