TORONTO – SMTC reported fiscal second quarter revenue of $33 million, down 24.3% year-over-year and flat sequentially. The decline in revenue was primarily attributed to volume reductions from one customer.

For the period ended July 2, the firm recorded a net loss of $6 million, compared to a net loss of $600,000 for the second quarter in the prior year, and a net loss of $300,000 in the first quarter.

Restructuring charges of $1.4 million were recorded during the second quarter. The closure of the firm’s Suzhou facility is underway, with final production and transfer of customers completed at the end of July.

“Although we had a challenging quarter, we executed in accordance with our restructuring plan and incurred some significant charges for impairment and other provisions,” said CFO Roger Dunfield. “These charges impacted our net loss and Adjusted EBITDA for the quarter by $5 million and $3.6 million, respectively.  I am encouraged that we had a debt net of cash of $10.7 million, which was down from the first quarter of 2017.”

For the six-month period ended July 2, revenue was $66.2 million, down 22.6% year-over-year. The company reported a net loss for the same six months of $6.4 million, compared to net earnings of $363,000 during the same period last year.

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