SMTEK International Reports Fourth-Quarter and Fiscal 2000 Results; New Director Appointed to Board.Business Editors & High-Tech Writers 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)--Aug. 28, 2000 SMTEK International Inc. (Nasdaq:SMTI SMTI Supernatural Ministries Training Institute (London, ON, Canada) SMTI Systems Management Tools Initiative (Oracle) SMTI SAF Medical Training Institute (Singapore) ) (PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :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 three months ended June 30, 2000, grew 64 percent to $21.4 million from $13.1 million one year earlier. For fiscal 2000, revenues increased to $70.3 million, up 37 percent from $51.2 million the prior year. Net income for the quarter ended June 30, 2000, totaled $161,000, equal to $0.07 per share, compared with a net loss of $3.0 million, or $1.53 per share, in the fourth quarter of last year. The company posted net income for fiscal 2000 of $20,000, or $0.01 per share, excluding the loss on sale of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $661,000. After the loss on sale of discontinued operations, the net loss for fiscal 2000 was $641,000, or $0.28 per share, compared with a net loss in fiscal 1999 of $2,495,000, or $1.41 per share. 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.
Backlog at June 30, 2000, climbed 37 percent to a record $53.4 million from $38.9 million one year ago. The company noted that all of its operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon were profitable in the fourth quarter, and in particular, results were driven by strong performance at its two Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, facilities. In addition, the company benefited from improved results in the last quarter of fiscal 2000 from its European subsidiary, which had been a drain on profitability for most of the year due to the difficult market conditions in the European EMS market. 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. , commented: "We were pleased to close the fiscal year on a strong note. SMTEK's reputation for high quality and strong customer service has attracted new business, and driven our fiscal 2000 revenue growth. Our current record-level backlog of firm orders bodes well for further revenue expansion in fiscal 2001. We are focused on bringing more of the growth in revenues to the bottom line in the new fiscal year." The company also noted that the industry-wide shortage of certain electronic components, which constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. production activity and shipments on some assembly programs during the past nine months, may continue to impact the company for at least the first quarter of fiscal 2001. The company also announced that Clay M. Biddinger was appointed to its board of directors on Aug. 23, 2000. Biddinger is the founder and chief executive officer of CMB Noun 1. CMB - (cosmology) the cooled remnant of the hot big bang that fills the entire universe and can be observed today with an average temperature of about 2. Capital LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a private equity company in Tampa, Fla., which provides leasing and asset management services to small and mid-sized rapidly growing technology businesses. He is also a director of Florida Banks Inc., a Nasdaq-listed company, as well as Dominion Financial Group Inc. and Experient Technologies LLC. From 1981 to 1998, Biddinger served as chief executive officer of Sun Financial Group Inc., an equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
With headquarters in Thousand Oaks, SMTEK International Inc. is an EMS provider serving original equipment manufacturers (OEMs) in the computer, telecommunications, instrumentation, medical, industrial and aerospace 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's operations are located in Thousand Oaks; 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. ; 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 Lurgan, 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. . Certain statements made above are forward looking in nature and reflect SMTEK International Inc.'s current expectations and anticipated future plans. Such statements involve various risks and uncertainties that could cause actual results to differ materially from those forecast in the statements. Factors that might cause such differentiation would include, without limitation, the factors described as "Risk Factors" in the company's Annual Report 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. on file with the Securities and Exchange Commission.
SMTEK INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
Three Months Ended Year Ended
June 30, June 30,
2000 1999 2000 1999
(Unaudited)
Revenues $ 21,387 $ 13,079 $ 70,252 $ 51,175
Cost of goods sold 19,047 12,272 62,345 44,605
Gross profit 2,340 807 7,907 6,570
Operating expenses:
Administrative and selling 1,468 1,467 5,783 5,375
Goodwill amortization 326 324 1,304 1,284
1,794 1,791 7,087 6,659
Operating income (loss) 546 (984) 820 (89)
Interest expense (289) (964) (1,057) (1,700)
Other income (expense), net (41) 30 103 157
Income (loss) from continuing
operations before income taxes 216 (1,918) (134) (1,632)
Provision for income taxes 55 1,122 100 1,202
Income (loss) from continuing
operations 161 (3,040) (234) (2,834)
Income from discontinued
operations -- 26 254 339
Loss on sale of discontinued
operations -- -- (661) --
Net income (loss) $ 161 $ (3,014) $ (641) $ (2,495)
Basic net income (loss)
per share:
Income (loss) from
continuing operations $ 0.07 $ (1.54) $ (0.10) $ (1.60)
Income from discontinued
operations -- 0.01 0.11 0.19
Loss on sale of
discontinued operations -- -- (0.29) --
Total $ 0.07 $ (1.53) $ (0.28) $ (1.41)
Average shares (in 000s) 2,272 1,970 2,270 1,771
Earnings before interest,
income taxes, depreciation
and amortization (EBITDA) $ 1,310 $ 51 $ 4,440 $ 3,674
SMTEK INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30,
2000 1999
Current assets:
Cash and cash equivalents $ 532 $ 4,997
Accounts receivable, net 13,365 10,606
Costs and estimated earnings in excess
of billings on uncompleted contracts 10,257 6,238
Inventories, net 6,095 5,812
Prepaid expenses and deposits 180 201
Total current assets 30,429 27,854
Property, plant and equipment, net 6,691 8,898
Goodwill, net 1,126 2,430
Other assets 282 317
$ 38,528 $ 39,499
Current liabilities:
Bank lines of credit payable $ 7,583 $ 3,933
Current portion of long-term debt 2,106 2,042
Accounts payable 9,240 11,654
Other current liabilities 5,127 5,413
Total current liabilities 24,056 23,042
Long-term debt 4,997 7,153
Stockholders' equity:
Common stock 23 23
Additional paid-in capital 36,972 36,948
Accumulated deficit (27,430) (26,789)
Accumulated other comprehensive loss (90) (878)
Total stockholders' equity 9,475 9,304
$ 38,528 $ 39,499
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