Q4 2018 revenue more than doubled vs. Q4
2017
SMTC Corporation (Nasdaq:SMTX), a global electronics manufacturing
services provider, today announced fourth quarter and fiscal year
2018 results.
Q4 Financial Highlights
- Revenue increased $42.2 million, or 109.3% to $80.9 million,
compared to $38.6 million in the fourth quarter of 2017, with $23.5
million attributable to the November 2018 acquisition of MC
Assembly
- On a proforma basis, assuming MC Assembly had been part of SMTC
for the full three months of the quarter in 2018 and 2017, the
combined revenue of both companies in in the fourth quarter of 2018
would have been $96.3 million, up 24.6% from $77.3 million in
2017
- Gross profit was $8.3 million or 10.3% of revenue, compared to
$2.9 million or 7.5% of revenue reported in the fourth quarter of
2017, representing a 280-basis point improvement in gross
margin
- Net loss of $(1.2) million or $(0.05) per share, compared to a
net loss of $(0.9) million or $(0.05) per share reported in the
fourth quarter of 2017
- Adjusting for merger and acquisition expenses of $1.7 million,
Adjusted Net Income was $0.5 million, or $0.02 per share compared
to a net loss of $(0.9) million in the fourth quarter of 2017, an
improvement of $1.4 million
- Net Debt at the end of the quarter was $92.3 million compared
to $14.7 million at the end of 2017 with the increase primarily due
to $68.0 million of term debt and assumed capital leases incurred
related to the acquisition of MC Assembly
- Adjusted EBITDA was $5.3 million, which represents a $4.1
million improvement compared to $1.2 million in the fourth quarter
of 2017
2018 Financial Highlights
- Revenue increased 55.2% to $216.1 million, compared to $139.2
million in fiscal 2017, with $23.5 million attributable to the
November 2018 acquisition of MC Assembly
- On a proforma basis, assuming MC Assembly had been part of SMTC
for 12 months in 2018 and 2017, the combined revenue of both
companies in 2018 would have been $345.2 million, up 22.6% from
$281.5 million in 2017
- Gross profit was $21.7 million or 10.0% of revenue,
representing an increase over $10.9 million or 7.8% of revenue
reported in fiscal 2017
- Net loss of $(0.4) million or $(0.02) per share, which
represents a $7.4 million improvement, compared to a net loss of
$(7.8) million or $(0.47) per share reported in fiscal 2017
- Adjusting for merger and acquisition expenses of $1.7 million,
Adjusted Net Income was $1.2 million, or $0.06 per share compared
to a loss of $(7.8) million in 2017, an improvement of $9.1
million
- Adjusted EBITDA was $10.2 million, which represents an $11.8
million improvement compared to $(1.5) million in fiscal 2017
“Our 2018 results reflect the commitment and rigorous actions we
have taken in the past six quarters to relaunch the company. Our
efforts have resulted in year-over-year organic growth of nearly
50% driven by exceptional customer retention, new program wins at
existing customers and the addition of new customers. Our expertise
in supply chain management allowed us to navigate through a tight
supply environment that negatively impacted many others in our
industry. As a result of our disciplined execution and exceptional
growth, our margins and adjusted EBITDA are up significantly over
last year as well, with our adjusted EBITDA increasing
year-over-year by approximately $11.8 million,” said Ed Smith,
SMTC’s President and Chief Executive Officer. “We also earned new
industry accreditations at SMTC and in November we completed a
transformational acquisition that provides us with a stronger
combined platform, new properties and capabilities enabling us to
expand within important end-markets, that will accelerate our
growth trajectory. I am pleased with the combined teams' progress
integrating MC Assembly and we have already realized a significant
portion of the $6 million of synergies that we previously
identified as opportunity,” added Smith.
Q1 Outlook
“We continue see strong demand from our customers in the first
quarter of 2019 and anticipate another year-over-year of top-line
growth and EBITDA improvements,” said Ed Smith, SMTC’s President
and Chief Executive Officer.
SMTC’s current expectations for the first quarter of 2019:
|
Q1 2019
Revenue |
Q1 2019
Adjusted EBITDA Range (1) |
|
|
$96 - $100 million |
$5.3 - $5.8 million |
|
|
|
|
|
(1)
Adjusted EBITDA is calculated based on net income (loss) adjusted
to exclude stock-based compensation, interest, restructuring
charges, unrealized foreign exchange gain (loss) on unsettled
forward exchange contracts, income taxes and depreciation of
property plant and equipment and amortization of intangible assets,
merger and acquisition related expenses. SMTC has provided in
this release a non-GAAP calculation of Adjusted EBITDA as
supplemental information regarding the operational performance of
SMTC’s core business. A reconciliation of Adjusted EBITDA to net
earnings (loss) is shown below in this press release. |
Revenue for the fourth quarter was $80.9 million, up 109.3% from
$38.6 million in the fourth quarter of 2017. Sequentially, revenue
increased 50.6% from $53.7 million during the third quarter of
2018. The year-over-year increase from the fourth quarter of 2017
was driven by organic growth of 48.4% percent and an additional 52
days of revenue from the acquisition of MC Assembly.
Gross profit for the fourth quarter of 2018 was $8.3 million or
10.3% of revenue, compared with $2.9 million or 7.5% of revenue for
the fourth quarter in 2017. Gross profit for the third quarter of
2018 was $5.2 million or 9.7% of revenue while adjusted gross
profit was $5.1 million or 9.6% of revenue.
Adjusted EBITDA was $5.3 million in the fourth quarter of 2018,
compared to $1.2 million for the fourth quarter of 2017 and $ 2.4
million in the third quarter of 2018. The increase in the fourth
quarter of 2018 compared to the prior quarter was primarily due to
the acquisition of MC Assembly.
Net loss was $(1.2) million for the fourth quarter of 2018,
compared to a net loss of $(0.9) million in the fourth quarter of
2017. The company reported net earnings of $0.9 million for the
third quarter of 2018.
Financial Results Conference Call
The company will host a conference call which will start at 8:30
a.m. Eastern Time on Friday, March 15, 2019 by accessing the
Investor Relations section of SMTC’s web site on the Investor
Relations Events Calendar page at https://ir.smtc.com/ir-calendar
or dialing 1-877-317-6789 (for U.S. participants) or 1-412-317-6789
(for participants outside of the U.S.) ten minutes prior to the
start of the call and request to join the SMTC Corporation’s Fourth
Quarter and Fiscal Year 2018 Results Conference Call.
The conference call will be available for rebroadcast from the
Investor Relations section of SMTC’s web site on the Investor
Relations Events Calendar page.
Non-GAAP information
Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Profit
percentage are non-GAAP measures. Adjusted EBITDA is computed as
net earnings (loss) from operations excluding depreciation and
amortization, restructuring charges, unrealized foreign exchange
gains/losses on unsettled forward foreign exchange contracts,
stock-based compensation, interest and income tax expense. SMTC
Corporation has provided in this release a non-GAAP calculation of
Adjusted EBITDA as supplemental information regarding the
operational performance of SMTC’s core business. A reconciliation
of Adjusted EBITDA to net income (loss) is included in the
attachment. Adjusted Gross Profit is computed as gross profit
excluding unrealized gains or losses on unsettled forward foreign
exchange contracts. Adjusted Gross Profit percentage is computed as
Adjusted Gross Profit divided by revenue. A reconciliation of
Adjusted Gross Profit to gross profit is included in the
attachment. Adjusted Net income (Loss) is computed as net income
(loss) excluding mergers and acquisitions related expenses. A
reconciliation of Adjusted Net Income (loss) it to Net Income
(Loss) is included in the attachment. Management uses these
non-GAAP financial measures internally in analyzing SMTC’s
financial results to assess operational performance and liquidity
as well as to provide a consistent method of comparison to
historical periods and to the performance of competitors and peer
group companies. SMTC believes that these non-GAAP financial
measures are useful for management and investors in assessing
SMTC’s performance and when planning, forecasting and analyzing
future periods. SMTC believes these non-GAAP financial measures are
useful to investors because they allow for greater transparency
with respect to key financial metrics we use in making operating
decisions and because investors and analysts use it to help assess
the health of our business. Non-GAAP measures are subject to
limitations as these measures are not in accordance with, or an
alternative for, United States Generally Accepted Accounting
Principles (US GAAP) and may be different from non-GAAP measures
used by other companies. Because of these limitations, investors
should consider Adjusted EBITDA, Adjusted Gross Profit and Adjusted
Gross Profit percentage along with other financial performance
measures, including revenue, gross profit and net earnings (loss),
as reflected in SMTC’s interim consolidated financial statements
prepared in accordance with US GAAP.
Forward-Looking Statements
The statements contained in this release that are not purely
historical are forward-looking statements, which involve risk and
uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. These
statements may be identified by their use of forward looking
terminology such as “anticipates,” “believes,” “can,”
“continue,” “could,” “estimates,” “expects,” “intends,” “may,”
“plans,” “potential,” “predicts,” “should,” or “will” or the
negative of these terms or other and similar words, and include,
but are not limited to, statements regarding the expectations,
intentions or strategies of SMTC. For these statements, we claim
the protection of the safe harbor for forward looking statements
contained in the Private Securities Litigation Reform Act of 1995.
Risks and uncertainties that may cause future results to differ
from forward looking statements include the challenges of managing
quickly expanding operations and integrating acquired companies,
fluctuations in demand for customers' products and changes in
customers' product sources, competition in the electronics
manufacturing services (EMS) industry, component shortages, and
others risks and uncertainties discussed in SMTC's most recent
filings with the SEC. The forward-looking statements contained in
this release are made as of the date hereof and SMTC assumes no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ materially from those
projected in the forward-looking statements.
About SMTC Corporation
SMTC Corporation was founded in 1985 and acquired MC Assembly
Holdings, Inc. in November 2018. Following this acquisition,
SMTC has more than 50 manufacturing and assembly lines in United
States, China and Mexico which creates a powerful low-to-medium
volume, high-mix, end-to-end global EMS provider. With local
support and expanded manufacturing capabilities globally, including
fully integrated contract manufacturing services with a focus on
global original equipment manufacturers (OEMs) and emerging
technology companies, including those in the Defense and Aerospace,
Industrial, Power and Clean Technology, Medical and Safety, Retail
and Payment Systems, Semiconductors and Telecom, Networking and
Communications; and Test and Measurement industries. As a mid-size
provider of end-to-end electronics manufacturing services (EMS),
SMTC provides printed circuit boards assemblies (PCB) production,
systems integration and comprehensive testing services, enclosure
fabrication, as well as product design, sustaining engineering and
supply chain management services. SMTC services extend over the
entire electronic product life cycle from the development and
introduction of new products through to the growth, maturity and
end-of-life phases.
SMTC is a public company incorporated in Delaware with its
shares traded on the Nasdaq National Market System under the symbol
SMTX and was added to the Russell Microcap® Index in 2018. For
further information on SMTC Corporation, please visit our website
at www.smtc.com.
Consolidated Balance Sheets |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars) |
December 30,2018 |
|
December 31,2017 |
Assets |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
Cash |
$ |
1,601 |
|
|
$ |
5,536 |
|
Accounts
receivable - net |
|
72,986 |
|
|
|
29,093 |
|
Unbilled
contract assets |
|
20,405 |
|
|
|
- |
|
Inventories - net |
|
53,203 |
|
|
|
22,363 |
|
Prepaid
expenses and other assets |
|
5,548 |
|
|
|
2,142 |
|
Derivative assets |
|
15 |
|
|
|
37 |
|
Income taxes receivable |
|
160 |
|
|
|
17 |
|
|
|
153,918 |
|
|
|
59,188 |
|
Property, plant and equipment - net |
|
28,160 |
|
|
|
10,269 |
|
Goodwill |
|
18,165 |
|
|
|
- |
|
Intangible assets |
|
19,935 |
|
|
|
- |
|
Deferred
financing costs - net |
|
668 |
|
|
|
94 |
|
Deferred
income taxes - net |
|
380 |
|
|
|
305 |
|
|
$ |
221,226 |
|
|
$ |
69,856 |
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
Revolving credit facility |
|
25,020 |
|
|
$ |
12,191 |
|
Accounts
payable |
|
76,893 |
|
|
|
25,028 |
|
Accrued
liabilities |
|
13,040 |
|
|
|
4,877 |
|
Warrant
liability |
|
2,009 |
|
|
|
- |
|
Contingent consideration |
|
3,050 |
|
|
|
- |
|
Derivative liabilities |
|
- |
|
|
|
375 |
|
Income
taxes payable |
|
12 |
|
|
|
48 |
|
Current
portion of long-term debt |
|
1,368 |
|
|
|
2,000 |
|
Current portion of capital lease obligations |
|
1,547 |
|
|
|
174 |
|
|
|
122,939 |
|
|
|
44,693 |
|
Long-term debt |
|
56,039 |
|
|
|
6,000 |
|
Capital lease
obligations |
|
9,947 |
|
|
|
89 |
|
|
|
|
|
Shareholders’
equity: |
|
|
|
Capital stock |
|
457 |
|
|
|
396 |
|
Additional paid-in capital |
|
278,649 |
|
|
|
265,355 |
|
Deficit |
|
(246,805 |
) |
|
|
(246,677 |
) |
|
|
32,301 |
|
|
|
19,074 |
|
|
$ |
221,226 |
|
|
$ |
69,856 |
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Operations and Comprehensive
Income (Loss) |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
|
|
|
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars, except number of shares
and per share amounts) |
December 30,2018 |
|
September
30,2018 |
|
December 31,2017 |
|
December 30,2018 |
|
December 31,2017 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
80,855 |
|
|
$ |
53,677 |
|
|
$ |
38,641 |
|
|
$ |
216,131 |
|
|
$ |
139,231 |
|
Cost of
sales |
|
72,564 |
|
|
|
48,440 |
|
|
|
35,741 |
|
|
|
194,470 |
|
|
|
128,380 |
|
Gross profit |
|
8,291 |
|
|
|
5,237 |
|
|
|
2,900 |
|
|
|
21,661 |
|
|
|
10,851 |
|
Selling, general and
administrative expenses |
|
7,335 |
|
|
|
3,682 |
|
|
|
3,136 |
|
|
|
18,173 |
|
|
|
13,960 |
|
Impairment of
property,plant and equipment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,601 |
|
(Gain) loss on sale of
property,plant and equipment |
|
(33 |
) |
|
|
3 |
|
|
|
- |
|
|
|
(30 |
) |
|
|
(60 |
) |
Restructuring charges |
|
18 |
|
|
|
58 |
|
|
|
55 |
|
|
|
172 |
|
|
|
1,732 |
|
Loss on
extinguishment of debt |
|
|
|
|
|
|
|
|
|
Operating earnings
(loss) |
|
971 |
|
|
|
1,494 |
|
|
|
(291 |
) |
|
|
3,346 |
|
|
|
(6,382 |
) |
Interest
expense |
|
1,922 |
|
|
|
485 |
|
|
|
278 |
|
|
|
3,117 |
|
|
|
903 |
|
Earnings (loss) before
income taxes |
|
(951 |
) |
|
|
1,009 |
|
|
|
(569 |
) |
|
|
229 |
|
|
|
(7,285 |
) |
Income tax expense
(recovery) |
|
|
|
|
|
|
|
|
|
Current |
|
156 |
|
|
|
290 |
|
|
|
171 |
|
|
|
752 |
|
|
|
639 |
|
Deferred |
|
116 |
|
|
|
(145 |
) |
|
|
164 |
|
|
|
(75 |
) |
|
|
(79 |
) |
|
|
272 |
|
|
|
145 |
|
|
|
335 |
|
|
|
677 |
|
|
|
560 |
|
Net income (loss), also being comprehensive income (loss) |
$ |
(1,223 |
) |
|
$ |
864 |
|
|
$ |
(904 |
) |
|
$ |
(448 |
) |
|
$ |
(7,845 |
) |
|
|
|
|
|
|
|
|
|
|
Basic loss per
share |
$ |
(0.05 |
) |
|
$ |
0.04 |
|
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.48 |
) |
Diluted loss per
share |
$ |
(0.05 |
) |
|
$ |
0.04 |
|
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.48 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
23,105,597 |
|
|
|
19,335,253 |
|
|
|
16,860,155 |
|
|
|
19,176,198 |
|
|
|
16,504,106 |
|
Diluted |
|
23,105,597 |
|
|
|
19,335,253 |
|
|
|
16,860,155 |
|
|
|
19,176,198 |
|
|
|
16,504,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Cash Flows |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
(Expressed in thousands of U.S. dollars) |
|
|
|
|
|
|
|
Cash
provided by (used in): |
December 30,2018 |
|
December 31,2017 |
|
December 30,2018 |
|
December 31,2017 |
Operations: |
|
|
|
|
|
|
|
Net
loss |
$ |
(1,223 |
) |
|
$ |
(904 |
) |
|
$ |
(448 |
) |
|
$ |
(7,845 |
) |
Items
not involving cash: |
|
|
|
|
|
|
|
Depreciation |
|
1,365 |
|
|
|
799 |
|
|
|
3,791 |
|
|
|
3,588 |
|
Amortization of acquired Intangible assets |
|
1,065 |
|
|
|
- |
|
|
|
1,065 |
|
|
|
- |
|
Unrealized foreign exchange loss (gain) on unsettled forward |
|
|
|
|
|
|
|
exchange contracts |
|
(15 |
) |
|
|
520 |
|
|
|
(353 |
) |
|
|
(918 |
) |
Impairment of property, plant and equipment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,601 |
|
Loss
(gain) on sale of property, plant and equipment |
|
(33 |
) |
|
|
- |
|
|
|
(30 |
) |
|
|
(60 |
) |
Deferred
income taxes (recovery) |
|
116 |
|
|
|
164 |
|
|
|
(75 |
) |
|
|
(79 |
) |
Amortization of deferred financing fees |
|
160 |
|
|
|
8 |
|
|
|
194 |
|
|
|
27 |
|
Stock-based compensation |
|
129 |
|
|
|
159 |
|
|
|
407 |
|
|
|
432 |
|
Stock
Revaluation of Warrant |
|
111 |
|
|
|
- |
|
|
|
111 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Change
in non-cash operating working capital: |
|
|
|
|
|
|
|
Accounts
receivable |
|
(11,917 |
) |
|
|
(5,928 |
) |
|
|
(24,030 |
) |
|
|
(6,469 |
) |
Unbilled
contract assets |
|
(11,902 |
) |
|
|
- |
|
|
|
(7,949 |
) |
|
|
- |
|
Inventories |
|
9,066 |
|
|
|
(1,146 |
) |
|
|
(8,027 |
) |
|
|
(1,689 |
) |
Prepaid
expensesand other assets |
|
119 |
|
|
|
(453 |
) |
|
|
(883 |
) |
|
|
311 |
|
Income
taxes payable |
|
(164 |
) |
|
|
2 |
|
|
|
(179 |
) |
|
|
(142 |
) |
Accounts
payable |
|
7,116 |
|
|
|
4,740 |
|
|
|
23,698 |
|
|
|
2,159 |
|
Accrued
liabilities |
|
3,523 |
|
|
|
(942 |
) |
|
|
4,921 |
|
|
|
237 |
|
|
|
(2,484 |
) |
|
|
(2,981 |
) |
|
|
(7,787 |
) |
|
|
(8,847 |
) |
Financing: |
|
|
|
|
|
|
|
Net
(repayment) advances of revolving credit facility |
|
8,314 |
|
|
|
6,282 |
|
|
|
12,829 |
|
|
|
9,460 |
|
(Repayment) advances of long-term debt |
|
(6,500 |
) |
|
|
(500 |
) |
|
|
(8,000 |
) |
|
|
(2,000 |
) |
Net
advances of long-term debt |
|
62,000 |
|
|
|
- |
|
|
|
62,000 |
|
|
|
- |
|
Principal payment of capital lease obligations |
|
(298 |
) |
|
|
(43 |
) |
|
|
(487 |
) |
|
|
(395 |
) |
Repayment of equipment facility |
|
(2,629 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Proceeds
from issuance of common stock (Rights offer) |
|
- |
|
|
|
- |
|
|
|
12,587 |
|
|
|
- |
|
Debt
issuance cost |
|
(2,831 |
) |
|
|
- |
|
|
|
(2,831 |
) |
|
|
- |
|
Proceeds from issuance
of Stock options |
|
- |
|
|
|
- |
|
|
|
361 |
|
|
|
- |
|
Deferred financing costs |
|
(584 |
) |
|
|
- |
|
|
|
(632 |
) |
|
|
(51 |
) |
|
|
57,472 |
|
|
|
5,739 |
|
|
|
75,827 |
|
|
|
7,014 |
|
Investing: |
|
|
|
|
|
|
|
Acquisition of MC
Assembly - net of cash acquired |
|
(67,600 |
) |
|
|
- |
|
|
|
(67,600 |
) |
|
|
- |
|
Acquisition of
business, net of cash acquired |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Purchase
of property, plant and equipment |
|
(511 |
) |
|
|
(157 |
) |
|
|
(4,410 |
) |
|
|
(1,471 |
) |
Proceeds
from leaseholding improvement |
|
|
|
- |
|
|
|
- |
|
|
|
56 |
|
Proceeds
from sale of property, plant and equipment |
|
35 |
|
|
|
- |
|
|
|
35 |
|
|
|
281 |
|
|
|
(68,076 |
) |
|
|
(157 |
) |
|
|
(71,975 |
) |
|
|
(1,134 |
) |
Increase
(decrease) in cash |
|
(13,088 |
) |
|
|
2,601 |
|
|
|
(3,935 |
) |
|
|
(2,967 |
) |
Cash, beginning of period |
|
14,689 |
|
|
|
2,935 |
|
|
|
5,536 |
|
|
|
8,503 |
|
Cash,
end of the period |
$ |
1,601 |
|
|
$ |
5,536 |
|
|
$ |
1,601 |
|
|
$ |
5,536 |
|
|
|
|
|
|
|
|
|
Supplementary
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
December 30,2018 |
|
September
30,2018 |
|
December 31,2017 |
|
December 30,2018 |
|
December 31,2017 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(1,223 |
) |
|
$ |
864 |
|
|
$ |
(904 |
) |
|
$ |
(448 |
) |
|
$ |
(7,845 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
|
Depreciation of property, plant and equipment |
|
1,365 |
|
|
|
883 |
|
|
|
799 |
|
|
|
3,791 |
|
|
|
3,588 |
|
Amortization of Intangible assets |
|
1,065 |
|
|
|
- |
|
|
|
- |
|
|
|
1,065 |
|
|
|
- |
|
Interest |
|
1,922 |
|
|
|
485 |
|
|
|
278 |
|
|
|
3,117 |
|
|
|
903 |
|
Income
tax expense |
|
272 |
|
|
|
145 |
|
|
|
335 |
|
|
|
677 |
|
|
|
560 |
|
EBITDA |
$ |
3,401 |
|
|
$ |
2,377 |
|
|
$ |
508 |
|
|
$ |
8,202 |
|
|
$ |
(2,794 |
) |
|
|
|
|
|
|
|
|
|
|
Add (deduct): |
|
|
|
|
|
|
|
|
|
Stock
compensation expense |
|
129 |
|
|
|
75 |
|
|
|
159 |
|
|
|
407 |
|
|
|
432 |
|
Stock
compensation expense - warrant revaluation |
|
111 |
|
|
|
- |
|
|
|
- |
|
|
|
111 |
|
|
|
- |
|
Restructuring charges |
|
18 |
|
|
|
58 |
|
|
|
55 |
|
|
|
172 |
|
|
|
1,732 |
|
Merger
and acquisitions related expenses |
|
1,676 |
|
|
|
- |
|
|
|
- |
|
|
|
1,676 |
|
|
|
- |
|
Unrealized foreign exchange loss (gain) |
|
(15 |
) |
|
|
(108 |
) |
|
|
520 |
|
|
|
(353 |
) |
|
|
(918 |
) |
on
unsettled forward exchange contracts |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
5,320 |
|
|
|
2,402 |
|
|
|
1,242 |
|
|
|
10,215 |
|
|
|
(1,548 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Adjusted Gross Profit |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
December 30,2018 |
|
September
30,2018 |
|
December 31,2017 |
|
December 30,2018 |
|
December 31,2017 |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
$ |
8,291 |
|
|
$ |
5,237 |
|
|
$ |
2,900 |
|
|
$ |
21,661 |
|
|
$ |
10,851 |
|
Add (deduct): |
|
|
|
|
|
|
|
|
|
Unrealized foreign exchange loss (gain) |
|
|
|
|
|
|
|
|
|
on
unsettled forward exchange contracts |
|
(15 |
) |
|
|
(108 |
) |
|
|
520 |
|
|
|
(353 |
) |
|
|
(918 |
) |
|
|
|
|
|
|
|
|
|
|
Adjusted Gross Profit |
|
8,276 |
|
|
|
5,129 |
|
|
|
3,420 |
|
|
|
21,308 |
|
|
|
9,933 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Gross Profit Percentage |
|
10.2 |
% |
|
|
9.6 |
% |
|
|
8.9 |
% |
|
|
9.9 |
% |
|
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Net Income (Loss) |
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
December 30,2018 |
|
September
30,2018 |
|
December 31,2017 |
|
December 30,2018 |
|
December 31,2017 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(1,223 |
) |
|
$ |
864 |
|
$ |
(904 |
) |
|
$ |
(448 |
) |
|
$ |
(7,845 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
|
Merger
and acquisitions related expenses |
|
1,676 |
|
|
|
- |
|
|
- |
|
|
|
1,676 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net income (loss) |
|
453 |
|
|
|
864 |
|
|
(904 |
) |
|
|
1,228 |
|
|
|
(7,845 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information: |
|
|
|
Reconciliation
of Adjusted EBITDA |
|
|
SMTC |
|
Forecasted
Q1,2019 |
|
|
Net loss |
$ |
(2,361 |
) |
Add (deduct): |
|
Depreciation |
|
1,746 |
|
Amortization of Intangible |
|
1,844 |
|
Interest |
|
2,648 |
|
Income
tax expense |
|
312 |
|
EBITDA |
$ |
4,189 |
|
|
|
Add (deduct): |
|
Stock
compensation expense |
|
150 |
|
Restructuring charges |
|
1,131 |
|
Adjusted EBITDA |
|
5,470 |
|
|
|
Investor Relations Contact
Peter SeltzbergManaging DirectorDarrow Associates,
Inc.516-419-9915 pseltzberg@darrowir.com
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