TORONTO -- SMTC today announced fourth quarter revenue of $57 million, down 15.4% year-over-year.

The net loss shrank from fell $7.8 million a year ago to $2.4 million this year. Gross profit was $3.9 million (6.8%) and adjusted EBITDA was $2.2 million. Excluding currency effects, gross profit was $5.8 million or 10.2%.

During the quarter the company generated $3.7 million in cash from operations.

Revenue for the year fell 15.6% to $228.6 million, mainly due to reduced volumes to two customers. Gross profit margin was 8.3%, compared to 5.6% in the prior year, as a result of cost cutting and improvements in manufacturing efficiencies. Less currency effects, gross profit was 9.1% compared to 6.0% the year before. Adjusted EBITDA was $6.8 million, up from $800,000. Cash from operations was 4.9 million.

Inventory turns improved to 6.6 in 2014 compared to 5.7 turns in the prior year.

SMTC also announced certain errors related to prior year amounts which were not material to previously issued financial statements, and has revised the company's 2013 financial results. Saying the revisions were not related to sales or operations, but rather to the accounting treatment of certain derivative liabilities, depreciation, long-term compensation related liabilities and the related tax effect, the net impact on income was $600,000 million for 2013.

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