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SMTC Reports Net Income of $1M for 1Q FY2016
May 6, 2016 | SMTC CorporationEstimated reading time: 1 minute
SMTC Corp., a global electronics manufacturing services (EMS) provider, today announced first quarter 2016 unaudited results.
Revenue for the first quarter was $41.9 million compared to $48.7 million in the first quarter of prior year. The decreased revenue was due to reduced volumes from certain existing customers and delay in program ramps from new customers. This was partially offset by increased revenues from new and existing customers.
Despite the revenue decrease year over year, adjusted EBITDA was at $1.4 million for the first quarter of each year.
Net income was $1.0 million for the quarter compared to a net loss of $(0.4) million for the first quarter in prior year. When excluding the impact of unrealized foreign exchange gain of $1 million on unsettled forward exchange contracts in the first quarter, net income was nil. When excluding the impact of unrealized foreign exchange loss of $0.3 million on unsettled forward exchange contracts in the first quarter of prior year, net loss was $(0.1) million.
"As I stated in the prior earnings call, we anticipated a reduction in revenue this quarter as a result of seasonality and new product ramp delays," said Chief Executive Officer Sushil Dhiman. "While we anticipate sequential growth in revenue from our first quarter results, our full year 2016 revenue could decrease 3% - 6% from 2015 revenue levels. With continued improvements in efficiencies and cost controls, we expect annual Adjusted EBITDA to increase year over year."
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