TORONTO -- EMS provider SMTC Corp. today reported fiscal 2004 net earnings of $1.3 million on revenue of $245 million. This compares with a net loss of $40 million on revenue of $306 million last year.

The fourth-quarter net loss narrowed but sales declined sharply. Revenue and earnings were hurt by an unanticipated volume decline from a major customer that operates in a cyclical sector, the company said.

For the year the company generated $5.1 million in cash from operations. down from $5.5 million for 2003.

In a press release, John Caldwell, president and chief executive, said, "We expect to produce sequential revenue growth by the second quarter of 2005 and continue with positive momentum through the back half of the year."

For the fourth quarter the company reported a net loss of $2.5 million on sales of $48 million. SMTC took $700,000 in restructuring and other one-time charges. SMTC lost $2.6 million on revenue of $76.9 million a year ago. 

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