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SMTC Swings to Profit

SMTC (SMTX - Get Report) swung to a fourth-quarter profit.

For the quarter ended Dec. 31, the Toronto-based electronic manufacturing services provider made $1.4 million, or a dime a share, reversing the year-ago loss of $3.2 million, or 22 cents a share. Revenue rose to $58 million from $48 million a year earlier.

The latest quarter includes an income tax recovery of $600,000, or 4 cents per share, while the year-ago quarter included charges of $1.1 million, or 8 cents per share.

"Following a lengthy period of declining revenue and operating losses, SMTC reversed this trend in 2005 showing significant improvement across all metrics," said finance chief Jane Todd. "Our annual performance in 2005 reflects somewhat lower results than 2004, the result of higher but declining revenue in the first two quarters of 2004."

"We anticipate that 2006 will be a year of growth in both revenue and earnings," said CEO John Caldwell. "However, given the unpredictability of customer order patterns that can affect quarterly results, we intend to provide annual directional guidance only that will be updated on a quarterly basis."

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