TORONTO -- SMTC Corp. reported third-quarter net income rose 1,100% from a year ago to $2.6 million.

The electronics manufacturing services provider said revenue increased 48% to $65.4 million. Gross profit was $7.9 million, more than double that of the comparable period in 2009. Gross margin was 12%. The company generated cash of $4.6 million from operations, which was largely used to reduce net debt to $18 million.

"Eight of our 10 top customers increased orders above the same quarter last year in response to end customer demand. We generated approximately $10 million in revenue from five new customers ramping production" said John Caldwell, president and chief executive.

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