SMTC Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenue of $38.6 million compared to $39.7 million in the fourth quarter of 2016. Sequentially, revenue increased 12.2% from $34.4 million in the third quarter of 2017. The increase from the prior quarter is due to revenue opportunities from both existing customers and new customers increasing production during the quarter. Net loss was $0.9 million compared to a net loss of $0.6 million in the fourth quarter of 2016 and the third quarter of 2017. Adjusted EBITDA was $1.2 million in the fourth quarter of 2017 compared to $1.1 million for both the fourth quarter of 2016 and the third quarter of 2017. The increase in the fourth quarter of 2017 compared to the prior quarter is due to the improvement in adjusted gross profit from higher revenue, partially offset by additional selling, general and administrative expenses to support the revenue growth. Net loss per share – basic and diluted was $0.05 against $0.03 a year ago. Cash provided by operations was $5.7 million compared to cash used in operations of $62,000 for the last year. Purchase of property, plant and equipment was $0.2 million compared to $0.4 million for the last year. Operating loss was $0.3 million compared to $0.2 million and loss before income taxes was $0.6 million compared to $0.4 million reported for the last year.

For the year, the company reported revenue of $139.2 million compared to $167.9 million in 2016. Net loss was $7.8 million compared to a net loss of $0.2 million in 2016. Adjusted LBITDA was $1.5 million compared to adjusted EBITDA $4.7 million in 2016. Net loss per share – basic and diluted was $0.47 against $0.01 a year ago. Cash provided by operations was $7.0 million compared to cash used in operations of $3.2 million for the last year. Purchase of property, plant and equipment was $1.5 million compared to $2.2 million for the last year. Operating loss was $6.3 million compared to operating earnings of $0.8 million and loss before income taxes was $7.3 million compared to profit before income taxes $55,000 reported for the last year.

The company expects to achieve double-digit top line growth and adjusted EBITDA incremental growth during 2018.