Vom 29.09. und 06.10. und Filings danach. In TTP war ich ja auch schon paar mal, die 2,40 waren schon gut. Warst Du hier bei KERX hier mal ausgestoppt worden? ,deshalb bestimmt Dein Einwand.
SMTI ist jetzt auf jeden Fall zu teuer, vielleicht tauchen sie später mal bei mir auf.
Gruss E.
SMTEK International, Inc. Reports Fourth Quarter & 2003 Fiscal Year-End Results; Second and Third Quarter Restatement for Bad Debt Recovery
MONDAY, SEPTEMBER 29, 2003 12:26 PM
- BusinessWire
MOORPARK, Calif., Sep 29, 2003 (BUSINESS WIRE) -- SMTEK International, Inc. (SMTIC) , a provider of electronics manufacturing services (EMS), today announced results for its fourth quarter and year ended June 27, 2003.
For the fourth quarter of fiscal 2003, SMTEK reported revenue of $20.2 million and net income of $1.2 million or net income per diluted share of $0.52, as compared to revenue of $16.2 million and net loss of $2.3 million or net loss per diluted share of $1.02 for its fourth quarter of fiscal 2002. SMTEK also reported fiscal year 2003 revenue from continuing operations of $70.7 million and a net loss of $4.6 million or net loss per diluted share of $2.02, as compared to revenue from continuing operations of $64.6 million and a net loss of $6.0 million or net loss per diluted share of $2.62 for its fiscal year 2002. Fiscal 2003 and 2002 revenue does not include $6.3 million and $9.7 million of revenue, respectively, from its discontinued Europe operations.
Commenting on the 2003 fourth quarter results and the continued positive trend, Edward J. Smith, President and Chief Executive Officer, said, "We are very pleased to report positive results for the fourth quarter and we remain encouraged by the momentum that this provides us as we enter our new fiscal year. Although fiscal year 2003 was challenging, our management group and employees stayed the course in successfully implementing our new business strategies and initiatives."
He further added, "We now embark on a year where our expectations are shifting from ensuring viability to further improving operating performances, fiscal prudence, and increasing revenue levels. We believe we are positioned to benefit when the uncertain economic conditions in our market improve."
SECOND AND THIRD QUARTER RESTATEMENT
The Company has restated its operating results for the 2nd quarter of fiscal year 2003 due to a revision at the settlement date of its estimate of fair value of certain restricted common stock that it received in settlement of a bad debt from a former customer. As reported in SMTEK's report on Form 10-K filed on September 25, 2003, net losses were restated to $3,542,000 and $4,745,000 or net loss per diluted share of $1.55 and $2.08, for the three and six month periods ended December 31, 2002, respectively, thereby improving net losses previously reported as $3,878,000 and $5,081,000 or net loss per diluted share of $1.70 and $2.23, for the same periods. The Company will be filing amended quarterly reports on form 10-Q for both the 2nd and 3rd quarter of fiscal 2003 as soon as possible.
About SMTEK International, Inc.
Headquartered in Moorpark, California, SMTEK International, Inc. is an electronics manufacturing services provider serving original equipment manufacturers in the industrial instrumentation, medical, telecommunications, security, financial services automation, aerospace and defense industries. We provide integrated solutions to original equipment manufacturers 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 electronics manufacturing services industry. We have five operating facilities with locations in Moorpark, California; Santa Clara, California; Marlborough, Massachusetts; Fort Lauderdale, Florida; and the Ayuttya Province in Thailand. News from SMTEK is located at www.smtek.com.
This press release contains forward-looking statements 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 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 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 Forms 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 the materials in this press release, as well as to other aspects of our business and financial condition.
SMTEK INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands except per share amounts)
Three Months Ended Year Ended
June 30, June 30,
2003 2002 2003 2002
Revenues $20,249 $16,213 $70,723 $64,558
Cost of goods sold 17,598 15,348 63,720 59,902
Gross profit 2,651 865 7,003 4,656
Operating expenses:
Administrative and selling 1,868 2,776 9,774 9,246
Goodwill amortization 9 37
1,868 2,785 9,774 9,283
Operating income (loss) 783 (1,920) (2,771) (4,627)
Interest expense, net (166) (285) (941) (992)
Other income, net 450 5 710 236
Income (loss) before income taxes 1,067 (2,200) (3,002) (5,383)
Income tax benefit (6) (70) - (225)
Income (loss) from continuing
operations 1,073 (2,130) (3,002) (5,158)
Loss from discontinued operations - (194) (1,300) (826)
Gain of sale of discontinued
operations 106 106
Cumulative effect of change in
accounting principle (420)
Net income (loss) $ 1,179 $(2,324) $(4,616) $(5,984)
Basic earnings (loss) per share: $ 0.52 $ (1.02) $ (2.02) $ (2.62)
Average shares (in 000s) 2,284 2,284 2,284 2,284
SMTEK INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, June 30,
2003 2002
Current assets:
Cash and cash equivalents $ 583 $ 816
Accounts receivable, net 11,096 8,390
Inventories 9,377 9,666
Prepaid expenses 446 809
Current assets -- discontinued operations - 5,572
Total current assets 21,502 25,253
Property, equipment and improvements, net 5,541 7,260
Other assets, net 763 772
Property, equipment and improvements, net --
discontinued operations - 1,549
$ 27,806 $ 34,834
Current liabilities:
Current portion of long-term debt $ 2,495 $ 2,104
Accounts payable 9,598 6,867
Other accrued liabilities 3,708 4,746
Current liabilities -- discontinued operations - 5,621
Total current liabilities 15,801 19,338
Long-term bank lines of credit 5,452 4,005
Long-term debt 5,675 5,194
Long-term debt -- discontinued operations - 872
Total liabilities 26,928 29,409
Stockholders' equity:
Common stock 23 23
Additional paid-in capital 37,028 37,028
Accumulated deficit (36,232) (31,616)
Accumulated other comprehensive income (loss) 59 (10)
Total stockholders' equity 878 5,425
$ 27,806 $ 34,834
SOURCE: SMTEK International, Inc.
SMTEK International, Inc.
Kirk A. Waldron, 805-532-2800, ext. 111
kwaldron@smtek.com
Calif., Oct 6, 2003 (BUSINESS WIRE) -- SMTEK International, Inc. (SMTIC) , a provider of electronics manufacturing services, today announced that it received, on October 3, 2003, written notice from Nasdaq that the Company had met the requirements for continued listing on The Nasdaq SmallCap Market. The Company noted that Nasdaq's Listing Qualifications Panel will continue to monitor the Company's compliance with Nasdaq's shareholders' equity requirement and, in this regard, the Company must file its quarterly report on Form 10-Q for its first quarter ended September 26, 2003, on or before November 14, 2003, reporting shareholders' equity of at least $2,500,000. In connection with the Company having currently met the requirements for continued listing, the Company's trading symbol will be changed from "SMTIC" to "SMTI" effective with the open of business on Tuesday, October 7, 2003.
About SMTEK
Headquartered in Moorpark, California, SMTEK International, Inc., is an electronics manufacturing services provider serving original equipment manufacturers in the industrial instrumentation, medical, telecommunications, security, financial services automation, aerospace and defense industries. We provide integrated solutions to original equipment manufacturers 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 electronics manufacturing services industry. We have five operating facilities with locations in Moorpark, California; Santa Clara, California; Marlborough, Massachusetts; Fort Lauderdale, Florida; and the Ayuttya Province in Thailand.
This press release contains forward-looking statements 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 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 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 Forms 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 the materials in this press release, as well as to other aspects of our business and financial condition.
SOURCE: SMTEK International, Inc.
SMTEK International, Inc.
Kirk A. Waldron, 805-532-2800, ext. 111
kwaldron@smtek.com