SMTC announces unaudited fourth-quarter 2010 results

Electronics manufacturer SMTC has reported its unaudited results for the fourth quarter of 2010, in which revenue was $64.6m (£40m) — $13.4m or 26.2 per cent higher than $51.2m in the fourth quarter of 2009 and marginally lower than the third quarter of 2010.

Net income for the quarter of $4.5m, an increase of 110 per cent year over year (excluding discontinued operations), included the recording of a favourable $2.8m income-tax adjustment related to the expected future usage of certain income-tax loss carry-forwards.

Gross profit for the fourth quarter was $6.9m, or 10.7 per cent of revenue, compared with $7.9m, or a record 12.1 per cent, for the previous quarter and $5.9m, or 11.5 per cent, for the fourth quarter of 2009.

Revenue for the entire fiscal 2010 increased 46.3 per cent to $262.6m, up from $179.5m in fiscal 2009.