SMTEK International Reports Fiscal Year and Fourth Quarter Results; Record Sales and Earnings Reported.Business Editors THOUSAND OAKS Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. , Calif.--(BUSINESS WIRE)--Sept. 6, 2001 Two Largest Subsidiaries Expanding Facility Capabilities SMTEK International, Inc. (Nasdaq:SMTI/Pacific Exchange:SMK SMK Smoke SMK Smoker SMK Statsministerens Kontor SMK Slagsmålsklubben (Swedish band) SMK Super Mario Kart (video game) SMK Software Migration Kit SMK Shared Management Knowledge SMK Sierra Match King ), a provider of electronics manufacturing services Electronic manufacturing services (EMS) is term used for companies that design, test, manufacture, distribute and provide return/repair services for electronic component and assemblies for original equipment manufacturers (OEMs). (EMS), today announced that revenues for the year ended June 30, 2001, grew 30% to $91.1 million from $70.3 million one year earlier. For the three months ended June 30, 2001, revenues declined slightly to $21.1 million from $21.4 million one year earlier. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the year ended June 30, 2001 totaled $1.8 million, or $0.79 per share, compared to a loss from continuing operations of $234,000, or $0.10 per share one year earlier. Income from continuing operations for the quarter ended June 30, 2001 totaled $138,000, or $0.06 per share, compared with income from continuing operations of $161,000, or $0.07 per share in the fourth quarter of last year. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
In July 2001, SMTEK's San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. subsidiary expanded its capacity by moving its operations into a newly built facility, which is twice the size of its former facility. Also, the Thousand Oaks subsidiary has begun refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur construction of an 115,000 square foot facility in Moorpark, Calif. and the transfer of operations is scheduled to occur approximately midway through fiscal year 2002. The Moorpark facility will also house SMTEK's corporate headquarters. Gregory L. Horton, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "Although we were not immune to the economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. felt by everyone in the industry during our fourth quarter, we are pleased with the results of the 2001 fiscal year in terms of record revenue and profit. As we look forward to the new fiscal year, we are carefully watching the economic situation and positioning ourselves to improve production efficiencies and to acquire greater market share within the specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. segments of the markets in which we focus." Horton added further, "The transferring of our San Diego and Thousand Oaks operations into larger, more state-of-the-art facilities certainly expresses our long term view of the EMS market. We believe the new facilities provide for more efficient electronic manufacturing capability and expands our final product assembly and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services ." Headquartered in Thousand Oaks, SMTEK International, Inc. is an EMS provider serving original equipment manufacturers (OEMs) in the industrial and instrumentation, medical, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. automation and aerospace and defense industries. The company provides integrated solutions to OEMs across the entire product life cycle, from design to manufacturing to end-of-life services, for the worldwide low to medium volume, high complexity segment of the EMS industry. The company has four locations: Thousand Oaks, Calif.; San Diego, Calif.; Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.; and Craigavon, Northern Ireland Northern Ireland: see Ireland, Northern. Northern Ireland Part of the United Kingdom of Great Britain and Northern Ireland occupying the northeastern portion of the island of Ireland. Area: 5,461 sq mi (14,144 sq km). Population (2001): 1,685,267. . This news release may or does contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions created by those sections. Any forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are cautioned that these forward-looking statements regarding future events and the future performance of SMTEK International, Inc. involve various risks and uncertainties that could cause actual results to differ materially from those described in these statements. Readers are referred to the documents filed by SMTEK International, Inc. with the Securities and Exchange Commission, including our most recent Reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , 10-Q and 8-K, each as it may be amended from time to time. For a more complete description of important risk factors and other information with respect to risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the materials in this news release, as well as to other aspects of our business and financial condition.
SMTEK INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
Three Months Ended Twelve Months Ended
June 30 June 30
2001 2000 2001 2000
(Unaudited)
Revenues $ 21,068 $ 21,387 $ 91,148 $ 70,252
Cost of goods sold 18,578 18,980 80,060 62,260
Gross profit 2,490 2,407 11,088 7,992
Operating expenses:
Administrative and selling 1,966 1,468 7,141 5,783
Goodwill amortization 9 326 670 1,304
1,975 1,794 7,811 7,087
Operating income 515 613 3,277 905
Interest expense, net (317) (276) (1,437) (891)
Other expense, net (6) (121) (84) (148)
Income (loss) from continuing
operations before income taxes 192 216 1,756 (134)
Provision (benefit) for
income taxes 54 55 (42) 100
Income (loss) from continuing
operations 138 161 1,798 (234)
Income from discontinued
operations -- -- -- 254
Loss on sale of discontinued
operations -- -- -- (661)
Net income (loss) $ 138 $ 161 $ 1,798 $ (641)
Basic earnings (loss) per share:
Income (loss) from
continuing operations $ 0.06 $ 0.07 $ 0.79 $ (0.10)
Income from discontinued
operations -- -- -- 0.11
Loss on sale of discontinued
operations -- -- -- (0.29)
Basic earnings (loss)
per share $ 0.06 $ 0.07 $ 0.79 $ (0.28)
Average shares (in 000s) 2,280 2,272 2,277 2,270
Earnings before interest,
income taxes, depreciation
and amortization (EBITDA) $ 1,290 $ 1,310 $ 6,181 $ 4,440
SMTEK INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, June 30,
2001 2000
Current assets:
Cash and cash equivalents $ 224 $ 532
Accounts receivable, net 11,905 13,365
Costs and estimated earnings
in excess of billings on
uncompleted contracts 7,965 10,257
Inventories, net 6,833 6,095
Other 745 180
Total current assets 27,672 30,429
Property, plant and equipment, net 7,319 6,691
Other assets 941 1,408
$ 35,932 $ 38,528
Current liabilities:
Bank lines of credit payable $ 1,468 $ 7,583
Current portion of long-term debt 2,109 2,106
Accounts payable 6,161 9,240
Other current liabilities 4,556 5,127
Total current liabilities 14,294 24,056
Long-term bank lines of credit 4,638 --
Long-term debt 5,780 4,997
Long-term debt 10,418 4,997
Stockholders' equity:
Common stock 23 23
Additional paid-in capital 37,018 36,972
Accumulated deficit (25,632) (27,430)
Accumulated other comprehensive loss (189) (90)
Total stockholders' equity 11,220 9,475
$ 35,932 $ 38,528
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