| Consolidated Statements of Cash Flows | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| (Expressed in thousands of U.S. dollars) | |||||||||||||||
| Cash provided by (used in): |
September 29,
2019 |
September 30,
2018 |
September 29,
2019 |
September 30,
2018 | |||||||||||
| Operations: | |||||||||||||||
| Net income (loss) | $ | (5,734 | ) | $ | 864 | $ | (6,991 | ) | $ | 775 | |||||
| Items not involving cash: | |||||||||||||||
| Depreciation on property, plant and equipment | 1,649 | 883 | 4,902 | 2,426 | |||||||||||
| Amortization of acquired Intangible assets | 1,844 | - | 5,532 | - | |||||||||||
| Unrealized foreign exchange gain on unsettled forward | |||||||||||||||
| exchange contracts | - | (108 | ) | - | (338 | ) | |||||||||
| Write down of property, plant and equipment | 261 | - | 261 | - | |||||||||||
| Loss on disposal of property, plant and equipment | - | 3 | - | 3 | |||||||||||
| Deferred income taxes (recovery) | (81 | ) | (145 | ) | 14 | (191 | ) | ||||||||
| Amortization of deferred financing fees | 755 | 13 | 1,300 | 34 | |||||||||||
| Stock-based compensation | 353 | 75 | 538 | 278 | |||||||||||
| Change in fair value of warrant liability | (858 | ) | - | (919 | ) | - | |||||||||
| Change in fair value of contingent consideration | - | - | (3,050 | ) | - | ||||||||||
| Change in non-cash operating working capital: | |||||||||||||||
| Accounts receivable | 3,743 | (9,081 | ) | 11,778 | (12,096 | ) | |||||||||
| Unbilled contract assets | 829 | (1,695 | ) | (6,385 | ) | (8,183 | ) | ||||||||
| Inventories | (3,386 | ) | (3,158 | ) | 3,668 | (6,009 | ) | ||||||||
| Prepaid expenses and other assets | 33 | 435 | (1,095 | ) | (1,002 | ) | |||||||||
| Income taxes payable | (319 | ) | 16 | (116 | ) | (32 | ) | ||||||||
| Accounts payable | 285 | 7,587 | (9,845 | ) | 16,582 | ||||||||||
| Accrued liabilities | 1,458 | 1,088 | (265 | ) | 2,449 | ||||||||||
| Restructuring liability | 1,879 | - | 2,736 | - | |||||||||||
| Net change in operating lease right of use asset and liability | (51 | ) | - | 414 | - | ||||||||||
| 2,660 | (3,223 | ) | 2,477 | (5,304 | ) | ||||||||||
| Financing: | |||||||||||||||
| Net advances of revolving credit facility | 21,092 | 4,725 | 9,820 | 4,515 | |||||||||||
| Repayments of long-term debt | (22,000 | ) | (500 | ) | (22,625 | ) | (1,500 | ) | |||||||
| Principal repayments of finance lease obligations | (390 | ) | (95 | ) | (1,199 | ) | (189 | ) | |||||||
| Advance of equipment facility | - | 735 | - | 2,629 | |||||||||||
| Proceeds from issuance of stock options | 45 | - | 45 | 361 | |||||||||||
| Proceeds from issuance of common stock through rights offering | 12,587 | 14,044 | 12,587 | ||||||||||||
| Debt issuance and deferred financing fees | (321 | ) | - | (371 | ) | (48 | ) | ||||||||
| (1,574 | ) | 17,452 | (286 | ) | 18,355 | ||||||||||
| Investing: | |||||||||||||||
| Purchase of property, plant and equipment | (1,119 | ) | (1,493 | ) | (3,191 | ) | (3,898 | ) | |||||||
| (1,119 | ) | (1,493 | ) | (3,191 | ) | (3,898 | ) | ||||||||
| Decrease in cash | (33 | ) | 12,736 | (1,000 | ) | 9,153 | |||||||||
| Cash, beginning of period | 634 | 1,953 | 1,601 | 5,536 | |||||||||||
| Cash, end of the period | $ | 601 | $ | 14,689 | $ | 601 | $ | 14,689 | |||||||
|
SMTC Corporation Reports Third Quarter Results
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