SMTC CORP

CIK:0001108320|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2021	Dec. 29, 2019	Dec. 30, 2018
Income Statement [Abstract]
Revenue (note 11)	$ 386,450	$ 372,511	$ 216,131
Cost of sales (note 8)	343,177	335,490	194,470
Gross profit	43,273	37,021	21,661
Expenses:
Selling, general and administrative expenses (note 15)	29,602	27,040	18,062
Change in fair value of contingent consideration		(3,050)
Restructuring charges (notes 14)	4,125	7,955	172
Gain on disposal of property, plant and equipment			(30)
Operating earnings	9,546	5,076	3,457
Fair value measurement loss (gain) on warrant liability	852	(279)	111
Interest expense (note 4)	8,049	10,562	3,117
(Loss) earnings before income taxes	645	(5,207)	229
Income tax expense (recovery) (note 9)
Current	1,255	948	752
Deferred	(29)	(160)	(75)
Total income tax expense	1,226	788	677
Net loss and comprehensive loss	$ (581)	$ (5,995)	$ (448)
Basic loss per share	$ (0.02)	$ (0.23)	$ (0.02)
Diluted loss per share	$ (0.02)	$ (0.23)	$ (0.02)
Weighted average number of shares outstanding (note 10)
Basic	28,244,244	25,745,499	19,176,198
Diluted	28,244,244	25,745,499	19,176,198

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2021	Dec. 29, 2019	Dec. 30, 2018
Operations:
Net loss	$ (581)	$ (5,995)	$ (448)
Items not involving cash:
Depreciation of property, plant and equipment	6,168	6,548	3,791
Amortization of intangible assets	3,046	7,188	1,065
Unrealized gain on unsettled forward exchange contracts	(1,055)		(353)
Write down of property, plant and equipment		158
Deferred income taxes	(29)	(160)	(75)
Amortization of deferred financing fees and debt issuance costs	1,205	1,592	194
Stock-based compensation	761	775	407
Loss (gain) related to adjustment to fair value of warrant liability	852	(279)	111
Change in fair value of contingent consideration		(3,050)
Gain on disposal of property, plant and equipment			(30)
Change in non-cash operating working capital:
Accounts receivable	292	3,067	(24,030)
Unbilled contract assets	(13,065)	(5,866)	(7,949)
Inventories	(1,973)	5,377	(8,027)
Prepaid expenses and other assets	(828)	(1,018)	(883)
Income taxes receivable/payable	14	305	(179)
Accounts payable	(1,404)	(2,612)	23,698
Accrued liabilities	10,800	(1,875)	4,921
Restructuring liability	901	1,597
Net change in operating lease right of use asset and liability	(24)	(50)
Net cash provided by (used in) in operating activities	5,080	5,702	(7,787)
Financing:
Repayments (borrowing) of revolving credit facility	(7)	9,681	12,829
Repayment of long-term debt	(1,562)	(23,250)	(8,000)
Net advances of long-term debt			62,000
Principal payment of finance lease obligations	(1,542)	(1,565)	(487)
Purchase treasury stock	(464)	(75)
Proceeds from exercise of stock options	377	46	361
Proceeds from issuance of common stock (rights offering)		14,044	12,587
Financing costs paid	(515)	(940)	(3,463)
Net cash provided by (used in) financing activities	(3,713)	(2,059)	75,827
Investing:
Purchase of property, plant and equipment	(2,241)	(3,876)	(4,410)
Acquisition of MC Assembly – net of cash acquired			(67,600)
Proceeds from sale of property, plant and equipment	106		35
Net cash provided by (used in) investing activities	(2,135)	(3,876)	(71,975)
(Decrease)in cash	(768)	(233)	(3,935)
Cash, beginning of year	1,368	1,601	5,536
Cash, end of the year	600	1,368	1,601
Supplemental Information:
Cash interest paid	6,439	7,648	2,294
Cash taxes paid	1,241	771	1,000
Cash tax refund	287	159
Increase in operating right of use assets	6,186	5,559
Property, plant and equipment acquired through finance lease	3,215	135	882
Property, plant and equipment acquired that was unpaid in cash and included in accounts payable and accrued liabilities	$ 115	$ 229	$ 384

Consolidated Balance Sheets - USD ($)	Jan. 03, 2021	Dec. 29, 2019
Current assets:
Cash	$ 600,000	$ 1,368,000
Accounts receivable–net (note 4)	69,627,000	69,919,000
Unbilled contract assets (note 4)	39,336,000	26,271,000
Inventories (note 4)	49,799,000	47,826,000
Prepaids and other assets	7,872,000	7,044,000
Derivative assets (note 8)	1,055,000	0.0
Income taxes receivable	307,000
Total current assets	168,596,000	152,428,000
Property, plant and equipment–net (note 4)	24,305,000	25,310,000
Operating lease right of use assets-net (note 5)	7,791,000	3,330,000
Goodwill (note 4)	18,165,000	18,165,000
Intangible assets – net (note 4)	9,701,000	12,747,000
Deferred income taxes–net (note 9)	569,000	540,000
Deferred financing costs–net	812,000	859,000
Total assets	229,939,000	213,379,000
Current liabilities:
Revolving credit facility (note 5)	34,694,000	34,701,000
Accounts payable	72,608,000	74,126,000
Accrued liabilities (note 4)	21,946,000	11,164,000
Warrant liability (note 5)	3,233,000	1,730,000
Restructuring liability (note 14)	2,443,000	1,597,000
Income taxes payable	478,000	157,000
Current portion of long-term debt (note 5)	2,500,000	1,250,000
Current portion of operating lease obligations (note 5)	2,590,000	1,128,000
Current portion of finance lease obligations (note 5)	2,245,000	1,226,000
Total current liabilities	142,737,000	127,079,000
Long-term debt – net (note 5)	30,930,000	33,750,000
Operating lease obligations (note 5)	5,590,000	2,615,000
Finance lease obligations (note 5)	9,492,000	8,838,000
Total liabilities	188,749,000	172,282,000
Shareholders’ equity:
Capital stock (note 6)	511,000	508,000
Additional paid-in capital	294,060,000	293,389,000
Deficit	(253,381,000)	(252,800,000)
Stockholders' Equity Attributable to Parent, Ending Balance	41,190,000	41,097,000
Total liabilities and shareholders’ equity	$ 229,939,000	$ 213,379,000