TORONTO -- SMTC Corp., a global electronics manufacturing services provider, today reported revenue of $49.1 million for the first quarter ended April 3, up 2% from last quarter but down from $69.4 million a year ago.

The net loss was $2.6 million, compared with a net loss of $3.2 million sequentially and a net loss of $47,000 last year.

Gross profit was $2 million, or 4.1% of revenue, compared with $1.5 million, or 3.1% of revenue, for the previous quarter and $6.8 million (9.9% of revenue) for the first quarter 2004. Gross profit was affected by higher costs for training and resource retention as well as freight costs for transferring certain programs to the company's Mexico facility.

In a press release, John Caldwell, president and chief executive, said, "Although overall first quarter results remain below satisfactory levels, the company achieved modest revenue growth in what we believe is a typically soft quarter. Importantly, in the quarter SMTC added several new customers as well as gained a number of new program wins with current customers."

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