TORONTO – SMTC reported third quarter revenues increased 56% year-over-year to $53.7 million. Sequentially, revenue increased 20.7%.
Earnings before income taxes of $1 million compared to a loss of $500,000 in the third quarter of 2017. Adjusted EBITDA was $2.4 million, up 118.2% compared to the same period last year.
Net debt at the end of the quarter was $11.8 million, compared to $14.9 million at year-end.
“I am pleased to report another strong quarter, again exceeding our business plan, and we’re on track for our first profitable year in more than five years,” said Ed Smith, SMTC’s president and CEO. “In the third quarter we continued to see strong demand from customers in the industrial, networking and communications, power and energy, and medical market sectors. To better support our growing global customer base, year to date we have completed a capital equipment investment of nearly $5 million dollars in North America, earned AS9100D certification to address the needs of customers in the avionics, aerospace, and defense industries, and received 13485 accreditation that enabled us to move forward with orders from new medical customers.
“We remain focused on executing both in terms of growing the top-line, as well as keeping our costs in check. Our nine-month or year-to-date sales were up 34.5% over last year, and our SG&A remains flat compared to last year’s same period, a testament to our attention to supply chain management and excellent customer value proposition.”