SMTC Corporation today announced pro forma revenue for 2000 of $821.1 million, up 63 percent from $502.7 million in 1999. Fourth quarter revenue was a record $259.8 million, up 85 percent from $140.6 million reported in fourth quarter 1999. Gross profit for 2000 also grew to record levels, up 48 percent to $74.2 million versus $50.1 million in 1999. Fourth quarter 2000 gross profit increased 50 percent to $23.9 million over the same period last year. For the twelve months ended December 31, 2000, pro forma EBITDA was $46.5 million, up 70 percent from 1999. EBITDA for fourth quarter 2000 also grew sharply to $15.5 million, up 68 percent from fourth quarter 1999. Operating income for the twelve months ended December 31, 2000 was $28.7 million, increasing more than 180 percent from 1999. Fourth quarter 2000 operating income was also strong at $11.5 million, up over 150 percent from fourth quarter 1999. For 2000, adjusted net earnings, which excludes the after-tax impact of non-cash acquisition related amortization, one-time acquisition related costs, and extraordinary items, grew to $16.5 million, an increase of 36 percent from $12.1 million in 1999. For full year 2000, SMTC reported adjusted diluted EPS of $0.58, and diluted EPS of $0.30, compared to adjusted diluted EPS of $0.43, and diluted EPS of $0.12, during 1999.
For the fourth quarter, adjusted net earnings grew to $5.7 million, up 29 percent compared to the same quarter one year ago. SMTC also reported record fourth quarter adjusted diluted EPS of $0.20, and diluted EPS of $0.15, compared to adjusted diluted EPS of $0.16, and diluted EPS of $0.10, for the fourth quarter of 1999.
2000 was an outstanding year financially, strategically and operationally for SMTC, said Paul Walker, SMTC’s President and CEO. Our continued strong growth despite component shortages and slowing demand in a number of technology end markets in the later parts of the year demonstrate our keen focus on execution and our rapidly expanding capabilities to provide customers with value added services along our integrated EMS supply chain. While we are experiencing somewhat more end market related slowing in the first part of 2001 relative to our previous forecasts, our pipeline of new programs and customers is strong and presents multiple opportunities for continued growth in 2001.
SMTC made substantial progress during the fourth quarter of 2000 driving its working capital metrics towards historic norms following the strong sequential growth in the later part of third quarter as it ramped up new customer programs. From third quarter to fourth quarter 2000 on an end of period basis, accounts receivable days sales outstanding and inventory turnover improved 20 percent and 22 percent, respectively, with plans for continued improvements during 2001.
During the quarter, SMTC closed its previously announced acquisition of Donegal, Ireland based Qualtron Teoranta, a leading provider of specialized custom made cable harnesses and fiber optic assemblies in Europe and North America. The merger enables SMTC to rapidly expand its ability to provide customers with a broad range of services focusing on single-mode and multi- mode fiber optic connector assemblies and volume cable assemblies utilizing coaxial, shielded, tight twisted pairs and ribbon cable technologies.
SOURCE: COMPANY PRESS RELEASE
