Company Quick10K Filing
SMTC
Price2.80 EPS-0
Shares28 P/E-11
MCap79 P/FCF32
Net Debt34 EBIT2
TEV112 TEV/EBIT57
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-09-27 Filed 2020-11-05
10-Q 2020-06-28 Filed 2020-08-06
10-Q 2020-03-29 Filed 2020-05-07
10-K 2019-12-29 Filed 2020-03-13
10-Q 2019-09-29 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-30 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-07-01 Filed 2018-08-08
10-Q 2018-04-01 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-03-08
10-Q 2017-10-01 Filed 2017-11-02
10-Q 2017-07-02 Filed 2017-08-03
10-Q 2017-04-02 Filed 2017-05-17
10-K 2017-01-01 Filed 2017-03-09
10-Q 2016-10-02 Filed 2016-11-03
10-Q 2016-07-03 Filed 2016-08-08
10-Q 2016-04-03 Filed 2016-05-06
10-K 2016-01-03 Filed 2016-03-17
10-Q 2015-09-27 Filed 2015-10-28
10-Q 2015-06-28 Filed 2015-07-29
10-Q 2015-03-29 Filed 2015-04-29
10-K 2014-12-28 Filed 2015-03-30
10-Q 2014-09-28 Filed 2014-11-07
10-Q 2014-06-29 Filed 2014-08-12
10-Q 2014-03-30 Filed 2014-05-07
10-K 2013-12-29 Filed 2014-04-14
10-Q 2013-09-29 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-30 Filed 2013-03-27
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-07-01 Filed 2012-08-10
10-Q 2012-04-01 Filed 2012-05-10
10-K 2012-01-01 Filed 2012-03-08
10-Q 2011-10-02 Filed 2011-11-14
10-Q 2011-07-03 Filed 2011-08-11
10-Q 2011-04-03 Filed 2011-05-06
10-K 2011-01-02 Filed 2011-03-11
10-Q 2010-10-03 Filed 2010-11-12
10-Q 2010-07-04 Filed 2010-08-06
10-Q 2010-04-04 Filed 2010-05-19
10-K 2010-01-03 Filed 2010-03-19
8-K 2020-11-04
8-K 2020-09-25
8-K 2020-08-06
8-K 2020-08-05
8-K 2020-06-26
8-K 2020-05-06
8-K 2020-03-12
8-K 2019-11-11
8-K 2019-09-27
8-K 2019-08-08
8-K 2019-08-08
8-K 2019-07-03
8-K 2019-06-28
8-K 2019-06-10
8-K 2019-05-29
8-K 2019-05-23
8-K 2019-05-14
8-K 2019-05-09
8-K 2019-05-08
8-K 2019-03-29
8-K 2019-03-14
8-K 2018-12-12
8-K 2018-11-13
8-K 2018-11-08
8-K 2018-11-06
8-K 2018-08-28
8-K 2018-08-08
8-K 2018-08-07
8-K 2018-07-17
8-K 2018-07-13
8-K 2018-07-03
8-K 2018-06-20
8-K 2018-05-07
8-K 2018-03-28
8-K 2018-03-12
8-K 2018-03-07
8-K 2017-08-02

SMTX 10Q Quarterly Report

Part I Financial Information
Item 1 Financial Statements
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 Quantitative and Qualitative Disclosures About Market Risk
Item 4 Controls and Procedures
Part II Other Information
Item 1 Legal Proceedings
Item 1A Risk Factors
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 Defaults Upon Senior Securities
Item 4 Mine Safety Disclosures
Item 5 Other Information
Item 6 Exhibits
EX-31.1 smtx-ex311_7.htm
EX-31.2 smtx-ex312_8.htm
EX-32.1 smtx-ex321_9.htm
EX-32.2 smtx-ex322_6.htm

SMTC Earnings 2020-09-27

Balance SheetIncome StatementCash Flow
225180135904502012201420172020
Assets, Equity
10582593613-102012201420172020
Rev, G Profit, Net Income
20136-1-8-152012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 

 

 

 

For the quarterly period ended September 27, 2020

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

FOR THE TRANSITION PERIOD FROM                 TO

 

COMMISSION FILE NUMBER 000-31051

 

SMTC CORPORATION

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

Delaware

98-0197680

(STATE OR OTHER JURISDICTION OF 

INCORPORATION OR ORGANIZATION)

(I.R.S. EMPLOYER IDENTIFICATION NO.)

 

7050 WOODBINE AVENUE

MARKHAM, Ontario, Canada L3R 4G8

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

(905) 479-1810

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

SMTX

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an “emerging growth company”. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of November 5, 2020, SMTC Corporation had 28,214,800 shares of common stock, par value $0.01 per share, outstanding.

 

 

 

 


 

SMTC CORPORATION

 

Table of Contents

 

PART I FINANCIAL INFORMATION

3

  

  

 

Item 1

Financial Statements

3

  

  

 

 

Interim Consolidated Balance Sheets (unaudited)

3

  

  

 

 

Interim Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited)

4

  

  

 

 

Interim Consolidated Statements of Changes in Shareholders’ Equity (unaudited) 

5

  

  

 

 

Interim Consolidated Statements of Cash Flows (unaudited)

6

  

  

 

 

Notes to Interim Consolidated Financial Statements (unaudited)

7

  

  

 

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

  

  

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

36

  

  

 

Item 4

Controls and Procedures

37

  

 

PART II OTHER INFORMATION

39

  

  

 

Item 1A

 Risk factors

39

 

 

 

Item 6

Exhibits

40

 

2


 

Part I FINANCIAL INFORMATION

Item 1 Financial Statements

Interim Consolidated Balance Sheets:

(Expressed in thousands of U.S. dollars)

(Unaudited)

 

 

 

September 27,

2020

 

 

December 29,

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

169

 

 

$

1,368

 

Accounts receivable — net (note 3)

 

 

73,406

 

 

 

69,919

 

Unbilled contract assets (note 3)

 

 

42,736

 

 

 

26,271

 

Inventories (note 3)

 

 

51,537

 

 

 

47,826

 

Prepaid expenses and other assets

 

 

6,564

 

 

 

7,044

 

Derivative assets (note 9)

 

 

720

 

 

 

 

Income taxes receivable

 

 

160

 

 

 

 

Total current assets

 

 

175,292

 

 

 

152,428

 

Property, plant and equipment — net (note 3)

 

 

23,397

 

 

 

25,310

 

Operating lease right of use assets — net

 

 

5,897

 

 

 

3,330

 

Goodwill (note 3)

 

 

18,165

 

 

 

18,165

 

Intangible assets — net (note 3)

 

 

10,029

 

 

 

12,747

 

Deferred income taxes — net

 

 

555

 

 

 

540

 

Deferred financing costs — net

 

 

742

 

 

 

859

 

Total assets

 

$

234,077

 

 

$

213,379

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Revolving credit facility (note 4)

 

$

34,356

 

 

$

34,701

 

Accounts payable

 

 

77,979

 

 

 

74,126

 

Accrued liabilities (note 3)

 

 

23,125

 

 

 

11,164

 

Warrant liability (note 4)

 

 

1,745

 

 

 

1,730

 

Restructuring liability (note 10)

 

 

364

 

 

 

1,597

 

Income taxes payable

 

 

254

 

 

 

157

 

Current portion of long-term debt (note 4)

 

 

2,188

 

 

 

1,250

 

Current portion of operating lease obligations

 

 

1,452

 

 

 

1,128

 

Current portion of finance lease obligations

 

 

1,818

 

 

 

1,226

 

Total current liabilities

 

 

143,281

 

 

 

127,079

 

Long-term debt (note 4)

 

 

32,513

 

 

 

33,750

 

Operating lease obligations

 

 

5,042

 

 

 

2,615

 

Finance lease obligations

 

 

8,696

 

 

 

8,838

 

Total liabilities

 

 

189,532

 

 

 

172,282

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Capital stock (note 5)

 

 

508

 

 

 

508

 

Additional paid-in capital

 

 

293,864

 

 

 

293,389

 

Deficit

 

 

(249,827

)

 

 

(252,800

)

 

 

 

44,545

 

 

 

41,097

 

Total liabilities and shareholders’ equity

 

$

234,077

 

 

$

213,379

 

 

Commitments (note 11)

 

 

See accompanying notes to interim consolidated financial statements.

3


 

Interim Consolidated Statements of Operations and Comprehensive Income (loss)

(Expressed in thousands of U.S. dollars, except number of shares and per share amounts)

(Unaudited)

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 27,

2020

 

 

September 29,

2019

 

 

September 27,

2020

 

 

September 29,

2019

 

Revenue (note 3)

 

$

99,547

 

 

$

88,682

 

 

$

285,091

 

 

$

282,267

 

Cost of sales (note 9)

 

 

88,445

 

 

 

79,776

 

 

 

253,664

 

 

 

255,740

 

Gross profit

 

 

11,102

 

 

 

8,906

 

 

 

31,427

 

 

 

26,527

 

Selling, general and administrative expenses

 

 

6,710

 

 

 

6,549

 

 

 

21,036

 

 

 

19,908

 

Change in fair value of contingent consideration

 

 

 

 

 

 

 

 

 

 

 

(3,050

)

Restructuring charges (notes 3 and 10)

 

 

871

 

 

 

6,454

 

 

 

525

 

 

 

8,624

 

Operating income

 

 

3,521

 

 

 

(4,097

)

 

 

9,866

 

 

 

1,045

 

Fair value measurement loss (gain) on warrant liability (note 4)

 

 

133

 

 

 

(858

)

 

 

15

 

 

 

(919

)

Interest expense (note 3)

 

 

1,941

 

 

 

2,679

 

 

 

6,021

 

 

 

8,349

 

Net income(loss) before income taxes

 

 

1,447

 

 

 

(5,918

)

 

 

3,830

 

 

 

(6,385

)

Income tax expense (recovery) (note 6):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

286

 

 

 

(103

)

 

 

872

 

 

 

592

 

Deferred

 

 

(82

)

 

 

(81

)

 

 

(15

)

 

 

14

 

 

 

 

204

 

 

 

(184

)

 

 

857

 

 

 

606

 

Net income (loss) and comprehensive income (loss)

 

 

1,243

 

 

 

(5,734

)

 

 

2,973

 

 

 

(6,991

)

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

(0.20

)

 

$

0.11

 

 

$

(0.28

)

Diluted

 

$

0.04

 

 

$

(0.20

)

 

$

0.10

 

 

$

(0.28

)

Weighted average number of shares outstanding (note 7):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

28,214,800

 

 

 

28,057,763

 

 

 

28,207,943

 

 

 

24,954,875

 

Diluted

 

 

29,636,319

 

 

 

28,057,763

 

 

 

29,629,462

 

 

 

24,954,875

 

 

See accompanying notes to interim consolidated financial statements.

4


 

Interim Consolidated Statements of Changes in Shareholders’ Equity

(Expressed in thousands of U.S. dollars)

Three months ended September 27, 2020

(Unaudited)

 

 

 

Common

Shares

 

 

Capital

stock

 

 

Additional

paid-in

capital

 

 

Deficit

 

 

Total

Shareholders’

equity

 

Balance, June 28, 2020

 

 

28,214,800

 

 

$

508

 

 

$

293,706

 

 

$

(251,070

)

 

$

43,144

 

Stock-based compensation

 

 

 

 

 

 

 

 

158

 

 

 

 

 

 

158

 

Net income

 

 

 

 

 

 

 

 

 

 

 

1,243

 

 

 

1,243

 

Balance, September 27, 2020

 

 

28,214,800

 

 

 

508

 

 

 

293,864

 

 

 

(249,827

)

 

 

44,545

 

 

Three months ended September 29, 2019

(Unaudited)

 

 

 

Common

Shares

 

 

Capital

stock

 

 

Additional

paid-in

capital

 

 

Deficit

 

 

Total

Shareholders’

equity

 

Balance, June 30, 2019

 

 

28,011,088

 

 

$

506

 

 

$

292,829

 

 

$

(248,062

)

 

$

45,273

 

RSU vested and stock options exercised

 

 

87,386

 

 

 

1

 

 

 

45

 

 

 

 

 

 

46

 

Treasury stock

 

 

21,264

 

 

 

 

 

 

(75

)

 

 

 

 

 

(75

)

Stock-based compensation

 

 

 

 

 

 

 

 

353

 

 

 

 

 

 

353

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(5,734

)

 

 

(5,734

)

Balance, September 29, 2019

 

 

28,119,738

 

 

$

507

 

 

$

293,152

 

 

$

(253,796

)

 

$

39,863

 

 

See accompanying notes to interim consolidated financial statements.

 

 

 

Nine months ended September 27, 2020

 

Common

Shares

 

 

Capital

stock

 

 

Additional

paid-in

capital

 

 

Deficit

 

 

Total

Shareholders’

equity

 

Balance, December 29, 2019

 

 

28,195,300

 

 

$

508

 

 

$

293,389

 

 

$

(252,800

)

 

$

41,097

 

RSU vested and stock options exercised

 

 

19,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

475

 

 

 

 

 

 

475

 

Net income

 

 

 

 

 

 

 

 

 

 

 

2,973

 

 

 

2,973

 

Balance, September 27, 2020

 

 

28,214,800

 

 

$

508

 

 

$

293,864

 

 

$

(249,827

)

 

$

44,545

 

 

 

Nine months ended September 29, 2019

 

Common

Shares

 

 

Capital

stock

 

 

Additional

paid-in

capital

 

 

Deficit

 

 

Total

Shareholders’

equity

 

Balance, December 30, 2018

 

 

23,189,381

 

 

$

458

 

 

$

278,648

 

 

$

(246,805

)

 

$

32,301

 

RSU vested and stock options exercised

 

 

267,063

 

 

 

3

 

 

 

43

 

 

 

 

 

 

46

 

Treasury stock

 

 

21,264

 

 

 

 

 

 

(75

)

 

 

 

 

 

(75

)

Issuance of common shares from rights offering

 

 

4,642,030

 

 

 

46

 

 

 

13,998

 

 

 

 

 

 

14,044

 

Stock-based compensation

 

 

 

 

 

 

 

 

538

 

 

 

 

 

 

538

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(6,991

)

 

 

(6,991

)

Balance, September 29, 2019

 

 

28,119,738

 

 

$

507

 

 

$

293,152

 

 

$

(253,796

)

 

$

39,863

 

 

5


 

Interim Consolidated Statements of Cash Flows

(Expressed in thousands of U.S. dollars)

(Unaudited)

 

 

 

Nine months ended

 

 

 

September 27,

2020

 

 

September 29,

2019

 

Cash provided by (used in):

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

2,973

 

 

$

(6,991

)

Items not involving cash:

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

 

4,767

 

 

 

4,902

 

Amortization of intangible assets

 

 

2,718

 

 

 

5,532

 

Unrealized foreign exchange gain on unsettled forward exchange contracts

 

 

(720

)

 

 

 

Write down of property, plant and equipment

 

 

 

 

 

261

 

Deferred income taxes expense (recovery)

 

 

(15

)

 

 

14

 

Amortization of deferred financing fees and debt insurance costs

 

 

892

 

 

 

1,300

 

Stock-based compensation

 

 

475

 

 

 

538

 

Change in fair value of warrant liability

 

 

15

 

 

 

(919

)

Change in fair value of contingent consideration

 

 

 

 

 

(3,050

)

Change in non-cash operating working capital:

 

 

 

 

 

 

 

 

Accounts receivable