TORONTO, March 17, 2021 (GLOBE NEWSWIRE) -- SMTC Corporation (Nasdaq:SMTX), a global electronics manufacturing services provider and winner of Frost & Sullivan’s 2019 Best Practices Award for Customer Value Leadership in the Electronics Manufacturing Services Industry, today announced its fourth quarter and full year 2020 financial results.
Fourth Quarter Financial Highlights
- Fourth quarter 2020 revenue was $101.3 million, up 12.3% vs. the prior year.
- EPS was ($0.13) compared to $0.04 in the prior year.
- Adjusted EPS was $0.12 compared to $0.10 in the prior year.
- Net Loss was $3.6 million compared to $1.0 million net income in the prior year.
- Adjusted Net Income was $3.4 million compared to $2.9 million in the prior year.
- EBITDA was $0.6 million compared to $6.7 million in the prior year.
- Adjusted EBITDA was $7.2 million compared to $7.0 million in the prior year. In calculating Adjusted EBITDA, primary addbacks to EBITDA included $3.6 million of restructuring charges associated with the Company’s Mexico site consolidation, in addition to, $1.3 million of merger and acquisitions related expenditures.
2020 Full Year Financial Highlights
- 2020 revenue was $386.5 million, up 3.8% vs. the prior year.
- EPS was ($0.02) compared to ($0.23) the prior year.
- Adjusted EPS was $0.42 compared to $0.27 the prior year.
- Net Loss was $0.6 million compared to $6.0 million the prior year.
- Adjusted Net Income was $11.9 million compared to $6.9 million the prior year.
- EBITDA was $17.9 million compared to $19.1 million the prior year.
- Adjusted EBITDA was $27.4 million compared to $24.8 million the prior year.
| $s millions (except EPS) | Q4 2020 | Q3 2020 | Change | Q4 2019 | Change | |||||||||
| Revenue | $ | 101.3 | $ | 99.5 | 1.7 | % | $ | 90.2 | 12.3 | % | ||||
| GAAP | ||||||||||||||
| Gross Profit | $ | 11.8 | $ | 11.1 | 6.7 | % | $ | 10.5 | 12.9 | % | ||||
| Gross Profit Percentage | 11.7 | % | 11.2 | % | 11.6 | % | ||||||||
| Net Income (Loss) | $ | (3.6 | ) | $ | 1.2 | (385.9 | %) | $ | 1.0 | (456.8 | %) | |||
| EPS | $ | (0.13 | ) | $ | 0.04 | 0.0 | % | $ | 0.04 | (453.9 | %) | |||
| Non-GAAP | ||||||||||||||
| Adjusted Gross Profit | $ | 12.8 | $ | 12.5 | 1.8 | % | $ | 12.2 | 5.0 | % | ||||
| Adjusted Gross Profit Percentage | 12.6 | % | 12.6 | % | 13.5 | % | ||||||||
| Adjusted Net Income | $ | 3.4 | $ | 3.8 | (10.9 | %) | $ | 2.9 | 17.6 | % | ||||
| Adjusted EPS | $ | 0.12 | $ | 0.13 | (6.9 | %) | $ | 0.10 | 16.6 | % | ||||
| Adjusted EBITDA | $ | 7.2 | $ | 7.5 | (4.1 | %) | $ | 7.0 | 3.9 | % | ||||
| Adjusted EBITDA Percentage | 7.1 | % | 7.6 | % | 7.7 | % | ||||||||
| Net Debt | $ | 87.4 | $ | 85.9 | 1.8 | % | 82.1 | |||||||
| $s millions (except EPS) | 2020 | 2019 | Change | |||||||||||
| Revenue | $ | 386.5 | $ | 372.5 | 3.8 | % | ||||||||
| GAAP | ||||||||||||||
| Gross Profit | $ | 43.3 | $ | 37.0 | 16.9 | % | ||||||||
| Gross Profit Percentage | 11.2 | % | 9.9 | % | ||||||||||
| Net Loss | $ | (0.6 | ) | $ | (6.0 | ) | (90.3 | %) | ||||||
| EPS | $ | (0.02 | ) | $ | (0.23 | ) | (91.2 | %) | ||||||
| Non-GAAP | ||||||||||||||
| Adjusted Gross Profit | $ | 48.7 | $ | 44.2 | 10.2 | % | ||||||||
| Adjusted Gross Profit Percentage | 12.6 | % | 11.9 | % | ||||||||||
| Adjusted Net Income | $ | 11.9 | $ | 6.9 | 73.6 | % | ||||||||
| Adjusted EPS | $ | 0.42 | $ | 0.27 | 58.3 | % | ||||||||
| Adjusted EBITDA | $ | 27.4 | $ | 24.8 | 10.5 | % | ||||||||
| Adjusted EBITDA Percentage | 7.1 | % | 7.6 | % | ||||||||||
| Net Debt | $ | 87.4 | $ | 82.1 | 6.5 | % | ||||||||
