TORONTO -- SMTC today reported a 14% year-over-year drop in revenue, citing seasonality and severe winter weather affecting an industrial sector customer. The net loss for the March quarter was $1.1 million, an improvement over a $7.7 million loss in the fourth quarter but down from a profit of $1.17 million last year.

Sales for the period ended March 31 were $58 million, the EMS firm said.

Interim chief financial officer Jim Currie said, “Even with lower revenue levels, our cost reduction program has led to improved margins. These efficiency improvement efforts will continue for the balance of the year and should help us achieve industry margins by year-end.”

Chief executive officer Sushil Dhiman added, “With the year-end physical inventory adjustment, we believe we have identified and are in the process of remediating past issues which now allows us to focus on increasing revenues, profitability and shareholder value. Although revenue has decreased in the quarter, we have a strong sales pipeline and anticipate new customer wins."

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