TORONTO – SMTC reported first quarter revenues increased 11.9% to $37.1 million year-over-year.

Sequentially, revenue decreased 3.9%.

The year-over-year increase was the result of strong demand from existing and new customers and was well diversified among the EMS company’s target end-markets, the firm says. $1.7 million of revenue growth was a result of the impact of a new accounting recognition standard, which was effective Jan. 1.

Net income was $8,000, compared to a net loss of $377,000 in the first quarter last year. The firm posted operating income of $341,000, compared to an operating loss of $205,000 in the same period of 2017.

“The improvement in our overall financial results represents solid progress that we’ve made in implementing change here at SMTC,” said Ed Smith, SMTC’s president and CEO. “I am pleased with the trust our customers have placed in us to expand their business with SMTC and the continued progress we made in the first quarter with improved execution throughout the organization.

“Demand in our served markets remains strong, and our backlog gives us visibility for the second quarter revenue, which we expect will exceed our first quarter 2018 results.”

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