TORONTO – SMTC Corp. reported net income of $2.9 million for the period ended Dec. 31.

The electronics manufacturing services provider said revenue for the quarter was $71.1 million, up 10% year-over-year and 61% sequentially on increased demand from existing and new customers and the acquisition of ZF Array Technology. Gross margins increased 220 basis points to 10.9%.

For the year, SMTC's revenue was $220 million, down from $262 million in 2010. Net income fell from 12.4 million to $1.15 million in 2011.

For the first quarter 2012, the contract printed circuit board assembler guided for revenue of $72 to $74 million.

SMTC anticipates improved performance in 2012, upping its guidance $10 million to $250 million to $270 million, and set a long-term annual organic revenue growth rate target of 10%.

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