TORONTO – SMTC Corp. reported first-quarter 2009 revenue of $48.5 million, down nearly 21% sequentially and 12% year-over-year.

The top 50 EMS firm said its net loss for the quarter was $2.5 million, down from a net loss of $100,000 in the fourth quarter and net income of $400,000 for the comparable period last year.
 
The company recently reduced staff and closed its enclosures systems facility in Boston. These actions and other restructuring resulted in a $1 million charge in the quarter.
 
John Caldwell, president and CEO, noted the firm has significantly reduced inventory, and said the company is focusing on reducing debt during the downturn.
 

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