TORONTO -- Top 50 EMS firm SMTC reported sales fell 5% year-over-year for the fiscal year ended Jan. 4.

For the year, SMTC had sales of $242.6 million, down 5% from 2007, and pretax earnings of $264,000. The company took one-time restructuring charges of $5.6 million, plus $800,000 in other charges for the year. Cash from operations was $7.1 million and net long-term debt was cut by $4.7 million, to $16.1 million, the lowest debt level for the company in the past 10 years.

SMTC will close its enclosures business in Boston by the end of the second quarter and move production to other facilities including its recently expanded operation in Mexico.

Industrial sales made up 72.1% of revenue for the year.

SMTC was the world's 45th largest EMS company in 2008, according to CIRCUITS ASSEMBLY.

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